Saturday, June 25, 2022
HomeNFT NewsEthereum white paper predicted DeFi but missed NFTs: Vitalik Buterin

Ethereum white paper predicted DeFi but missed NFTs: Vitalik Buterin

Buterin still believes that “the internet of money should not cost more than 5 cents per transaction” and highlighted Ethereum’s continued efforts to improve the blockchain’s scalability capabilities.

5064 Total views

36 Total shares

Ethereum white paper predicted DeFi but missed NFTs: Vitalik Buterin

Rounding up the last decade, Ethereum co-founder Vitalik Buterin revisited his predictions made over the years, showcasing a knack for being right about abstract ideas than on-production software development issues.

Buterin started the Twitter thread by addressing his article dated Jul. 23, 2013 in which he highlighted Bitcoin’s (BTC) key benefits — internationality and censorship resistance. Buterin saw the potential of Bitcoin in protecting citizens’ purchasing power in Iran and other countries like China, Argentina, China, and Africa.

However, Buterin also noticed a rise in stablecoin adoption as he saw Argentinian businesses operating in Tether (USDT). He reiterated his decade-old views on the negative effects of Bitcoin regulation.

My views today: sure, Bitcoin’s decentralization would let it still *surviveunder a super-hostile regulatory climate, but it could not *thrive*. A combination of technological strength and public legitimacy is required to create a successful censorship resistance strategy.

— vitalik.eth (@VitalikButerin) January 1, 2022

The entrepreneur still believes that “the internet of money should not cost more than 5 cents per transaction” and highlighted Ethereum’s continued efforts to improve the blockchain’s scalability capabilities.

5. The core idea of sharding is still intact.

Blockchain 1.0: each node downloads everything, have consensus

BitTorrent: each node downloads only a few things, but no consensus

Ideal: BitTorrent-like efficiency but with blockchain-like consensus

— vitalik.eth (@VitalikButerin) January 1, 2022

“I liked altcoins before altcoins were cool,” added Buterin citing an article where he based this claim via three arguments: different chains optimize for different goals, costs of having many chains are low and need of an alternative in case the core development team is wrong.

On the flipside, Buterin backtracked on his support for Bitcoin Cash (BCH), stating that communities formed around a rebellion, even if they have a good cause, often have a hard time long term, adding that “they value bravery over competence and are united around resistance rather than a coherent way 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

— vitalik.eth (@VitalikButerin) January 1, 2022

“A lot correct (basically predicted “DeFi”), though incentivized file storage + compute hasn’t taken off that much (yet? ), and of course I completely missed NFTs.”

Concluding the findings, Buterin supported the instincts that helped him correct mistakes early on, stating: “On tech, I was more often right on abstract ideas than on production software dev issues. Had to learn to understand the latter over time.”

Related: Vitalik Buterin outlines ‘endgame’ roadmap for ETH 2.0

In early December, Buterin shared his vision for a “plausible roadmap” for ETH 2.0, suggesting “a second tier of staking, with low resource requirements” for distributed block validation.

Additionally, he proposed the introduction of fraud-proof or ZK-SNARKS that can serve as a cheaper alternative for users to check block validity. According to Buterin:

“[With these updates] We get a chain where block production is still centralized, but block validation is trustless and highly decentralized, and specialized anti-censorship magic prevents the block producers from censoring.”

Read More

Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!

Please enter your name here

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

Most Popular