Ethereum's First Ever Employee Talks World Domination, Meme Coins, and Why Web3 Still Sucks

Web3 is no longer just a bold experiment – it’s at the tipping point of mass adoption. But as the industry grows, so do the challenges: scalability, user experience, and the fundamental question of how decentralization should actually work in practice. Ethereum, as the backbone of Web3, is navigating these complexities while balancing its original vision with real-world adoption. Few people understand this evolution better than Viktor Trón, Ethereum’s first employee and a key architect at its early days. Having witnessed its rise from an ambitious idea to a global phenomenon, he now leads Swarm, Ethereum’s native decentralized storage layer, and continues to push the boundaries of what blockchain can do. In this interview, Tron shares insights on the past, present, and future of Ethereum, discusses whether Web3 is living up to its promise, and delivers a bold prediction about the next five years. About early years and Ethereum Foundation – You are the first employee of the Ethereum Foundation. How did you start your professional career in the organisation? What have you seen in Ethereum that others didn’t? Viktor: Throughout the academic year 2014/ 2015 there was the most amazing race against the ‘vapourware’ sayers. I remember, in the really early days, there was one Skype channel dedicated to all things around Ethereum. Oh, at that time, everything was about the ETHs. The word ‘ETH’ happens to be the name of a letter in the Icelandic alphabet, which stands for a name of the voiced dental fricative like “this” and “that”. The capital version Ð is like a capital D with a horizontal bar crossing the vertical in half. And all early mentions of dApp were spelt like this ÐApp. This joke was then interpreted as a generic way of being funny with letters. People at the time were motivated to come up with a currency sign for Ether (yes, a single-letter one; remember, at the time there was only Bitcoin and Ethereum), so they came up with the Greek letter Xi (Ξ) which looks like a stylized E. Then hell broke loose, which resulted in things like ΞTHΞЯSPHΞЯΞ - ÐΞV – my company. The Github development of the company still goes under this name, which happens to be the first Ethereum brand (probably at the same time as Eris industries [later Monax]). – Which three lessons from your early days in the Ethereum Foundation can you deliver to the rising generation of Web3-developers? Viktor: 1. The idea of Web3 is radical, it is subversive and disruptive. Understand the long-term social impact of what you are doing and feel into it, feel if you fully embrace it. If not, don't work in this field. Be the gimmick, be the troll, preach and reach with style and don’t refrain from cult-like features, humour and extravaganza. Vibes are precursors to culture and ideology. Do not give in to the ‘built in-house syndrome’: RLP, devP2P, Solidity threw back the state of the art with years. The post-hoc justification of random choices like multi-language client development was actually motivated by the individuals wanting to play their favourite toy, not because it led to stronger specifications. – From your managing perspective: how to sustain a visionary culture, when the company is scaling fast? Viktor: Well…by resisting to scale fast. No, seriously, you must have a firm conviction of what you are preaching. Having a loyal fan base or community is important. Choosing the right people based on enthusiasm is key. About Ethereum and development – There are concerns that Ethereum is now more focused on the modular structure rather than the building aspect. In your opinion, what does it need to become more application-friendly for developers and product builders? Viktor: The ecosystem must provide tools that builders need. It has not been a priority. Scalability issues including price led to the current untenably hackish infrastructure. But also a seriously misguided focus on end-user applications. Blockchain is still just the web server or the socket-library as it were that underpins the web. New users of Ethereum are understandably lost in the maze of layers, blobs, and blocks, and states, and their security assumptions. We are a bit lost in the deal. It is still the first mover advantage only that keeps it alive, maybe in addition to Buterin’s larger than life character, which will always attract us-geeks. – As someone who's worked closely with the Foundation, what's your take on Vitalik's recent proposal to streamline the EF's governance structure? Viktor: It has been long overdue. His personal stance on governance is not reflected in the way the foundation is managed. – Taking a look back to EF roots: are there any decisions you would have made differently at the stage of the company's development? Viktor: Technically, yes. Using swarm hash from the start, using Kademlia topology, would have put more emphasis into light clients and light servers. In terms of management, it is hard to pretend that I am a better manager-director than