Ethereum Founder Predicted DeFi in White Paper, But Missed Out on NFTs » Crypto Insiders

Ethereum (ETH) founder Vitalik Buterin recently reviewed the predictions he made years ago about the world of cryptocurrencies. The computer programmer listed a list of statements and articles on Twitter and noted which predictions were correct and which were not.

Bitcoin

Buterin started in 2011 as a writer for Bitcoin Weekly and later for Bitcoin Magazine. In 2013, he published an article about how bitcoin (BTC) can help Iranians and Argentines, for example, by being an international currency and resistant to censorship. He also predicted that stable coins It will do well Buterin says that he recently visited Argentina and reports that the adoption of bitcoin and especially stablecoins is very high in the country.

Buterin also wrote in 2013 about the consequences of bitcoin and regulation. At the time, he was convinced that Bitcoin is off limits to the government because it is technologically resistant to censorship. Today, Buterin believes that Bitcoin can survive even in a “super hostile” regulatory regime, but it will not thrive. “A successful censorship-resistant strategy requires a combination of technological strength and public legitimacy,” According to Buterin

Ethereal

Ethereum was launched in 2015 and the developer already had plans to switch to proof of stake (POS) already fragmentation introduce. However, he was completely out of time. Initially he thought that this change could take a few months, but now we are 6 years older.

He admits that he greatly underestimated the complexity of software development, but also that the ideas and solutions themselves were too complex. Today’s Ethereum developers are much more focused on simplicity and a more practical approach, says Buterin.

Additionally, Buterin reports that he still supports a ruling from 2017; “internet money” shouldn’t cost more than 5 cents per transaction. However, Ethereum has been struggling with much higher transaction costs for a year now, thanks in part to network congestion from emerging non-fungible token (NFT) and decentralized finance (DeFi) markets. “That was the goal in 2017 and it still is today. This is precisely why we spend so much time on scalability.”

Buterin is also proud that in 2016-2017 he encouraged people to build something like Uniswap. He adds that the White paper of Ethereum already predicted ERC-20 tokens, algorithmic stablecoins, domain name systems, decentralized data storage, decentralized autonomous bodies (DAO), oracles and prediction markets. In short, he already predicted DeFi in the Ethereum white paper.

Still, Buterin admits that decentralized data storage (Filecoin notwithstanding) has yet to catch on and has missed out on NFTs altogether. However, the biggest thing missed is conspiracy attacks on DAO.

bitcoin cash

Finally, Buterin reports that he was a supporter of the hard fork in 2017 from bitcoin, which led to the creation of bitcoin cash (BCH). He says he was behind the argument that Bitcoin is bigger blocks needed to scale better. Today, however, Buterin sees BCH as a failure.

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