Ethereum’s white paper foresaw Defi but overlooked NFTs: Vitalik Buterin

Buterin reiterated his belief that “the internet of money should not cost more than 5 cents per transaction” and emphasised Ethereum’s ongoing work to increase the blockchain’s scalability.

To summarise the past decade, Ethereum co-founder Vitalik Buterin reviewed his previous forecasts, demonstrating a proclivity for being correct about abstract concepts rather than ongoing software development challenges.

Buterin began the Twitter discussion by referencing his July 23, 2013 post in which he emphasised two of Bitcoin’s (BTC) primary features – internationality and resilience to censorship. Buterin anticipated Bitcoin’s ability to safeguard people’ purchasing power in Iran, Argentina, China, and Africa.

However, Buterin saw an increase in stable coin usage when he observed Argentinian firms using Tether (USDT). He substantiated his decade-old assertions on the detrimental effects of Bitcoin regulation.

The entrepreneur maintained his belief that “the internet of money should not cost more than five cents per transaction” and emphasised Ethereum’s ongoing efforts to increase the blockchain’s scalability.

“I liked altcoins before altcoins were cool,” added Buterin, citing an article in which he made the following three points: different chains optimise for different goals, the costs of having multiple chains are low, and there is a need for a backup in the event that the core development team makes a mistake.

On the other hand, Buterin reversed his support for Bitcoin Cash (BCH), stating that communities formed around a rebellion, even if they have a noble cause, frequently struggle in the long run, as “they value bravery over competence and are united around resistance rather than a coherent path forward.”

“A lot true (essentially expected “DeFi”), while incentivized file storage + computing hasn’t taken off as much (yet? ), and of course I missed NFTs entirely.”

In concluding the results, Buterin defended his intuition for early error correction, stating: “On technology, I was more often accurate on abstract concepts than on production software development concerns. Had to gradually come to terms with the latter.”

Buterin revealed his idea for a “plausible roadmap” for ETH 2.0 in early December, advocating “a second layer of staking with modest resource needs” for distributed block validation.

Additionally, he advocated the adoption of fraud-proof or ZK-SNARKS as a less expensive way for users to verify the legitimacy of blocks. Buterin asserts:

“[With these improvements], we have a chain in which block production remains centralised but block validation is completely decentralised and trustless, and specific anti-censorship magic prohibits block producers from filtering.”

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