At the end of the last decade, Ethereum founder Vitalik Buterin revised his predictions made over the years, demonstrating the ability to be right about abstract ideas, not software development problems in production.
Buterin started a Twitter thread by referring to his article dated July 23, 2013, in which he highlighted the main benefits of bitcoin – globalism and opposition to censorship. Buterin envisions Bitcoin’s potential to protect the purchasing power of citizens in Iran, Argentina, China and Africa.
However, Buterin has also noticed an increase in the popularity of stack coins as he saw Argentine companies run Tether (USDT). He supported his 10-year-old ideas about the negative implications of Bitcoin regulation.
The contractor still believes that “the money’s internet should not cost more than 5 cents per transaction,” and emphasizes Ethereum’s ongoing efforts to improve the scalability of blockchains.
“I loved altcoins even before altcoins were good,” Buterin added, citing an article in which he supported this claim with three arguments: different chains improve different goals, the cost of acquiring many chains is low, and the need for an alternative only in case. … The core development team is wrong.
On the other hand, Buterin dropped his support for Bitcoin Cash (BCH), noting that societies formed around the uprising, even if they had good reasons, often struggle in the long run, adding that they “value rather than competence and Uniting around resistance is not a consistent way forward.
“Mostly true (‘DeFi’ was predicted in the beginning), although incentivized file storage + calculation was not stopped (yet?), And of course I completely skipped NFT.”
To sum up, Buterin reiterated the instincts that helped him troubleshoot early, saying, “Technologically, I was more often right about abstract ideas than about developing software. We had to learn to understand the latter over time.”
Related: Vitalik Buterin outlines the playoffs’ roadmap for ETH 2.0
In early December, Buterin shared his vision for a “smart roadmap” for Eth2, proposing a “second-tier low-resource stack” for distributed block validation.
In addition, he proposed to introduce anti-fraud protection or ZK-SNARKS, which can serve as a cheaper option for users to check the validity of the ban. According to Buterin:
“[With these updates] we get a chain where block production is still centralized, but block validation is very unreliable and decentralized, and specialized anti-censorship magic prevents block manufacturers from censoring.”