Rounding up the last decade, Ethereum co-founder Vitalik Buterin returned to his expectations made throughout the long term, exhibiting a skill for being correct with regards to abstract ideas than on-creation software development issues. Buterin began the Twitter string by tending to his article dated Jul. 23, 2013 in which he highlighted Bitcoin’s (BTC) key advantages — internationality and censorship resistance. Buterin predicted Bitcoin’s potential in ensuring the residents’ purchasing power in nations like Iran, Argentina, China and Africa.
My views today: Sure, decentralizing Bitcoin will allow it to survive *in an extremely hostile regulatory environment, but it won’t be able *to thrive*. A successful censorship resistance strategy requires a combination of technological strength and public legitimacy.
However, Buterin also noticed a rise in stablecoin adoption as he saw Argentine companies working in Tether (USDT). He backed his decade-old ideas about the negative effects of Bitcoin regulation.
The entrepreneur continues to believe that “the Internet of money should not cost more than 5 cents per transaction” and highlighted Ethereum’s ongoing efforts to improve the scalability of the blockchain.
Blockchain 1.0: Every node downloads everything, and it has a consensus
BitTorrent: Each node downloads only a few things, but no consensus
Perfect: BitTorrent-like efficiency but blockchain-like consensus
5. I should also add that the core *idea* of fragmentation remained intact.
“I loved altcoins before altcoins were great,” Buterin added, citing an article he based this claim on with three arguments. wrong.
On the flip side, Buterin retracted his support for Bitcoin Cash (BCH), noting that communities formed around a rebellion, even if they had good reason, often struggle in the long run, adding that they “appreciate courage over competence and are united around resistance not A coherent way forward.
11. Applications envisioned in the Ethereum white paper: * ERC20 style tokens
* stable coins arithmetic
* Domain Name Systems (eg ENS)
* File storage and decentralized computing
* DAOs
* Wallets with withdrawal limits
* Festivals
* Prediction Markets
“Much true (primarily ‘DeFi’ was predicted), although catalytic file storage + computing didn’t take off much (yet?), and of course I totally missed the NFTs.” Concluding the findings, Buterin endorsed the instincts that helped him debug early, saying, “In terms of technology, I was more often right about abstract ideas than about issues of developing production software. We had to learn to understand the latter over time” .
In early December, Buterin shared his vision for a “reasonable roadmap” for ETH 2.0, proposing a “second level of storage, with low resource requirements” for distributed block validation. In addition, he suggested introducing fraud protection or ZK-SNARKS that could serve as a cheaper alternative for users to validate the block. According to Buterin:
“ We get a chain where the production of blocks is still centralized, but the validation of the block is not trusted and too decentralized, and specialized anti-censorship magic prevents block producers from censorship.”
News Summary:
- Ethereum White Paper Predicted DeFi But Didn’t Detect NFT: Vitalik Buterin
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