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CANNES — Ten years ago, Vitalik Buterin and a small band of developers huddled in a drafty Berlin loft strung with dangling lightbulbs, laptops balanced on mismatched chairs and chipped tables. They weren't corporate titans or venture-backed founders — just idealists working long nights to push a radical idea into reality. From that sparse office, they launched "Frontier," Ethereum 's first live network. It was bare-bones — no interface, no polish, nothing user-friendly. But it could mine, execute smart contracts, and let developers test decentralized applications. It was the spark that transformed Ethereum from an abstract concept into a living, breathing system. Bitcoin had captured headlines as "digital gold," but what they built was something else entirely: programmable money, a financial operating system where code could move funds, enforce contracts, and create businesses without banks or brokers. One year earlier and 520 miles away in Zurich, Paul Brody got a call from IBM security: A kid was wandering the lab unattended. "That's not a child," Brody told them. "That's Vitalik. He's a grown-up — he just looks really young."
Paul Brody and Vitalik Buterin with IBM and Samsung executives at CES 2015, where IBM unveiled its first blockchain prototype built on Ethereum’s early code. Paul Brody
At the time, Buterin was building the bones of Ethereum. The blockchain was still in its alpha stage, an early version of what would become a $420 billion platform rewiring Wall Street and powering decentralized finance, NFTs, and tokenized markets across the globe. Brody, then leading a research team at IBM, remembers how quickly the idea clicked. "One of the guys on the research team came to me and said, 'I've met this really interesting guy. He's got a really cool idea...It's like a version of bitcoin, but we're going to make it much faster and programmable,'" he said. "And when he said that to me, I thought, 'That's it. That is what I want. That is what we need.'" With Buterin's help, IBM built its first blockchain prototype on Ethereum's early code, unveiling it at CES in 2015 alongside Samsung. "That was how I ended up down this path," Brody said. "I was done with all other technology and basically made the switch to blockchain." Even now, as EY's global blockchain leader, Brody remembers feeling a pang of envy. "This is a kid, and it doesn't matter," he said. "I was jealous of Vitalik… to be able to do that." He added, "I don't think opportunities like that could have been surfaced when I was that age." Now, a decade later, that experiment has quietly rewired global markets.
Ethereum co-founder Vitalik Buterin delivers a keynote at ETHCC, laying out the network’s next steps — and its values test — as institutional adoption accelerates. EthCC
"It's very impressive, just how much the space has succeeded and grown into, beyond pretty much anyone's expectations," Buterin told CNBC in Cannes on the sidelines of the blockchain's flagship event in Europe. Buterin said the change over the past decade has been staggering. Ten years ago, he recalled, the crypto community was "just a very small space," with only a handful of people working on bitcoin and a few other projects. Since then, Ethereum has become "this big thing," Buterin reflected, with major corporations now launching assets on both its base layer and layer-two networks. Parts of national economies are beginning to run on Ethereum infrastructure, a far cry from its cypherpunk origins. But Buterin warned that mainstream adoption brings risks as well as benefits. One concern is that if too few issuers or intermediaries dominate, they could become "de facto controllers of the ecosystem." He described a scenario where Ethereum might appear open, but, in practice, all the keys are managed by centralized providers. "That's the thing that we don't want," he said.
Prague to the Riviera
Two years earlier in Prague, CNBC met Buterin at Paralelní Polis, a sprawling industrial complex turned anarchist tech hub in the city's Holešovice district. The building's labyrinthine staircases and shadowed corridors felt like a physical map of the crypto world itself — part resistance movement, part experiment in reimagining power. It was a place built on Václav Benda's concept of a "parallel society," where decentralized technologies offered refuge from state surveillance and control. It's the kind of place where Buterin, a self-described nomad, found himself at home among cypherpunks and cryptographic idealists. At the time, Buterin described crypto's greatest utility not in speculative trading, but in helping people survive broken financial systems in emerging markets.
Zoom In Icon Arrows pointing outwards ETHPrague 2023 was held at Paralelní Polis in the Czech Republic. Pavel Sinagl
"The stuff that we often find a bit basic and boring is exactly the stuff that brings lots of value," he told CNBC at the time. "Just being able to plug into the international economy — these are things that they don't have, and these are things that provide huge value for people there." Even in Prague, where coders worked to make payments fast and censorship-resistant, the technology felt like a resistance movement — privacy-preserving, anti-authoritarian, a lifeline in countries where banking collapses were common and money couldn't be trusted. This year, Buterin keynoted Ethereum's flagship conference at the Palais des Festivals — the same red carpet venue that hosts movie stars each spring. It was a fitting symbol of Ethereum's journey: from underground hacker dens to a network that governments, banks, and brokerages are now racing to build upon. Brody, who currently leads blockchain strategy at EY, says what matters most is how deeply Ethereum is integrating into traditional finance. "The global financial system is really nicely described as a whole network of pipes," he said. "What's happening now is that Ethereum is getting plumbed into this infrastructure," Brody continued, noting that until recently, crypto operated on entirely separate rails from traditional finance. Now, he said, Ethereum is being wired directly into core transaction systems, setting the stage for massive financial flows — from investors to everyday savers — to migrate away from older mechanisms toward Ethereum-based platforms that can move money faster, at lower cost, and with more advanced functionality than legacy systems allow.
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