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
foresaw
Bitcoin’s
potential
in
protecting
the
citizens’
buying
power
in
Iran,
Argentina,
China
and
Africa.

However,
Buterin
also
noticed
a
rise
in
stablecoin
adoption
as
he
saw
Argentinian
businesses
operating
in
Tether
(USDT).
He
backed
up
his
decade-old
ideas
around
the
negative
impacts
of
Bitcoin
regulation.

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.

“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.”

“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 original article here