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Experts are asking questions about the future of crypto compliance following a proposal by Vitalik Buterin, one of Ethereum’s co-founders, to develop a soft pause button to help curb the potential risks associated with the fast development of super-intelligent AI systems.
According to a January 5 blog post, Vitalik Buterin explained the thinking behind his idea dubbed “defensive acceleration d/acc, which suggests technology should be developed as a defence rather than cause harm. This won’t be the first time the Ethereum co-founder has raised concerns about the risks associated with advancing Artificial Intelligence technologies. In 2023, Vitalik Buterin stated, “One way in which AI gone wrong could make the world worse is (almost) the worst possible way: it could cause human extinction.”
Vitalik Buterin Fears Superintelligence Could Become Uncontrolled
Due to the rapid and unprecedented advancements in artificial intelligence, Buterin proposes establishing a global soft pause button that could replace the potentially dangerous race of artificial general intelligence (AGI). According to him, the soft pause button could reduce the advancement of global computing power by at least 90 to 90% for between 1 and 2 years, giving humanity more time to align itself with AI development.
In what most people believe is a follow-up to the sentiments and theory he expressed in 2023, Vitalik Buterin believes that super intelligence was only a few years from experience. The Ethereum co-founder stated: “It’s likely we have three-year timelines until AGI and another three years until superintelligence. And so, if we don’t want the world to be destroyed or otherwise fall into an irreversible trap, we can’t just accelerate the good; we also have to slow down the bad.”
The Use of AI by Militaries Sparks Some Fears
The proposal by Vitalik Buterin for the soft pause button, which could be linked to human decision-making making, aims to ensure that AI doesn’t lead to a potentially catastrophic outcome that could threaten humanity in the future.
Buterin explained that militaries could lead to an AI-orchestrated doom in the worst-case scenario, considering the growing rise of AI use in the military in places like Gaza and Ukraine. He believes that without regulation, the use of AI by militaries could make them a significant threat. Vitalik Buterin further explained that implementing a soft pause button would be a step towards avoiding the risks associated with AI to make users liable.
He stated, “While the link between how a model is developed and how it ends up being used is often unclear, the user decides exactly how the AI is used.”
Potential Impact of Soft Pause Button to Crypto
According to the document, the plan for a soft pause button would involve fitting an AI hardware chip that would require weekly authorization from international organizations to keep running to avoid existential threats. However, crypto industry players have expressed fears about the impact of such a move on the crypto industry.
For example, one downside would be making crypto networks especially susceptible to 51% attacks. The reduced hashing power would make it easier for malicious actors to seize over half of the remaining power and jeopardize network security, especially regarding small blockchains with limited hashing capacity.
Conclusion
Implementing the soft pause button, as Vitalik Buterin proposed, could lead to slower transaction processing, as fewer miners would be available to solve mathematical puzzles required to add new blocks to the blockchain.
This would lead to extended transaction periods and potentially higher transaction fees, thereby hindering more significant adoption of crypto-based solutions. Reducing computing power for any reason is likely to inflate costs associated with verifying transactions and maintaining blockchain ecosystems.
Frequently Asked Questions (FAQs)
What is a 51% attack?
A 51% attack is a blockchain security vulnerability that could occur if a single entity or group gained control of over 50% of a blockchain’s computing power. They could manipulate transactions, execute double spending on coins, and block other miners from transactions.
How can a 51% attack be prevented?
Blockchain ensures that no single miner or group of miners controls over 50% of the network’s computing power.
How likely is a 51% attack to happen?
It’s technically challenging to perform a 51% attack on a blockchain since the network requires a series of confirmed transactions to mine more hash. However, if someone gains such power, a 51% attack is possible. Experts now fear that implementing the soft pause button could reduce computing power and make blockchains vulnerable to 51% attacks.
