Vitalik Buterin, the co-founder of Ethereum, the second largest cryptocurrency by market value, reacted to some of his earlier views during the New Year’s Twitter storm. The developer talked about a number of topics, including the rise of cryptocurrencies in Argentina and the booming development of stablecoins in the country, the expansion of Ethereum is still an urgent issue for him, and the performance of Bitcoin Cash.

Vitalik Buterin reviews the early shooting

Vitalik Butrin, The co-founder of Ethereum, talked about some of his earlier views on certain topics and how these views run counter to the current state of the crypto space in the new year Twitter storm. Buterin first remembered an article in 2019 about how Bitcoin helped Argentines and Iranians, in which he concluded that this is due to its uncensorable internationality, not its scarcity. occur.

According to his opinion, Buterin’s view on this is “generally correct.”In this regard, he statement:

My judgment: It is generally correct.The adoption rate of cryptocurrency is high, but the adoption rate of stable currency is also high; USDTOf course, if the dollar itself starts to have more problems, this may change.

The stable currency field has grown significantly this year. Tether, the largest stable currency project, arrive The market value is 78 billion U.S. dollars. Decentralized alternatives like UST, the main stable currency of the Terra environment, are also booming. arrive The market value is 10 billion U.S. dollars.

Scaling and Bitcoin Cash

On the other hand, Buterin realized that he was wrong when thinking about Ethereum Zoom Back in 2015.He shared a Screenshot The Ethereum slide roadmap, in which the estimated time to implement the Proof of Stake (PoS) consensus is 6 to 12 months. However, just last year, the beacon chain Ethereum 2.0 was launched, and it will realize the transition from proof of work to proof of equity consensus.

He attributed this to underestimating the complexity of software development, and pointed out that the Ethereum team now focuses on simplicity, the design of these solutions, and the final product. Buterin also published his famous five-cent review, statement:

I 100% support my comment that “the cost of each transaction on the Internet of Money should not exceed 5 cents”. This is the 2017 goal, and it is still the goal. This is why we spend a lot of time researching scalability.

He also commented on the current state of Bitcoin Cash (Bitcoin cash), although he is more inclined to support the big block side in large-scale wars and is optimistic about the project, he now believes that it “mainly failed.” In this regard, he explained the reasons behind his current view, statement That:

Communities formed around the rebellion, even if they have a good cause, are often difficult to survive for a long time, because they value bravery rather than ability, and are united on resistance rather than a coherent path forward.

What do you think of Vitalin Buterin’s views on his early beliefs? Tell us in the comments section below.

Sergio Goshenko

Sergio is a cryptocurrency journalist based in Venezuela. He described himself late and entered the crypto space when prices rose in December 2017. With a background in computer engineering, living in Venezuela, and being affected by the cryptocurrency boom at the social level, he offers a different perspective on the success of cryptography and how it can help people without bank accounts and underserved people.

Image Source: Shutterstock, Pixabay, Wikimedia Commons