Vitalik Buterin, co-founder of Ethereum and inventor of smart contracts believes that NFTs are the future. What he missed is DeFi’s potential to create a decentralized market for digital assets around these new tokens.

The “public goods vitalik buterin” is a phrase that was coined by Vitalik Buterin. He predicted the creation of DeFi, or decentralized finance, and he also missed the creation of NFTs, or non-fungible tokens.

Ethereum white paper predicted DeFi but missed NFTs: Vitalik Buterin

Ethereum white paper predicted DeFi but missed NFTs: Vitalik Buterin

 

In a retrospective of the last decade, Ethereum co-founder Vitalik Buterin reassessed his forecasts, demonstrating a proclivity for being correct about abstract notions rather than on-going software development challenges. 

Buterin began the Twitter discussion by referring to his July 23, 2013 post, in which he emphasized two of Bitcoin’s (BTC) primary advantages: internationality and censorship resistance. Buterin sees Bitcoin’s value in safeguarding people’ purchasing power in nations like Iran, Argentina, China, and Africa.

Buterin noted an increase in stablecoin use when he saw Argentinian firms using Tether (USDT). He backed up his ten-year-old claims on Bitcoin regulation’s detrimental consequences.

My current thoughts are that, although Bitcoin’s decentralization might allow it to *survive* in a hostile regulatory environment, it would not be able to *thrive*. A mix of technical resilience and public legitimacy is required for a successful censorship resistance approach.

Vitalik.eth (@VitalikButerin) (@VitalikButerin) (@VitalikButerin) (@VitalikButerin 1st of January, 2022

The entrepreneur remains certain that “the internet of money should not cost more than 5 cents per transaction,” praising Ethereum’s ongoing efforts to increase the blockchain’s scalability.

5. I should also mention that the *idea* of sharding has not been harmed.

Blockchain 1.0: each node downloads everything and comes to an agreement. BitTorrent: each node only downloads a few files, yet there is no consensus. Ideal: BitTorrent-style efficiency combined with blockchain-style consensus.

Vitalik.eth (@VitalikButerin) (@VitalikButerin) (@VitalikButerin) (@VitalikButerin 1st of January, 2022

“I liked altcoins before altcoins were cool,” Buterin continued, citing an article in which he supported his claim with three arguments: different chains optimize for different goals, the costs of having many chains are low, and there is a need for a backup in case the core development team makes a mistake. 

Buterin, on the other hand, retracted his support for Bitcoin Cash (BCH), claiming that communities formed around a rebellion, even if they have a good cause, “value bravery over competence and are united around resistance rather than a coherent way forward,” adding that “they value bravery over competence and are united around resistance rather than a coherent way forward.”

11. The Ethereum whitepaper envisions the following applications: https://t.co/6HCoO2CSW8

DAOs * Wallets with withdrawal limitations * Oracles * Prediction markets * ERC20-style tokens * Algorithmic stablecoins * Domain name systems (like ENS) * Decentralized file storage and computing

Vitalik.eth (@VitalikButerin) (@VitalikButerin) (@VitalikButerin) (@VitalikButerin 1st of January, 2022 “A lot of it is right (essentially anticipated “DeFi”), while incentivized file storage + computing hasn’t taken off as much (yet? ), and I entirely missed NFTs.”

“On tech, I was more frequently accurate on abstract notions than on production software dev concerns,” Buterin concluded, confirming his intuition that helped him fix errors early on. Over time, I had to come to comprehend the latter.”

Related: Vitalik Buterin lays out ETH 2.0’s ‘endgame’ roadmap

Buterin proposed a “plausible roadmap” for ETH 2.0 in early December, recommending “a second layer of staking, with modest resource needs” for distributed block validation.

He also advocated the usage of fraud-proof or ZK-SNARKS as a cheaper solution for users to verify block validity. Buterin claims that:

“With these improvements, we now have a chain in which block production is still centralized, but block validation is trustless and extremely decentralized, and specific anti-censorship magic prohibits block producers from filtering.”

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The “ethereum creator” is Vitalik Buterin, the inventor of Ethereum. He predicted the future of decentralized finance but missed out on NFTs.

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