The inventor of Ethereum starts to reexamine his ideas in 2022. What is wrong with him?

Vitalik Buterin, the inventor of Ethereum, has emerged from the self-imposed Twitter dormancy, as he said through his personal account. In the first post in 2022, Buterin Review Some thoughts, suggestions, and thoughts from the past ten years to find out whether he maintains the same position he had when he first talked about them.

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The inventor of Ethereum listed more than 10 ideas, many of which have caused controversy in the crypto community. Buterin started his “mini Twitter storm” with Bitcoin, a project he was very active in the early days.

In 2013, Buterin published an article about Bitcoin’s ability to help people affected by inflation and central bank monetary policy in places such as Iran and Argentina. At the time, the inventor of Ethereum stated that this cryptocurrency could provide a respite, but because of its “internationality” rather than a limited supply.

In this sense, he predicts that stablecoins and assets with lower volatility than Bitcoin will rise in these places. Now he said:

I actually went to Argentina! My judgment: It is generally correct. The adoption rate of cryptocurrencies is high, but the adoption rate of stablecoins is also high; many companies operate in USDT. Of course, if the dollar itself starts to have more problems, this may change.

In addition, Buterin re-examined his regulatory stance. Around the same time he published an article on the supply of Bitcoin, he wrote about the potential of this cryptocurrency to “resist the government” and circumvent regulation.

Now Buterin thinks The encryption industry must combine technological robustness, Public legitimacy and other decentralization to “prosperity.” Another option, a completely hostile environment, may stall Bitcoin and any other cryptocurrency.

On the contrary, the inventor of Ethereum admitted that in 2015, his estimation of when this cryptocurrency could migrate to Proof of Stake (PoS) was wrong. At the time, Buterin predicted that Ethereum would transition in 6 months or 1 year.

With the deployment of Beacon Chain (PoS blockchain supporting Eth 2.0) in 2020, the migration will eventually take longer. Buterin said:

I predict that we will get PoS and sharding in 2015. To be honest, these are very wrong and worth a laugh (…)

How Ethereum and its developers evolve in ten years

In this sense, Buterin admitted that he underestimated the “complexity of software development” because he classified the 2014 idea as “too complicated.” He added:

Today, the Ethereum research team pays more attention to simplicity-the simplicity of the final design* and the simplicity of the implementation path. Appreciate pragmatic compromise more.

Like the rest of his Twitter post, Buterin demonstrated transparency and the ability to admit mistakes, and he solved the problems of congestion and high transaction fees affecting the Ethereum blockchain. In 2017, Buterin said that the “Internet of Money” needs to be able to handle cheap transactions.

Buterin claims that this is still one of the goals of the blockchain. So why “we spend so much time on scalability”.

Buterin also admitted that his view of Bitcoin Cash was wrong, and called the cryptocurrency a failure. He also admitted to being “proud” of it It is recommended to establish Uniswap, or more specifically a decentralized exchange on this network, And many other use cases of Ethereum, they “basically predict DeFi”.

In this sense, he summarized his ten-year experience, pointing out his early “naive” and lack of understanding of the challenges posed by managing large organizations with complex politics and culture.

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As of press time, ETH is trading at $3,775, which has been trading sideways in the past day.

ETH is trading sideways on the 4-hour chart. source: ETHUSD transaction view

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