Vitalik Buterin. Source: a screenshot, YouTube / ETHWORLD.
Ethereum (ETH) co-founder Vitalik Buterin decided to run “a random Twitter experiment” to answer the many questions his followers had – and stated that his biggest regret about Ethereum was the idea of eight co-founders and that he was going to be confident that the network can quickly move on to proof-of-stake (PoS), which further addresses a number of crypto-related issues.
Buterin took to Twitter today, stating that the 268 people he personally follows will one day be able to reply to the tweet and ask him what they want, be it crypto-related or not. The reason for this is that he wanted to see whether “there is even a format in which Twitter can still be a useful conversation platform for him”.
And people actually asked.
Many questions, of course, centered around Ethereum. When asked what his biggest, non-technical regret had to do with it, Buterin simply answered without going into detail: “The whole thing with the” 8 co-founders “(and their selection so quickly and indiscriminately).”
This answer particularly caught the attention of the Cryptoverse.
As a reminder, the founding team of Ethereum also includes Mihai Alisie, Anthony Di Lorio, Charles Hoskinson, Amir Chetrit, Joseph Lubin, Gavin Wood and Jeffrey Wilke. Today, Hoskinson works on Cardano (ADA), Wood on Polkadot (DOT) and Lubin is the founder of the large Ethereum-focused blockchain company ConsenSys.
“He could have had all of ETH and all the fame, great regret,” commented ‘dark pill’, while Kain Warwick, founder of Synthetix and Aelin Protocol, offered a counterpoint:
Counterpoint, from a game theory perspective, I think the 8 co-founders thing was inadvertently brilliant. Difficult to find in … https://t.co/JrzTtljlEU
– kain.eth (kaiynne)
Perhaps related to this, in response to a question from Emin Gün Sirer, CEO of Ava Labs, the team behind Avalanche, Buterin said that the hardest lesson he learned from the Ethereum experience is that it’s harder To coordinate people in small groups more closely than he expected by stating:
“You can’t just get everyone to sit in a circle, see each other’s innate goodness and get along, especially when there are major incentive conflicts involved.”
Regarding an Ethereum-related thing that he was very confident about but ended up completely wrong, he said “Ethereum will move to Proof of Stake within 1-2 years”
When it comes to the Ethereum use case that surprised him the most, Buterin named non-fungible tokens (NFTs) that have been on everyone’s lips lately and even made it into the mainstream.
Going back to the game theory mentioned above and its preferred application, Buterin said that “EIP 1559 was arguably a really successful application of ideas from mechanism design”. […] But of course it’s a big thing because it was so new, and it’s a big one that is not just theory but actually lives. “
The highly anticipated EIP-1559, which brought with it an automatic token burn mechanism for every ETH transaction, went live with the London upgrade in early August.
Since all of these are steps towards the next iteration of the network, Ethereum 2.0, the focus of the community is now on merging the existing mainnet with the ETH 2.0 beacon chain. In terms of protocol upgrades, which he considers a high priority after the merger, the co-founder named three: account abstraction, statelessness, and sharding.
Now sharding is one of those technical solutions for scalability that has been discussed a lot and for a long time by the community and Buterin himself. Sharding divides the nodes of the blockchain into smaller groups called “shards,” and different shards validate different sets of transactions, increasing the number of transactions that can be processed per second.
In addition to sharding, Buterin is also a well-known supporter of zk-SNARKs and rollups. In this latest thread, he named zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) as the research he has been most excited about recently.
“ZK-SNARKs become powerful so quickly that a full-fledged SNARK-EVM [Ethereum Virtual Machine] not that far away is definitely exciting, “he said. He added that when it comes to privacy-conscious technologies, he” expects “[s] ZK-SNARKs will be a major revolution as they permeate the mainstream world over the next 10-20 years. “
DOGE PoS, stablecoins after hypercryptoization and regulatory compromises
The ETH co-founder recently joined the newly established Dogecoin Foundation, a non-profit organization that wants to support Dogecoin (DOGE), as a board advisor.
Regarding this project, he said that he hopes it will move to PoS soon, “maybe with Ethereum code,” and that it will “make the annual PoW $ 5 billion [proof-of-work] Issue, instead they put it in some sort of [decentralized autonomous organization] that finances global public goods. Would go well with the non-greedy wholesome ethos of Dogecoin. “
Buterin works less on “monetary theory” these days and sees it “nowhere near the most important problem in the world as I did 10 years ago or as many BTC people do today”. However, he looks more to the long-term future of the stability of units of account as he is currently thinking about stablecoins, and says:
“Some people think that stablecoins are purely a transition technology and that BTC or ETH will be stable after hypercryptoization.
If Buterin wasn’t working in the crypto industry, Buterin would likely “do some sort of new social media platform … basically something that involves some kind of mechanism design,” he said.
He also briefly touched on the ongoing discussion of regulation in the crypto space, arguing that the best regulatory strategies are to avoid such mechanisms as: “You have to get a complicated license in the first place to participate,” with “more requirements occur with “larger size” instead.
While there is a compromise between making the existence of crypto space more difficult and making crypto space more difficult to access “mainstream” users, I would much rather have the latter over the former, at least short / medium term.
– vitalik.eth (italVitalikButerin) September 2, 2021
And for Buterin, it doesn’t seem to matter whether or not governments accept private electronic payments – they haven’t adopted torrent networks either, but they “thrive” while governments go far less effort to attack them – in part because torrenting Networks still have a lot of legitimacy, he argued.
“I think this is an average result that could easily happen,” concluded Buterin.
“Do not hurt me…”
In the meantime, there were certainly some jokes on the thread, and perhaps unsurprisingly that one of the biggest – if not the biggest – jokes on Twitter was involved: Tesla CEO Elon Musk.
He took advantage of “ask me anything” and asked a question: “What is love?” To which Buterin replied by the name of Musks and musician Grimes’ first child named X Æ A-12 and added “don’t hurt me” to.
I’m not sure who the bigger Twitter troll is … @VitalikButerin or @elonmusk – haha https://t.co/J5WJfoK7Pe
– Dr. Julian Hosp (@julianhosp)
That’s not all, of course, because other questions were why Buterin eats plants, to which he replied that they are healthy and tasty, and if he had to choose between cats and dogs, Buterin would choose monkeys.
Also, it appears that the ETH 2.0 masternode will not be moved from the Moria mines to Cirith Ungol after the merger, should the current quarantine requirements persist. Due to a further delay in connection with ETH 2.0, criticism from the community is expected.
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