those that had made the decisions, but, maybe, I would not have kicked out the Communications/Development Relations team of Stephan Tual early on or would have rehired one. Maybe I would have not let Swarm go just like that, but instead would have put the money behind it. – Solana has been gaining a lot of traction, particularly in user adoption and trading volume. From a developer’s standpoint, what advantages does Solana offer that Ethereum doesn’t? Viktor: Developer as well as end user experience. Solana’s Proof of History validation requires much more powerful hardware than PoS of Ethereum, so it is not sufficiently decentralised or resilient. Smart contracts in Rust are a bit clunky. Although Solidity is a disaster on its own, it is designed to be curtailed to blockchain in mind. About Web3 pillars and its products – You’ve seen Web3 evolve from its infancy. If you had to list three ‘musts’ for a successful Web3 product today, what would they be? Viktor: Do not just be decentralized, but be useful. At the end of the day, it must translate to cents. No reliance on servers, only a pool of servers doing something verifiable, or at least challengeable. You are as Web3 as your weakest component. – Consequently, what are the three ‘don’ts’ that Web3 developers should avoid when building for mass adoption? Viktor: Repeating the mistakes that Web2 made: stickiness of gatekeeping, data-silos, anti-privacy features. Web3 is a really different game. If you take transaction fees, you are not doing things right. Don't just rush to market and grab your share. Do not compromise much. – You are president of Swarm – Ethereum native storage layer. How would you explain the core benefits of a decentralized storage to an average user? Viktor: Well, the entire first part of my “The Book of Swarm” is about this. Decentralisation is surely important for 3 reasons: Resilience. If there is a way to provide service as an elephant or as an ant colony, which would you choose? Continuity, redundancy Privacy: confidentiality, anonymity, censorship The main concerns of a self-sovereign society (the freedom of expression, freedom to interact, trade, freedom to associate) are all available technologically and can be served by rock solid serverless stack. Swarm is not only about decentralisation per se. It is also a framework to provide incentives to do optimal resource allocation to serve the web. – Many argue that the mass adoption of Web3 technologies will only come if the products transcend digital space. Namely, everyone is buzzing about RWA and crypto cards (like Revolut and WhiteBIT Nova). How do you see this tendency? Viktor: True. There’s a game about predicting which vertical will be “Web3ified” first. I have a theory that the tendency is monotonous in 3 dimensions. The first dimension is readiness of features needed. Second is the extent to which the vertical’s subeconomy is in the real world as opposed to the digital world. Basically, finance first, DeFi, then model-worlds (DeSci) and physical infrastructure (DePIN), then digital media (only eyes and ears in the real world), etc. Thirdly, the network effect, to what extent is mass deployment/adoption needed for adoption to happen organically. Here comes first the apps that individuals directly benefit from, then team-tools, collaboration tools, then social media, then Tinder and Silk Road. The claim is that, ceteris paribus, projects that are ordered first on any dimension will be realised and deployed first successfully. – If you wanted to launch a new Web3 project, what would it be? Viktor: A Dream. Fairware: Global permissionless marketplace, Silk Road. Fairport: creative works monetisation and distribution. Now realistically: a proper decentralized dropbox. – Following the complex decentralisation concepts: I’d like to bring up Vitalik Buterin’s DeSoc. From your perspective, is this concept feasible, or are we still far from an on-chain social framework that people will actually use? Viktor: The difficulty is not in the tech. The tech is ready. The permissionless version needs to have the appeal to counteract the inertia due to switching cost and need for coordination given the current alternatives. – Recently, the internet has been shaken with the rumours of launching a DOGE ETF. While it does sound like satire, based on your opinion: do meme coins have a legitimate place in the institutional Web3 environment? Viktor: I am not in favour of regulation – either in finance or elsewhere. No one can tell anyone else who wraps what in a derivative. If people find this or other meme coins useful as part of ETFs then the regulation did it. But in any case, trying to correctly predict when people will think that people after them will value something more is not so different from when information about utility and demand is doubtful (in the case of true utility coins) and when it is not even interpretable (meme coins). Conclusion – If you had to make one bold prediction about Ethereum and Web3 in the next five years, what would it be? Viktor: World domination. – What’s