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Vitalik Buterin: Error building Ethereum

In an AMA session on Twitter, Ethereum co-founder Vitalik Buterin answered questions from his followers. Including questions about the biggest mistakes in building Ethereum.

In the meantime, the Ethereum ecosystem has become an international platform that offers important basics for the NFT and DeFi area, for example. With a daily trading volume of $ 28,402,056,829, Ethereum is one of the most heavily used cryptocurrencies. But Ethereum also started out very small.

How it all started …

Ethereum started in 2013 with a whitepaper by Vitalik Buterin. With eight other co-founders, Buterin then set out to further develop Ethereum through a public online crowd sale in 2014. In July 2015, the Ethereum Blockchain finally went live. And even if Ethereum has risen to become the second largest cryptocurrency with a huge ecosystem, Vitalik Buterin regrets a mistake at the beginning of the project:

“The whole thing with the ‘8 co-founders’ (and their quick and uncritical selection).”

But who were these eight co-founders? The programmer Jeffrey Wilcke, Amir Chetrit from Colored Coins, the CEO of SyNerG Music Joseph Lubin, the poker trainer Mihai Alisie, the Canadian entrepreneur Anthony Di Iorio, the computer scientist Gavin Wood and of course the mathematician Charles Hoskinson. Hoskinson left the project over time and is about to build one of the biggest Ethereum competitors: Cardano. And Gavin Wood has also started to implement his own ideas and Polkadot built up.

“People are harder to coordinate in small groups than I expected. You can’t just get everyone to sit around in a circle, see each other’s innate goodness and get along, especially when there are major incentive conflicts involved. “

The question of whether Ethereum should become a for-profit company or a non-profit organization at the time led to the split and the exclusion of Charles Hoskinson.

Dogecoin and Ethereum: the next trip together?

The AMA session also addressed the question from billionaire and CEO of The Three Arrows Capital, Zhu Su, whether Vitalik Buterin could envision a cooperation between Dogecoin and Ethereum. Thereupon Buterin explains that he hopes that DOGE will switch to the PoS soon:

“Personally, I hope that Doge can switch to PoS soon, maybe with Ethereum code. I also hope they don’t cancel the $ 5 billion annual PoW issue, but put it into some kind of DAO that funds global public goods. Would go well with the non-greedy wholesome ethos of Dogecoin. “

It now remains to be seen whether and how the Dogecoin community will take up and implement these ideas.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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