Ethereum founder Vitalik Buterin has predicted that crypto will eventually become a “global, decentralized computer.” While the original vision for Ethereum was to have it act as a platform for decentralization, he stated that one of the key things about this is that people can also use their own currencies. At least in his opinion.
The “stablecoin” is a type of cryptocurrency designed to have a stable value. Vitalik Buterin, the creator of Ethereum, foresaw the need for a stablecoin and made it possible with his invention of non-replaceable tokens.
In most parts of the world, the start of a new year is an opportunity to make predictions about the future. Some crypto fans and experts have already started making predictions about the future of the digital asset industry.
Rather than making new predictions, Vitalik Buterin, the co-founder of Ethereum, is defying the norm by revisiting some of his most famous industry predictions from the previous decade.
Buterin’s projections for Bitcoin, DeFi and stablecoins were spot on.
Buterin claims he foresaw the success of stablecoins as far back as 2013, when he wrote about “how Bitcoin can really benefit Iranians and Argentines.” His recent trip to Argentina showed that cryptocurrency adoption was strong in the country, as well as stablecoin adoption, as he saw “a number of companies operating in USDT”.
My current thoughts are that while Bitcoin’s decentralization would allow it to *survive* in a hostile regulatory environment, it wouldn’t be able to *prosper*. Successfully addressing censorship resistance requires a mix of technical resilience and public legitimacy.
Vitalik.eth (@VitalikButerin) (@VitalikButerin) (@VitalikButerin) (@VitalikButerin January 1, 2022
Buterin has previously said Bitcoin has fought the government by being technologically censorship-resistant, in response to regulatory concerns over the flagship digital currency. His current views on the currency have not changed as he noted that “decentralization of Bitcoin would allow it to thrive in a highly hostile regulatory atmosphere”, adding that its existence would depend on “technical robustness and public legitimacy”.
11. The Ethereum white paper foresees the following uses: https://t.co/6HCoO2CSW8
DAOs * Wallets with withdrawal restrictions * Oracles * Prediction Markets * ERC20 style tokens * Algorithmic stablecoins * Domain name systems (such as ENS) * Decentralized file storage and processing
Vitalik.eth (@VitalikButerin) (@VitalikButerin) (@VitalikButerin) (@VitalikButerin January 1, 2022
Other predictions he got correct were ERC20-like tokens, Algorithmic Stablecoins, Domain Name Systems (such as ENS), Decentralized File Storage and Computation, DAOs, Wallets with Withdrawal Restrictions, Oracles and Prediction Markets, all of which were included in the Ethereum white paper.
Buterin dismisses Bitcoin Cash as a failure while not mentioning NFT.
While some of Buterin’s predictions turned out to be correct, the prominent Ethereum co-founder admitted that he may have been mistaken in certain circumstances, citing Bitcoin Cash as an example of failure.
According to his tweet, BCH became a failure because the community that grew up around the project favored “courage” over “competence”, which could lead to problems in the long run. “Communities built around an insurgency, even if they have a worthy purpose, generally struggle in the long run because they prioritize courage over expertise and are united around resistance rather than a logical path forward,” writes the letter. he.
He also said he was a supporter of the PoW network, which many environmentalists believe contributes to climate change because of its high energy consumption. However, he is now convinced that POS networks are a superior option over those described earlier.
He also reconsiders his prediction regarding Ethereum’s POS and Sharding timetable, which he now finds incorrect and ridiculous. Buterin said his mistake underestimated the complexity of the software revolution.
A surprising omission in his Ethereum application predictions was that he completely overlooked the importance of NFTs on the blockchain. The area has become extremely popular in the past year and it is now one of the fastest growing crypto niches.
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Related Tags
- what are stable coins?
- ethereal creator
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