Originally published on: November 10, 2024
Renowned privacy advocate and former NSA contractor, Edward Snowden, recently made a thought-provoking address at Near’s Redacted conference in Bangkok, Thailand. Delving into topics ranging from cryptocurrencies to artificial intelligence and blockchain technology, Snowden didn’t hold back when criticizing the impact of venture capital (VC) on blockchain projects, with Solana being a prime example.
In his speech, Snowden labeled Solana as being “born in prison” due to its heavy reliance on VC funding, hinting that such financial backing could compromise a blockchain network’s ability to function independently. While acknowledging Solana’s impressive growth, Snowden expressed reservations about the significant ownership vested in investors, though he did leave room for optimism by suggesting that Solana could potentially evolve into something meaningful in the future.
Throughout his discourse, Snowden stressed the critical role of decentralization in combating the extensive surveillance capabilities facilitated by AI. He cautioned against the potential implications of AI-driven surveillance, which could empower governments and corporations to analyze vast amounts of personal data in real-time, opening the door for large-scale live data analysis.
Snowden’s assessment of Solana’s early VC investment underscored the risks associated with such funding, pointing out how it could erode the decentralization and autonomy of blockchain networks. He cited a specific incident involving venture capital firm Andreessen Horowitz (a16z) voting against a proposal to deploy Uniswap v3 on the BNB Chain, using its substantial holdings to sway the outcome.
In light of these concerns, Snowden advocated for the use of open-source tools as a means to counter the centralization of control, emphasizing their empowering nature. He lauded open-source models for enabling users to comprehend and leverage blockchain technologies more effectively, ultimately viewing open-source AI as a conduit for individuals to maintain autonomy within a centralized sphere.
Snowden’s message resonates as a call to action for listeners at the conference and users worldwide to embrace open-source tools and uphold the principles of decentralization in the face of increasing centralization and control. Stay informed on developments like these by subscribing to the latest crypto laws and regulations with the Law Decoded newsletter.
