Vitalik Buterin foresaw stablecoin and defi growth, omits NFT

Share This Post

In most climes, the arrival of a new year is an opportunity to make projections for what the future holds. Already, some crypto enthusiasts and analysts have already begun making different predictions for what they believe the future holds for the digital asset industry.

However, rather than making new predictions, Ethereum’s co-founder Vitalik Buterin is bucking the trend by revisiting some of his most famous predictions for the industry within the last decade.

Buterin’s Bitcoin, DeFi and, stablecoin predictions were spot on

According to Buterin, he had predicted that stablecoins were going to prosper as far back as 2013 when he wrote on “how Bitcoin can actually help Iranians and Argentinians.” His recent visit to Argentina confirmed that crypto adoption was high in the country alongside the fact that the adoption of stablecoin was also very high as he saw “lots of businesses operate in USDT.”

On regulatory concerns about the flagship digital asset, Buterin had earlier posited that Bitcoin was resisting government by being technologically censorship-proof. His current view about the coin is yet to change as he stated that “Bitcoin’s decentralization would let it still survive under a super-hostile regulatory climate” while continuing that its survival would depend on “technological robustness and public legitimacy.”

Other predictions he got right were the applications envisioned on the Ethereum white paper including the likes of ERC20-style tokens, Algorithmic stablecoin, Domain name systems (like ENS), Decentralized file storage and computing, DAOs, Wallets with withdrawal limits, Oracles, and Prediction markets.

Buterin calls Bitcoin Cash a failure, fails to mention NFT

While some of Buterin’s predictions have gone on to be right, the popular Ethereum co-founder conceded that he might have been wrong in some cases citing the example of Bitcoin Cash which he now labels to be a failure.

Per his tweet, BCH has become a failure because the community formed around the project valued “bravery” over “competence” which in the long term often causes issues. In his words, “communities formed around a rebellion, even if they have a good cause, often have a hard time long term, because they value bravery over competence and are united around resistance rather than a coherent way forward.”

He also noted that he used to be an apologist for the PoW network which many environmentalists have argued could play a role in climate change due to its high energy usage. However, he is now sold on the fact that POS networks can serve as a better alternative to the aforementioned.

Additionally, he revisited his prediction about the timeline of Ethereum’s POS and Sharding, which he now considers wrong and laughable. Buterin agreed his mistake was the underestimation of the complexity of the software revolution.

One surprising omission from his predictions on Ethereum application was the fact that he completely failed to envision a role for NFTs on the blockchain. The space has witnessed tremendous growth in the past year and is undoubtedly one of the fastest-growing crypto niches presently.

The post Vitalik Buterin foresaw stablecoin and defi growth, omits NFT appeared first on CryptoSlate.

Read Entire Article

Related Posts

Bitcoin Goes Pro: UFC Winner Wants $300,000 Bonus Paid In BTC

Bitcoin adoption is soaring across sectors, emerging as a standard in the sports industry Demonstrating this trend, a UFC winner has requested his bonus to be paid in Bitcoin, underscoring the

Bitcoin NFTs outperform ETH and SOL combined in trading volume ahead of halving

Bitcoin-based non-fungible tokens (NFTs) in the form of Inscriptions are in the spotlight as the network halving event looms closer Data from CryptoSlam indicates that Bitcoin NFTs have dominated the

Ethereum Technical Analysis: ETH Teeters Between Bullish Breakout and Bearish Continuation

As ethereum fluctuates within a wide trading range from $2,991 to $3,266 on April 15, 2024, key technical indicators and chart patterns suggest a nuanced but potential shift in market sentiment

Toncoin Defies Market Turmoil, Surges 25% To Tally All-Time High – Details

Toncoin (TON) has defied recent market turbulence, reaching a new milestone with its price surging to an all-time high of $70 This nearly 25% increase has propelled Toncoin to become the eighth

Leaper Finance Exposed: Sleuth Uncovers Alleged Multi-Million Dollar Crypto Scam

Cryptocurrency investigator ZachXBT has unearthed a connection between a notorious crew involved in fraudulent activities and the emerging cryptocurrency project known as Leaper Finance This

Bitcoin Technical Analysis: Indicators Suggest a Potential Shift in Market Momentum

As of April 15, 2024, bitcoin presents a mixed landscape of consolidation and subtle recovery hints, reflecting a crucial moment for potential bullish or bearish trends Bitcoin Despite the current
- Advertisement -spot_img