one misconception about Ethereum that you wish more people understood? Viktor: Ethereum (or any other blockchain) (alone) is not Web3. Ethereum is the step that allows generic algorithmic verification to be programmed in incentive systems. By making challenges or claims verifiable, peer-to-peer service networks can be kept trustless and therefore scalable. But the real Web3 is the stack that enables serverless deployment of all the UX and functionality of Web2, something like Ethereum WITH Swarm. Web3 is no longer just a bold experiment – it’s at the tipping point of mass adoption. But as the industry grows, so do the challenges: scalability, user experience, and the fundamental question of how decentralization should actually work in practice. Ethereum, as the backbone of Web3, is navigating these complexities while balancing its original vision with real-world adoption. Few people understand this evolution better than Viktor Trón, Ethereum’s first employee and a key architect at its early days . Having witnessed its rise from an ambitious idea to a global phenomenon, he now leads Swarm, Ethereum’s native decentralized storage layer, and continues to push the boundaries of what blockchain can do. Viktor Trón , Ethereum’s first employee and a key architect at its early days Viktor Trón In this interview, Tron shares insights on the past, present, and future of Ethereum, discusses whether Web3 is living up to its promise, and delivers a bold prediction about the next five years. About early years and Ethereum Foundation – You are the first employee of the Ethereum Foundation. How did you start your professional career in the organisation? What have you seen in Ethereum that others didn’t? – You are the first employee of the Ethereum Foundation. How did you start your professional career in the organisation? What have you seen in Ethereum that others didn’t? Viktor: Throughout the academic year 2014/ 2015 there was the most amazing race against the ‘vapourware’ sayers. I remember, in the really early days, there was one Skype channel dedicated to all things around Ethereum. Viktor: Viktor: Oh, at that time, everything was about the ETHs. The word ‘ETH’ happens to be the name of a letter in the Icelandic alphabet, which stands for a name of the voiced dental fricative like “this” and “that”. The capital version Ð is like a capital D with a horizontal bar crossing the vertical in half. And all early mentions of dApp were spelt like this ÐApp . This joke was then interpreted as a generic way of being funny with letters. ÐApp ÐApp People at the time were motivated to come up with a currency sign for Ether (yes, a single-letter one; remember, at the time there was only Bitcoin and Ethereum), so they came up with the Greek letter Xi (Ξ) which looks like a stylized E. Xi (Ξ) Xi (Ξ) Then hell broke loose, which resulted in things like ΞTHΞЯSPHΞЯΞ - ÐΞV – my company. The Github development of the company still goes under this name, which happens to be the first Ethereum brand (probably at the same time as Eris industries [later Monax]). the first Ethereum brand – Which three lessons from your early days in the Ethereum Foundation can you deliver to the rising generation of Web3-developers? – Which three lessons from your early days in the Ethereum Foundation can you deliver to the rising generation of Web3-developers? Viktor: 1. The idea of Web3 is radical, it is subversive and disruptive . Understand the long-term social impact of what you are doing and feel into it, feel if you fully embrace it. If not, don't work in this field. Viktor: Viktor: The idea of Web3 is radical, it is subversive and disruptive Be the gimmick, be the troll, preach and reach with style and don’t refrain from cult-like features, humour and extravaganza. Vibes are precursors to culture and ideology. Do not give in to the ‘built in-house syndrome’: RLP, devP2P, Solidity threw back the state of the art with years. The post-hoc justification of random choices like multi-language client development was actually motivated by the individuals wanting to play their favourite toy, not because it led to stronger specifications. Be the gimmick, be the troll, preach and reach with style and don’t refrain from cult-like features, humour and extravaganza. Vibes are precursors to culture and ideology . Vibes are precursors to culture and ideology Do not give in to the ‘built in-house syndrome’: RLP, devP2P, Solidity threw back the state of the art with years. The post-hoc justification of random choices like multi-language client development was actually motivated by the individuals wanting to play their favourite toy, not because it led to stronger specifications. – From your managing perspective: how to sustain a visionary culture, when the company is scaling fast? – From your managing perspective: how to sustain a visionary culture, when the company is scaling fast? Viktor: Well… by resisting to scale fast . Viktor: Viktor: by resisting to scale fast No, seriously, you must have a firm conviction of what you are preaching. Having