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Rounding up the last decade, Ethereum co-founder Vitalik Buterin revisited his predictions made over the years, showcasing a knack for being right about abstract ideas than on-production software development issues.\u00a0<\/p>\n
Buterin started the Twitter thread<\/a> by addressing his article dated Jul. 23, 2013 in which he highlighted Bitcoin’s (BTC<\/a>) key benefits \u2014 internationality and censorship resistance. Buterin foresaw Bitcoin\u2019s potential in protecting the citizens\u2019 buying power in countries such as Iran, Argentina, China and Africa. <\/p>\n However, Buterin also noticed a rise in stablecoin adoption as he saw Argentinian businesses operating in Tether (USDT<\/a>). He backed up his decade-old ideas around the negative impacts of Bitcoin regulation.<\/p>\n My views today: sure, Bitcoin’s decentralization would let it still *survive* under a super-hostile regulatory climate, but it could not *thrive*. Successful censorship resistance strategy requires a combination of technological robustness and public legitimacy.<\/p>\n \u2014 vitalik.eth (@VitalikButerin) January 1, 2022<\/a><\/p><\/blockquote>\n The entrepreneur still believes<\/a> that \u201cthe internet of money should not cost more than 5 cents per transaction\u201d and highlighted Ethereum\u2019s continued efforts to improve the blockchain\u2019s scalability capabilities.<\/p>\n 5. I should also add that the core *idea* of sharding has survived unscathed.<\/p>\n Blockchain 1.0: each node downloads everything, have consensus \u2014 vitalik.eth (@VitalikButerin) January 1, 2022<\/a><\/p><\/blockquote>\n \u201cI liked altcoins before altcoins were cool,\u201d added Buterin citing<\/a> an article where he based this claim via three arguments: different chains optimize for different goals, costs of having many chains are low and need of an alternative in case the core development team is wrong.\u00a0<\/p>\n On the flipside, Buterin backtracked on his support for Bitcoin Cash (BCH<\/a>), stating that communities formed around a rebellion, even if they have a good cause, often have a hard time long term, adding that \u201cthey value bravery over competence and are united around resistance rather than a coherent way forward.\u201d<\/p>\n 11. Applications envisioned in the Ethereum whitepaper:https:\/\/t.co\/6HCoO2CSW8<\/a><\/p>\n * ERC20-style tokens \u2014 vitalik.eth (@VitalikButerin) January 1, 2022<\/a><\/p><\/blockquote>\n \u201cA lot correct (basically predicted “DeFi”), though incentivized file storage + compute hasn’t taken off that much (yet?), and of course I completely missed NFTs.\u201d<\/p><\/blockquote>\n Concluding the findings, Buterin supported the instincts that helped him correct mistakes early on, stating: \u201cOn tech, I was more often right on abstract ideas than on production software dev issues. Had to learn to understand the latter over time.\u201d<\/p>\n\n
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BitTorrent: each node downloads only a few things, but no consensus
Ideal: BitTorrent-like efficiency but with blockchain-like consensus<\/p>\n\n
* Algorithmic stablecoins
* Domain name systems (like ENS)
* Decentralized file storage and computing
* DAOs
* Wallets with withdrawal limits
* Oracles
* Prediction markets<\/p>\n