While the cryptocurrency market has been going through active days recently, Ethereum and Terra (LUNA) ecosystems have come to the fore from different perspectives. These events brought the issue of open source, one of the fundamental principles of the cryptocurrency world, into discussion again. Meanwhile, LUNC continues to be one of the closely followed altcoins in Turkey.
LUNA post from Ethereum inventor
The Terra (LUNA) collapse in 2022 went down in history as the biggest fiasco in cryptocurrency history. This incident also caught the attention of Ethereum co-founder Vitalik Buterin. On May 31, Ethereum co-founder Vitalik Buterin retweeted a LUNA post shared by cryptocurrency influencer @blknoiz06 on January 10, 2022, sparking confusion and speculation in the crypto community. This move by Buterin was subject to different interpretations in connection with Luna’s subsequent bankruptcy.
“Most of the Luna hate I see seems to be coming from the Ethereum camp,” read the post, which Buterin retweeted. This situation was interpreted as showing the criticisms the Ethereum community had against Luna and how Luna’s collapse justified these criticisms. Some people argued that Buterin’s retweet was a warning against Luna and that the Ethereum community should be aware of Luna’s risks. Others thought Buterin’s move was an attempt to manipulate Luna and was unethical.
The Ethereum community has criticized some of the practices of Luna and Terraform Labs (the company behind LUNA) in the past. These criticisms included insufficient transparency, centralization and risky investment strategies. The collapse of Luna showed how justified these concerns of the Ethereum community were.
Open source controversy and Matter Labs’ trademark application
On the other hand, Ethereum’s commitment to the principle of open source is another point that stands out in this dynamic process. This principle advocates the idea that cryptocurrency technology should be open and accessible to everyone. In this context, the trademark application made by Matter Labs, known for its zkSync project, for the term “ZK” caused a great debate in the cryptocurrency community.
The reaction of Vitalik Buterin, one of the co-founders of Ethereum, to the trademark application made for the term “ZK” by Matter Labs, known for its zkSync project, created a bombshell effect in the cryptocurrency world. ZK is the well-known abbreviation for the concept of “zero knowledge proof” in the cryptographic community. This move by Matter Labs has raised serious concerns in the Ethereum community and the general cryptography community.
Community unites to protect open access
As the debate heated up, prominent figures in the Ethereum community offered suggestions to ensure that critical terms like “ZK” remain public and protected against monopoly attempts. Vitalik Buterin, Ilia Polosukhin, Hasu and other influential figures played a leading role in shaping the discourse on this issue. Matter Labs appreciated these contributions and expressed its gratitude to the collective effort to protect social interests. The community’s proposal includes a multifaceted approach that Matter Labs supports.
At the heart of the proposal is the creation of an owner-occupied legal entity that will hold trademark rights for “ZK” and similar critical terms. It is envisaged that this legal entity will be managed by a reliable, impartial organization or a consortium of community members. Additionally, this legal entity aims to prevent monopoly attempts and guarantee open access by granting free licenses of these terms to everyone. To increase trust and transparency, the proposal also includes the participation of leading figures from the community and neutral organizations as guarantors. It aims to strengthen the community-focused nature and legitimacy of this initiative.
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