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Ethereum Inventor Reconsiders Ideas in 2022; Where Did He Go Wrong?
Vitalik Buterin, the inventor of Ethereum, has emerged from a self-imposed Twitter hibernation period, as he described it on his personal account. Buterin reviewed some of the ideas, proposals, and thoughts from the previous decade in his first post of 2022 to determine if he still holds the same position as when he first discussed them.
The inventor of Ethereum listed over ten ideas, many of which have sparked debate within the cryptocurrency community. Buterin kicked off his "mini-tweetstorm" with Bitcoin, a project in which he was an early participant.
In 2013, Buterin published an article discussing Bitcoin's potential to assist people affected by inflation and central bank money policies in countries such as Iran and Argentina. At the time, Ethereum's inventor stated that the cryptocurrency could provide respite, but only due to its "internationality," not due to its limited supply.
In that sense, he predicted that stablecoins and other assets with lower volatility than Bitcoin would gain traction in such locations. Now, he explained:
I did, in fact, travel to Argentina! My conclusion: in general, correct. Although cryptocurrency adoption is widespread, stablecoin adoption is also widespread; numerous businesses operate in USDT. Of course, if the USD itself begins to exhibit more problems, this could change.
Additionally, Buterin reexamined his stance on regulation. Simultaneously with his article on Bitcoin's supply, he discussed the cryptocurrency's ability to "resist governments" and circumvent regulations.
Buterin believes that in order for the crypto industry to "thrive," it must combine technological robustness, public legitimacy, and decentralisation. The alternative, a completely hostile environment, may cause Bitcoin and other cryptocurrencies to stagnate.
On the other hand, the inventor of Ethereum admitted that he was wrong in 2015 when he predicted when this cryptocurrency would be able to migrate to a Proof-of-Stake (PoS) model. At the time, Buterin anticipated that Ethereum would transition within six months or one year.
The migration ended up taking much longer than anticipated due to the 2020 deployment of the Beacon Chain, a proof-of-stake blockchain that will support Eth 2.0. Howevererin stated:
My 2015 projections for when we will have PoS and sharding. To be honest, these were extremely incorrect and worth laughing at (...)
How Ethereum and Its Developers Have Changed Over the Course of a Decade
In that regard, Buterin acknowledged that he underestimated the "complexity of software development" when he labelled his 2014 ideas "too complex." He continued:
Today, the Ethereum research team places a higher premium on simplicity – both in terms of the final design and the path to get there. Increased acceptance of pragmatic compromises.
In the same tone as the rest of his Twitter thread, in which Buterin demonstrated transparency and the ability to admit mistakes, he addressed the Ethereum blockchain's congestion and high transaction fees. Buterin famously stated in 2017 that the "internet of money" must be capable of processing inexpensive transactions.
Buterin asserts that this is still one of the blockchain's objectives. As a result, "we're spending a lot of time working on scalability."
Buterin also admitted that he was wrong about Bitcoin Cash and labelled it a failure. He also admitted to being "proud" of its proposals to build Uniswap, or more precisely, a network of decentralised exchanges, and numerous other use cases for Ethereum that "basically predicted DeFi."
In that sense, he summed up his decade of experience by highlighting his early "naivete" and lack of appreciation for the difficulties inherent in leading a large organisation with complex politics and cultures.
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By Crypto PiratesVitalik Buterin, the inventor of Ethereum, has emerged from a self-imposed Twitter hibernation period, as he described it on his personal account. Buterin reviewed some of the ideas, proposals, and thoughts from the previous decade in his first post of 2022 to determine if he still holds the same position as when he first discussed them.
The inventor of Ethereum listed over ten ideas, many of which have sparked debate within the cryptocurrency community. Buterin kicked off his "mini-tweetstorm" with Bitcoin, a project in which he was an early participant.
In 2013, Buterin published an article discussing Bitcoin's potential to assist people affected by inflation and central bank money policies in countries such as Iran and Argentina. At the time, Ethereum's inventor stated that the cryptocurrency could provide respite, but only due to its "internationality," not due to its limited supply.
In that sense, he predicted that stablecoins and other assets with lower volatility than Bitcoin would gain traction in such locations. Now, he explained:
I did, in fact, travel to Argentina! My conclusion: in general, correct. Although cryptocurrency adoption is widespread, stablecoin adoption is also widespread; numerous businesses operate in USDT. Of course, if the USD itself begins to exhibit more problems, this could change.
Additionally, Buterin reexamined his stance on regulation. Simultaneously with his article on Bitcoin's supply, he discussed the cryptocurrency's ability to "resist governments" and circumvent regulations.
Buterin believes that in order for the crypto industry to "thrive," it must combine technological robustness, public legitimacy, and decentralisation. The alternative, a completely hostile environment, may cause Bitcoin and other cryptocurrencies to stagnate.
On the other hand, the inventor of Ethereum admitted that he was wrong in 2015 when he predicted when this cryptocurrency would be able to migrate to a Proof-of-Stake (PoS) model. At the time, Buterin anticipated that Ethereum would transition within six months or one year.
The migration ended up taking much longer than anticipated due to the 2020 deployment of the Beacon Chain, a proof-of-stake blockchain that will support Eth 2.0. Howevererin stated:
My 2015 projections for when we will have PoS and sharding. To be honest, these were extremely incorrect and worth laughing at (...)
How Ethereum and Its Developers Have Changed Over the Course of a Decade
In that regard, Buterin acknowledged that he underestimated the "complexity of software development" when he labelled his 2014 ideas "too complex." He continued:
Today, the Ethereum research team places a higher premium on simplicity – both in terms of the final design and the path to get there. Increased acceptance of pragmatic compromises.
In the same tone as the rest of his Twitter thread, in which Buterin demonstrated transparency and the ability to admit mistakes, he addressed the Ethereum blockchain's congestion and high transaction fees. Buterin famously stated in 2017 that the "internet of money" must be capable of processing inexpensive transactions.
Buterin asserts that this is still one of the blockchain's objectives. As a result, "we're spending a lot of time working on scalability."
Buterin also admitted that he was wrong about Bitcoin Cash and labelled it a failure. He also admitted to being "proud" of its proposals to build Uniswap, or more precisely, a network of decentralised exchanges, and numerous other use cases for Ethereum that "basically predicted DeFi."
In that sense, he summed up his decade of experience by highlighting his early "naivete" and lack of appreciation for the difficulties inherent in leading a large organisation with complex politics and cultures.
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