Vitalik Buterin anticipated DeFi potential but missed NFT and says BCH was a mistake

It’s been a decade and now Ethereum co-founder Vitalik Buterin has started rethinking his predictions over the years, saying that he often predicts idea-related issues correctly.

Buterine begin Series of posts on Twitter referring to his tweet of July 23, 2013, in which he highlighted the main advantages of Bitcoin (BTC) – internationality and censorship resistance. Buterin foresaw the potential of Bitcoin to protect the purchasing power of citizens in countries like Iran, Argentina, China, and Africa.

Buterin also sees a surge in stablecoins adoption as Argentine companies adopt Tether (USDT). For the past decade, he has advocated ideas related to the negative effects of Bitcoin regulation.

https://twitter.com/VitalikButerin/status/1477402759980855301?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

The creator of Ethereum continues to believe that “the internet of money shouldn’t cost more than 5 cents per transaction” and emphasizes Ethereum’s ongoing efforts to improve the scalability of the blockchain.

“I liked altcoins before altcoins were great,” he also says quote an article that makes three arguments to prove its point: optimizing different chains for different goals, low overhead with multiple chains, and an alternative is needed in case the core development team makes mistakes.

On the flip side, Buterin stated that he had stopped supporting Bitcoin Cash (BCH), arguing that if the community revolted, the network would get into trouble in the short term, even if they have a good reason. It seems that the BCH community values ​​courage over competence and unites against the network instead of creating a consistent path forward.

https://twitter.com/VitalikButerin/status/1477402799822585858?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

Buterin says he correctly predicted DeFi’s growth, even though the popularity of compute and file storage with incentives hasn’t exploded. However, he completely missed the NFT himself.

Finally, Buterin emphasized:

“When it comes to technology, I usually have good judgment for great abstract ideas rather than problems with production software developers. I will have to study in the near future to understand the second problem. “

At the beginning of December, Buterin announced his vision of a “sensible roadmap” for ETH 2.0 and proposed a “second staking layer with low resource requirements” to validate the block distribution.

He also suggested introducing a fraud-proof, or ZK-SNARKS, mechanism that could serve as a cheaper alternative for users to check block validity.

“With these updates we have a chain where block production is still centralized, but block validation will be decentralized and a special anti-censorship algorithm will prevent it. Block producers from censoring the network.”

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