Ethereum white paper predicted DeFi but missed NFTs: Vitalik Buterin

Vitalik Buterin, Ethereum’s co-founder, reviewed his predictions over the past decade. He demonstrates a knack for being more accurate about abstract ideas than on production software development issues.

Buterin began the Twitter thread by responding to his Jul. 23 article. 23.03.2013, in which he highlighted Bitcoin’s key benefits — internationality as well as censorship resistance. Buterin saw the potential of Bitcoin in protecting citizens’ purchasing power in countries like Iran, Argentina and China.

Buterin noticed a rise of stablecoin adoption when he observed Argentinian businesses using Tether (USDT). He reiterated his decade-old views on the negative effects of Bitcoin regulation.

Today’s views: Bitcoin’s decentralization could allow it to survive in a regulatory environment that is extremely hostile, but it would not be able to thrive. A combination of technological strength and legitimacy is required to create a successful censorship resistance strategy.
— Vitalik.eth (@VitalikButerin), January 1, 2022

The entrepreneur believes that the internet of money should not be more expensive than 5 cents per transaction. He also highlighted Ethereum’s ongoing efforts to improve its scalability capabilities.

5. The core idea of sharding is still intact, I should add. Blockchain 1.0: Each node downloads all, have consensus BitTorrent: Each node only downloads a handful of things, but there is no consensus Ideal: BitTorrent-like efficiency, but with blockchain-like consensus
— Vitalik.eth (@VitalikButerin), January 1, 2022

Buterin stated that he liked altcoins before they were cool. Citing an article, he said that he had three arguments to support his claim: Different chains optimize for different goals; costs of many chains are low; need for an alternative in the event the core development team is wrong.

Buterin reversed his support for Bitcoin Cash, (BCH) and stated that communities that are based around rebellions, even though they have a noble cause, can have trouble long-term. He added that “they value courage over competence and are united around resistance instead of a coherent path forward.”

11. Applications envisioned in the Ethereum whitepaper:https://t.co/6HCoO2CSW8 * ERC20-style tokens * Algorithmic stablecoins * Domain name systems (like ENS) * Decentralized file storage and computing * DAOs * Wallets with withdrawal limits * Oracles * Prediction markets
January 1, 2022, Vitalik.eth (@VitalikButerin). ), and I totally missed NFTs.

Buterin concluded that he believed the instincts that helped him make corrective mistakes early in his career were true. He stated: “On tech, my intuitions were more right about abstract ideas than production software dev problems.” It took time to get to grips with the former.

Related: Vitalik Buterin outlines ETH 2.0’s ‘endgame” roadmap

Buterin shared his vision of a “plausible roadmap for ETH 2.0” in December. He suggested “a second tier, with low resources requirements”, for distributed block validation.

He also suggested the introduction fraud-proof ZK-SNARKS, which can be used as a cheaper option for users to verify block validity. According to Buterin

“[With these updates] we get a chain in which block production is still centralized, but block validation and trustlessness are highly decentralized and highly decentralized. Specialized anti-censorship magic stops block producers from censoring.”

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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