The founder of Ethereum (ETH) Vitalik Buterin he decided to do “a random experiment on Twitter” answering to the many questions of his people followers, stating various things, including that his biggest regret about Ethereum is the idea of eight co-founders, who were too confident in the speed of the network to move to proof-of-stake (PoS) and even touched on a number of points related to cryptocurrencies.
Vitalik Buterin. Source: screenshot, YouTube / ETHWORLD.
Buterin went on Twitter today, stating that for one day the 268 people he personally follows will be able to reply to the tweet and ask him what they want, whether it is cryptocurrencies or not. The reason is that he wanted to see if “there is a format where Twitter can still be a useful conversation platform” for him.
And people have really asked for various things.
The biggest regret about Ethereum
Many questions, of course, centered on Ethereum. When asked what his biggest non-technical regret is, Buterin simply replied without delving further: “The whole” 8 co-founders “thing (and choosing them so quickly and without discrimination).”
This response has particularly caught the attention of the crypto world.
As a reminder, the Ethereum founding team also includes Mihai Alisie, Anthony Di lorio, Charles Hoskinson, Amir Chetrit, Joseph Lubin, Gavin Wood, and Jeffrey Wilke. Hoskinson today works on Cardano (ADA), Wood on Polkadot (DOT) and Lubin is the founder of the important blockchain company ConsenSys focused on Ethereum.
“He could have had all ETH and all the glory, a huge regret,” he has commented “dark pill”, while Kain Warwick, founder of Synthetix e Aelin Protocol, offered another point of view on the matter:
Perhaps in connection with this, answering the question from Emin Gün Sirer, CEO of Ava Labs, the team behind Avalanche, Buterin said that the hardest lesson he has learned through the Ethereum experience is that people are harder to coordinate. in smaller groups than he thought, stating:
“You can’t just get everyone to sit in a circle, see each other’s inherent goodness and get along, especially when there are huge incentive conflicts at stake.”
Regarding one thing related to Ethereum that he was very confident about, but ultimately got very wrong, he said: “Ethereum will move to proof of stake within 1-2 years”
The most amazing Ethereum use case and the best app
When it comes to the Ethereum use case that surprised him the most, Buterin named non-fungible tokens (NFTs), which have been all the rage lately in the cypto space, even entering the mainstream.
Returning to the game theory above, speaking of his favorite application, Buterin stated that “EIP 1559 was probably a very successful application of ideas from mechanism design. […] but of course it’s because it was very recent, and it’s a great thing that it hasn’t just remained in theory but has become a reality. “
The long-awaited EIP-1559, which introduced an automatic token burn mechanism for each ETH transaction, went live with the London update in early August.
As all of these are steps towards the next iteration of the network, Ethereum 2.0, much of the community’s focus now is on merging the existing core network with the ETH 2.0 beacon chain. As for protocol updates that he considers a high priority after the merger, the co-founder listed three: account abstraction, statelessness, and sharding.
Now, sharding is one of those technical solutions to scalability that has been discussed a lot and for a long time by the community and by Buterin himself. Sharding divides blockchain nodes into smaller groups, known as “shards,” and different shards validate different sets of transactions, increasing the number of transactions that can be processed per second.
In addition to sharding, and in addition to that, Buterin is also a well-known supporter of zk-SNARK and rollup. In this latest thread, he named zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) as the research he’s been most excited about lately.
“ZK-SNARK gains power so quickly to the point that an EVM [Ethereum Virtual Machine] complete isn’t that far off and it’s downright exciting, “he said. He added that when it comes to privacy-centric technologies,” he expects ZK-SNARKs to be a significant revolution as they will permeate the mainstream world over the next 10-20 years. “.
DOGE PoS, post-hypercryptographic stablecoin and regulatory compromises
The co-founder of ETH recently joined the reconstituted Dogecoin Foundation, a non-profit organization that aims to support Dogecoin (DOGE), as a board member.
Regarding this project, he said he hopes it will move to PoS soon, “perhaps using the ethereum code” and that “they will not cancel the annual PoW issue. [proof of work] of 5 billion a year, instead they will put it in some sort of [organizzazione autonoma decentralizzata] which funds global public goods. It would fit in well with the dogecoin’s non-greedy healthy ethos. “
Buterin is working less on “monetary theory” these days and doesn’t see it “anywhere near the world’s most important problem as I would have done 10 years ago or as many BTC people do today.” However, he is looking more into the long-term future of unit of account stability, as he is currently thinking about stablecoins, stating:
“Some people think that stablecoins are purely a transition technology and post-hypercrypto BTC or ETH will be stable. I think there is a big possibility that this is wrong and even after hypercryption we would still need explicit stablecoins.”
If he weren’t working in the cryptocurrency industry, Buterin would likely be “creating some sort of new social media platform … basically something that involves designing mechanisms of some kind,” he said.
He also briefly touched on the ongoing discussion of regulations in the crypto space, arguing that the best regulatory strategies involve avoiding mechanisms such as: “you have to get a complicated license to participate”, and rather introducing “requirements that come into play with larger dimensions”.
And for Buterin, it seems the issue isn’t about governments whether or not they embrace private electronic payments: they haven’t even embraced torrent networks, but they continue to “flourish”, while governments are making far less effort than they could to attack them – partly because torrent networks still have a lot of legitimacy, he said.
“I think it’s an interim result that could easily happen,” concluded Buterin.
“Do not hurt me…”
Meanwhile, a few lines had to appear in the thread and, perhaps unsurprisingly, one of the biggest, if not the biggest, Twitter prankster was involved: the boss of Tesla Elon Musk.
Taking advantage of the “ask me anything”, he posed a question: “What is love?”, To which Buterin replied with the name of the first child of Musk and the musician Grimes, named X Æ A-12, adding “do not hurt me”.
Of course that’s not all, as other questions included those like why Buterin eats plants, to which he replied that they are healthy and delicious, and if he had to choose between cats and dogs, Buterin would choose monkeys.
Additionally, it appears that the ETH 2.0 masternode will not be moved from the Mines of Moria to Cirith Ungol after the merger, if current quarantine requirements remain in place. Community criticism is expected due to yet another delay related to ETH 2.0.
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