Vitalik Buterin, one of the founders of Ethereum, has expressed his opinions about Sony’s latest blockchain platform, Soneium, that debuted on January 14th.
He provided an extensive breakdown, explaining how Ethereum Layer 2 (L2) solutions demonstrate advantages for both businesses and individuals.
Buterin Highlights Transparency and Control in Soneium
As an analyst, I can affirm that, following Buterin’s perspective, deploying an Ethereum Layer 2 (L2) offers businesses significant leverage. This L2 provides them with the opportunity to exercise granular control over their systems by making customizable decisions regarding the level of control they desire.
In a statement made on X, Buterin pointed out that businesses have the flexibility to decide how much control they want to retain versus handing over to users. The decisions they make become their rules, and these are binding. Everything is recorded on the blockchain, ensuring transparency and allowing third parties to conduct audits if needed.
Vitalik Buterin’s remarks arise amidst mounting doubts due to speculations about the asset-freezing and potential rug-pull issues surrounding Soneium, which has sparked concerns over its centralization. Notably, Soneium, developed on Optimism’s OP Stack, is said to have restricted traders from executing transactions involving certain meme coins.
Dreamworld answered, stating they had temporarily imposed limitations on specific agreements to safeguard their intellectual property holdings.
Soneium explained that we’ve taken measures to secure intellectual property, fostering a balanced and welcoming environment. In doing so, we temporarily limited certain contracts at the RPC level as a means of shielding creators’ rights and stimulating innovation in a responsible manner.
On the contrary, Buterin emphasized that the openness of blockchain technology prevents businesses from concealing their operations within obscure systems. Any regulations they decide to impose are transparent and accessible to all parties involved.
On Ethereum’s Layer 2, it is possible to establish self-contained ecosystems that give operators complete authority over their operational conditions. Within such systems, the operator may even have the ability to modify the fundamental architecture of the blockchain, commonly known as the “root state” or “core data structure.
Since all transactions occur on the blockchain, users can clearly understand the terms they’re agreeing to. Additionally, the involvement of third-party auditors and internet investigators guarantees transparency, allowing users to scrutinize and confirm the platform’s activities within a closed system.
As a researcher, I’ve emphasized the potential of L2 technology, a toolbox that can fabricate various blockchain solutions tailored to diverse business structures.
Additionally, Vitalik Buterin pointed out that companies have the flexibility to create systems with varying degrees of openness. He underscored the fact that these entities can pick and choose their preferred model, ranging from completely closed to entirely open.
As an analyst, I can express that Sony’s Soneium operates in a unique, hybrid space. This flexibility allows users to conduct transactions on Ethereum L2 when necessary; however, it comes with a significant “speed hurdle” due to certain processing delays.
As an analyst, I’d rephrase that statement as follows: “I can propose a system where users are informed of their ability to execute transactions on the L2 layer if needed. However, it’s important to note that there’s a significant delay – the sequencer can slow down but not block transactions. This is essentially how Sony has designed their system,” Buterin clarified.
However, not everyone was satisfied with Buterin’s clarification.
Crypto influencer Pop Punk questioned the necessity of using blockchain technology if they’re handling it as a personal database instead,” (written in a more conversational tone)
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2025-01-16 17:31