a loyal fan base or community is important. Choosing the right people based on enthusiasm is key. Having a loyal fan base or community is important. Choosing the right people based on enthusiasm is key. Having a loyal fan base or community is important. Choosing the right people based on enthusiasm is key. About Ethereum and development – There are concerns that Ethereum is now more focused on the modular structure rather than the building aspect. In your opinion, what does it need to become more application-friendly for developers and product builders? – There are concerns that Ethereum is now more focused on the modular structure rather than the building aspect. In your opinion, what does it need to become more application-friendly for developers and product builders? Viktor: The ecosystem must provide tools that builders need . It has not been a priority. Viktor: Viktor: The ecosystem must provide tools that builders need Scalability issues including price led to the current untenably hackish infrastructure. But also a seriously misguided focus on end-user applications. Blockchain is still just the web server or the socket-library as it were that underpins the web. New users of Ethereum are understandably lost in the maze of layers, blobs, and blocks, and states, and their security assumptions. We are a bit lost in the deal. It is still the first mover advantage only that keeps it alive, maybe in addition to Buterin’s larger than life character, which will always attract us-geeks. – As someone who's worked closely with the Foundation, what's your take on Vitalik's recent proposal to streamline the EF's governance structure? – As someone who's worked closely with the Foundation, what's your take on Vitalik's recent proposal to streamline the EF's governance structure? Viktor: It has been long overdue. His personal stance on governance is not reflected in the way the foundation is managed. Viktor: Viktor: – Taking a look back to EF roots: are there any decisions you would have made differently at the stage of the company's development? – Taking a look back to EF roots: are there any decisions you would have made differently at the stage of the company's development? Viktor: Technically, yes. Viktor: Viktor: Using swarm hash from the start, using Kademlia topology, would have put more emphasis into light clients and light servers. In terms of management, it is hard to pretend that I am a better manager-director than those that had made the decisions, but, maybe, I would not have kicked out the Communications/Development Relations team of Stephan Tual early on or would have rehired one. Maybe I would have not let Swarm go just like that, but instead would have put the money behind it. – Solana has been gaining a lot of traction, particularly in user adoption and trading volume. From a developer’s standpoint, what advantages does Solana offer that Ethereum doesn’t? – Solana has been gaining a lot of traction, particularly in user adoption and trading volume. From a developer’s standpoint, what advantages does Solana offer that Ethereum doesn’t? Viktor: Developer as well as end user experience. Viktor: Viktor: Solana’s Proof of History validation requires much more powerful hardware than PoS of Ethereum, so it is not sufficiently decentralised or resilient. Smart contracts in Rust are a bit clunky. Although Solidity is a disaster on its own, it is designed to be curtailed to blockchain in mind. About Web3 pillars and its products – You’ve seen Web3 evolve from its infancy. If you had to list three ‘musts’ for a successful Web3 product today, what would they be? – You’ve seen Web3 evolve from its infancy. If you had to list three ‘musts’ for a successful Web3 product today, what would they be? Viktor: Do not just be decentralized, but be useful . At the end of the day, it must translate to cents. Viktor: Viktor: Do not just be decentralized, but be useful No reliance on servers, only a pool of servers doing something verifiable, or at least challengeable. You are as Web3 as your weakest component. You are as Web3 as your weakest component. – Consequently, what are the three ‘don’ts’ that Web3 developers should avoid when building for mass adoption? – Consequently, what are the three ‘don’ts’ that Web3 developers should avoid when building for mass adoption? Viktor: Repeating the mistakes that Web2 made : stickiness of gatekeeping, data-silos, anti-privacy features. Viktor: Viktor: Repeating the mistakes that Web2 made Web3 is a really different game. If you take transaction fees, you are not doing things right. Don't just rush to market and grab your share. Do not compromise much. – You are president of Swarm – Ethereum native storage layer. How would you explain the core benefits of a decentralized storage to an average user? – You are president of Swarm – Ethereum native storage layer. How would you explain the core benefits of a decentralized storage to an average user? Viktor: Well, the entire first part of my “The Book of Swarm” is about this. Viktor: Viktor: “The Book of Swarm” Decentralisation