Ethereum Whitepaper Predicted DeFi But Missed NFTs: Vitalik Buterin


To wrap up the last decade, Ethereum co-founder Vitalik Buterin has revisited his predictions made over the years, showing a knack for being right about abstract ideas rather than the problems of software development in production.

Buterin launched Twitter thread by addressing his article from July 23, 2013 in which he highlighted the main advantages of Bitcoin (BTC) – internationality and resistance to censorship. Buterin predicted the potential of Bitcoin to protect the purchasing power of citizens in countries like Iran, Argentina, China, and Africa.

However, Buterin also noticed an increase in the adoption of the stable currency when he saw Argentinian companies operating in Tether (USDT). He backed up his ten-year-old ideas on the negative impacts of Bitcoin regulation.

The entrepreneur still believes that “the internet of money should cost no more than 5 cents per transaction,” and pointed to Ethereum’s continued efforts to improve blockchain’s scalability capabilities.

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

On the other hand, Buterin backtracked on his support for Bitcoin Cash (BCH), stating that communities formed around a rebellion, even if they have a good cause, often struggle in the long run, adding that ” they value bravery over skill and are united around resistance rather than a cohesive path forward.

“Very correct (basically ‘DeFi’ predicted), although incentive file storage + compute hasn’t taken off that much (yet?), And sure enough I missed NFTs completely.” “

Concluding the results, Buterin supported the instincts that helped him correct errors early on, stating, “On technology, I was more often right on abstract ideas than production software development issues. I had to learn to understand the latter over time.

Related: Vitalik Buterin presents the endgame roadmap for ETH 2.0

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

In addition, he proposed the introduction of an anti-fraud system or ZK-SNARKS which can serve as a cheaper alternative for users to check the validity of the block. 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 keeps block producers from censoring.

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