
The Ethereum Foundation, in its infinite wisdom, is launching an initiative so grand it could give the Tower of Babel a run for its money. They call it the “Defipunk” approach, as if anyone can fathom what that means. It promises to build a financial system that is “permissionless, private, secure, and fully open-source.” As if the world has been begging for an open-source financial system, like it’s the next great cure for the common cold. The goal? To enable anyone, anywhere, to save, borrow, hedge risk, or make payments-without the evil grip of banks and corporations. How very noble. I’m sure the big banks are shaking in their boots as we speak.