Vitalik Buterin, the co-founder of Ethereum, the second-biggest cryptocurrency by market cap, has reacted to some of his earlier beliefs in a new year’s tweetstorm. Some topics were discussed by the developer, such as how Argentina’s cryptocurrency market has grown and stablecoins have been thriving there, how scaling ethereum is an ongoing concern, and what the future of bitcoin cash looks like.
Vitalik Buterin Reminisces on Older Takes
Vitalik Buterin, the co-founder of Ethereum, touched on some of his earlier opinions about some subjects and how these fare against the current state of affairs of the crypto landscape in a new year’s tweetstorm. Buterin began by recalling an article about bitcoin’s potential benefits for Iranians and Argentinians back in 2019. He concluded that the uncensored and global nature of bitcoin was more important than its scarcity.
Buterin’s vision on this was “generally correct”, according to its views. He agreed with this view. stated:
Overall, my conclusion is that I am generally correct. The adoption of cryptocurrency is very high, but stabilitycoin adoption is also high; many businesses are able to operate in USDT. However, USDT could be affected by currency fluctuations if it starts to show more difficulties.
Tether, which is the largest stablecoin project in existence, has reached a market capitalization of $78 million. This year’s stablecoin industry sector has seen significant growth. Decentralized options like UST (the main stablecoin for Terra), also prospered to a $10 billion market cap.
Bitcoin Cash Scaling
Buterin admits that he made mistakes when he considered scaling Ethereum back in 2015. However, he also agreed to a screenshotA slideshow of the Ethereum roadmap. The time required to make proof-of stake (PoS), consensus in Ethereum was 6-12 months. It was however last year when the beacon chain Ethereum 2.0 launched, which will enable the conversion of proof of work into proof of stake.
It is a result of a misunderestimation in software development complexity. Buterin states that Ethereum now has a focus on simplicity. This includes the design of solutions and the final product. Buterin made his well-known five cents comments. stating:
I 100% stand by my comment that “the internet of money should not cost more than 5 cents per transaction”. That was the goal in 2017, and it’s still the goal now. It’s precisely why we’re spending so much time working on scalability.
He also commented on the current state of bitcoin cash (BCH), and while he was more inclined to support the big block side in the scaling war and was optimistic about the project, he now considers it “mostly a failure.” Extending on this, he explained the reasoning behind his current opinion, declaring that:
Even if they are fighting a noble cause, communities formed around rebellion often face difficulties in the long-term because they place more emphasis on bravery than competence, and they tend to be united by resistance, rather than an effective way forward.
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