Ethereum co-creator Vitalik Buterin posted a Twitter thread describing various predictions made earlier in the decade and how he sees those predictions heading into 2022.
As the New Year dawns, Ethereum co-creator Vitalik Buterin released a “Twitterstorm,” revisiting ideas conceived earlier in the decade. His tweets covered his opinions on Bitcoin Cash, Bitcoin regulation, proof of work versus proof of stake, self-enforcing smart contracts, and cost of blockchain transactions.
Concerning advocacy of the proof of stake, Buterin says he was an advocate of the proof of work before discovering the proof of stake, which is algorithmically more complex but more energy efficient. Buterin started talking about Proof-of-Stake in 2013 as an alternative consensus mechanism and posted a blog post on the Ethereum website about it.
A consensus mechanism allows the secure update of a state according to certain specific state transition rules. Buterine describe his intellectual journey as evolving from “X (referring to proof of work) is what I have to defend, so anything favorable to X must be correct” to “I like X but X has flaws and it looks like Y (proof -of-stake) fixes them, so I support X + Y now.
What about NFTs?
Buterin also agreed with a 2017 opinion that transaction costs should not exceed five cents. He concludes that this is why more time is spent on scalability.
Buterin also reiterated his support for altcoins and revisited some use cases he described in the original Ethereum white paper. Turns out he was right in predicting ERC20 style tokens, algorithmic coins, domain name systems (like ENS), decentralized autonomous organizations, and Oracles. He didn’t predict the NFT boom, which garnered $ 23 billion in trading volume in 2021, and the potential for DAO collusion.
In conclusion, Vitalik admits that “My thinking about politics and large-scale human organization was then more naive. Too focused on simple and comprehensive formal models; I didn’t appreciate the challenges of culture then; I’m doing it now.”
Buterin’s Path to Glory
Buterin co-founded a print publication called Bitcoin Magazine and became its senior editor in September 2011. Buterin studied at the University of Waterloo and was a research assistant in the field of cryptography. In 2013, after visiting other developers who shared his passion for code, he released the white paper.
Buterin published the Ethereum white paper in 2013 because he felt that Bitcoin needed a scripting language to develop applications. This proposal failed to gain traction, then he came up with a new platform with a “more general scripting language”.
Buterin dropped out of college in 2014, after receiving a $ 100,000 grant to study Ethereum from the Thiel scholarship. He then worked full time on Ethereum.
All information on our website is posted in good faith and for general information purposes only. Any action that the reader takes with the information found on our website is strictly at his own risk.