Ethereum Inventor Starts 2022 Revisiting Ideas, Where Was He Wrong?
January 03 2022 - 5:00PM
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The inventor of Ethereum Vitalik Buterin has come out of a
self-imposed Twitter hibernation period, as he called via his
personal account. On his first post of 2022, Buterin reviewed some
of the ideas, proposals, and thoughts from this past decade to find
if he maintains the same position as when he first talked about
them. Related Reading | TA: Ethereum is Showing Early Signs of
Fresh Rally, But 100 SMA is the Key The inventor of Ethereum listed
over 10 ideas, many of which have been a source for controversy
amongst the crypto community. Buterin begun his “mini-tweetstorm”
with Bitcoin, a project in which he was very active during its
early stage. In 2013, Buterin published an article talking about
Bitcoin’s capacity to help people suffering from inflation and
central bank money policy in places like Iran and Argentina. At the
time, the inventor of Ethereum said that the cryptocurrency was
capable of offering respite, but due to its “internationality” and
not its limited supply. In that sense, he predicted the rise of
stablecoins and assets with less volatility than Bitcoin in such
places. Now, he said: I actually went to Argentina! My verdict:
generally correct. Cryptocurrency adoption is high but stablecoin
adoption is really high too; lots of businesses operate in USDT.
Though of course, if USD itself starts showing more problems this
could change. Moreover, Buterin revisited his position on
regulation. Around the same time as when he published his article
on Bitcoin’s supply, he wrote about this cryptocurrency’s potential
to “resist governments” and circumvent regulations. Now, Buterin
believes the crypto industry must use a combination of
technological robustness, public legitimacy, and decentralization
in other to “thrive”. The alternative, a fully hostile environment,
could stagnate Bitcoin and any other cryptocurrency. Conversely,
the inventor of Ethereum admitted that in 2015 his estimation from
when this cryptocurrency was going to be able to migrate to a
Proof-of-Stake (PoS) were wronged. At that time, Buterin expected
Ethereum to transition in 6 month or 1 year. The migration ended up
taking much longer with the deployment of the Beacon Chain, the PoS
blockchain that will support Eth 2.0, taking place in 2020. Buterin
said: My projections from 2015 of when we will get PoS and
sharding. Honestly, these were very wrong and worth laughing at (…)
How Ethereum And Its Developers Have Evolved In A Decade In that
sense, Buterin admitted that he underestimated the “complexity of
software development” as he classified his 2014 ideas as “too
complex”. He added: Today the Ethereum research team values
simplicity much more – both simplicity of the final design *and*
simplicity of the path to getting there. More appreciation of
pragmatic compromises. In the same tone as the rest of his Twitter
thread, where Buterin showed transparency and the capacity to admit
mistakes, he addressed the congestion and high transaction fees
that have affected the Ethereum blockchain. In 2017, Buterin
famously said that “the internet of money” needs to be able to
process cheap transactions. Buterin claims this remains one of the
goals for this blockchain. Therefore, why “we’re spending so much
time working on scalability”. Buterin also admitted he was wrong on
Bitcoin Cash and called the cryptocurrency a failure. He also
admitted feeling “proud” about its proposals to build Uniswap, or
more specifically a decentralize exchanges on this network, and
many other use cases for Ethereum which “basically predicted DeFi”.
In that sense, he summarized his experience across a decade by
calling out his early “naiveness” and lack of appreciation for the
challenges that come out of running large organization with complex
politics and cultures. * 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* I have a deeper appreciation
now of the need for even more simplicity than I thought we needed —
vitalik.eth (@VitalikButerin) January 1, 2022 Related Reading |
Bullish Signal? Ethereum Market Dominance Sitting Above 20% As of
press time, ETH trades at $3,775 with sideways movement in the past
day.
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