is surely important for 3 reasons: Resilience. If there is a way to provide service as an elephant or as an ant colony, which would you choose? Continuity, redundancy Privacy: confidentiality, anonymity, censorship The main concerns of a self-sovereign society (the freedom of expression, freedom to interact, trade, freedom to associate) are all available technologically and can be served by rock solid serverless stack. Swarm is not only about decentralisation per se. It is also a framework to provide incentives to do optimal resource allocation to serve the web. – Many argue that the mass adoption of Web3 technologies will only come if the products transcend digital space. Namely, everyone is buzzing about RWA and crypto cards (like Revolut and WhiteBIT Nova). How do you see this tendency? – Many argue that the mass adoption of Web3 technologies will only come if the products transcend digital space. Namely, everyone is buzzing about RWA and crypto cards (like Revolut and WhiteBIT Nova). How do you see this tendency? Viktor: True. Viktor: Viktor: There’s a game about predicting which vertical will be “Web3ified” first. I have a theory that the tendency is monotonous in 3 dimensions. The first dimension is readiness of features needed . readiness of features needed Second is the extent to which the vertical’s subeconomy is in the real world as opposed to the digital world . Basically, finance first, DeFi, then model-worlds (DeSci) and physical infrastructure (DePIN), then digital media (only eyes and ears in the real world), etc. the extent to which the vertical’s subeconomy is in the real world as opposed to the digital world Thirdly, the network effect , to what extent is mass deployment/adoption needed for adoption to happen organically. Here comes first the apps that individuals directly benefit from, then team-tools, collaboration tools, then social media, then Tinder and Silk Road. the network effect The claim is that, ceteris paribus, projects that are ordered first on any dimension will be realised and deployed first successfully . projects that are ordered first on any dimension will be realised and deployed first successfully – If you wanted to launch a new Web3 project, what would it be? – If you wanted to launch a new Web3 project, what would it be? Viktor: A Dream. Viktor: Viktor: Fairware: Global permissionless marketplace, Silk Road. Fairport: creative works monetisation and distribution. Now realistically: a proper decentralized dropbox. – Following the complex decentralisation concepts: I’d like to bring up Vitalik Buterin’s DeSoc. From your perspective, is this concept feasible, or are we still far from an on-chain social framework that people will actually use? – Following the complex decentralisation concepts: I’d like to bring up Vitalik Buterin’s DeSoc. From your perspective, is this concept feasible, or are we still far from an on-chain social framework that people will actually use? Viktor: The difficulty is not in the tech. The tech is ready. The permissionless version needs to have the appeal to counteract the inertia due to switching cost and need for coordination given the current alternatives. Viktor: Viktor: – Recently, the internet has been shaken with the rumours of launching a DOGE ETF. While it does sound like satire, based on your opinion: do meme coins have a legitimate place in the institutional Web3 environment? – Recently, the internet has been shaken with the rumours of launching a DOGE ETF. While it does sound like satire, based on your opinion: do meme coins have a legitimate place in the institutional Web3 environment? Viktor: I am not in favour of regulation – either in finance or elsewhere. No one can tell anyone else who wraps what in a derivative. If people find this or other meme coins useful as part of ETFs then the regulation did it. But in any case, trying to correctly predict when people will think that people after them will value something more is not so different from when information about utility and demand is doubtful (in the case of true utility coins) and when it is not even interpretable (meme coins). Viktor: Viktor: Conclusion – If you had to make one bold prediction about Ethereum and Web3 in the next five years, what would it be? – If you had to make one bold prediction about Ethereum and Web3 in the next five years, what would it be? Viktor: World domination. Viktor: Viktor: – What’s one misconception about Ethereum that you wish more people understood? – What’s one misconception about Ethereum that you wish more people understood? Viktor: Ethereum (or any other blockchain) (alone) is not Web3. Viktor: Viktor: Ethereum (or any other blockchain) (alone) is not Web3. Ethereum is the step that allows generic algorithmic verification to be programmed in incentive systems. By making challenges or claims verifiable, peer-to-peer service networks can be kept trustless and therefore scalable. But the real Web3 is the stack that enables serverless deployment of all the UX and functionality of Web2, something like Ethereum WITH Swarm.