Vitalik shared his thoughts on the next phase of blockchain during his talk in Shanghai: moving from 'blockchain' to 'blockchain + cryptography.' In the past, the core problem solved on-chain was 'who can send what.' Next, the focus will shift to solving 'who can see what.' Technologies like SNARK, STARK, and FHE are transitioning from roadmaps to actual protocols, while privacy, quantum security, and scalability are gradually being integrated into a unified framework. AI is accelerating this process: the costs of writing code, formal verification, and developing complex cryptographic systems are all decreasing. 15 years ago, all nodes repeated every computation. In the future, more computation will happen locally and off-chain, with the blockchain responsible for verifying results. Vitalik believes this could be one of the most noticeable changes in the next 5 years.