On July 21, local time, Ethereum founder Vitalik Buterin delivered a keynote speech at the EthCC conference in Paris. From the complicated blockchain login mechanism to the embarrassing social media token pass, Vitalik's speech was full of information and frequently uttered golden sentences.

Vitalik believes that Ethereum needs to surpass the crazy speculative financial movement of DeFi. “Being defined as DeFi is better than being considered worthless,” he wrote on the PPT displayed on the spot: “But it needs to go further.”

Although financial derivatives provide some value to the industry, Vitalik warned that these can also create systemic risks, and concluded: "Let's not just do DeFi." Good for finances, and the response from DeFi entrepreneurs, investors, and developers on the scene was overwhelming.

Vitalik also responded directly to the current problems encountered in the development of Ethereum. He said that the number of functions currently implemented on Ethereum is limited, and the high gas fee is also a big problem.

He believes that wealthy traders and DeFi enthusiasts can afford Gas fees, but if ordinary users cannot pay Gas fees, then the overall ecosystem of Ethereum will not work.

In his speech, Vitalik mentioned some noteworthy solutions in Ethereum technology. One of them is retroactive funding, that is, developers can first build the underlying infrastructure of the blockchain for free, and then pay when the project generates profits. This, he explained, allows ethereum to thrive as a “public good.”

In this keynote speech, Vitalik also mentioned that he hopes to build a new social media ecosystem on Ethereum, which can encourage users to post higher-quality content and form the basis of users’ online identities, and can directly replace the central social media networks. He decried centralized social media networks amassing data and cynical posters with high engagement and likes as “misplaced incentives”.

Ethereum wallets serve as multipurpose online identities that can be used to log into various Ethereum-based applications, similar to how Gmail and Facebook accounts are used. Existing login providers like Google can cancel user accounts at will, and users without accounts can't use their services, he said.

The Ethereum-based login method can provide "credible neutrality" and "built-in economic layer, making mechanism design easier". He believes that this decentralized social network can only allow members who pass the screening in the Ethereum DAO to post.