30 theses from the speech of Vitalik Buterin in Moscow

August 31, 2017

We share with you the theses of the speech of Vitalik Buterin, a young IT legend, the creator of Ethereum, who came to Moscow to meet with the Russian blockbuster community.

Sberbank Technologies partnered with the Open Talk in Skolkovo, where Buterin shared his views on the future of the detachment And the crypto industry – topics that are of interest to the entire global financial community.

About the future of the blockade and Ethereum

  • I was the first person who did not believe in Ethereum;
  • The most advanced states in the study and testing of the detachment: England, Russia and Singapore;
  • The Bank of England issued several white paper, which speaks about the possibility of blocking technology and even made an internal test of the use of the ether as a state crypto currency;
  • The largest accumulations of Ethereum nodes: North America, Canada, Europe, Moscow, there are congestions in Asia;
  • The community in the world and in Russia is growing very fast. The quality of projects is growing, people are becoming more and more aware of blockage and its features
  • Since last year, real projects have been created, i.e. There are blockbuster scenarios that create value, new characteristics;
  • In crypto-economic consensus, cryptography and economic constraints are applied. It limits the degree of human participation, rewards or punishes for correct / improper participation;
  • Proof of work – the first consensus of the algorithm on which the blockade works. The idea is this: there is a network with 1000 computers. They manage the network, blocks and transactions. To participate in the development of the block, each computer needs to use 100% of its time and solve mathematical problems. The tasks themselves are useless, they are called upon to prove that a person has a unit of calculated strength. Roughly speaking, 1 computer = 1 computer, not 1 million virtual machines from one hacker. This requires a lot of energy and electricity;
  • From Proof of work we want to come to Proof of stake. The level of a person's participation in the system depends on his calculated strength, which he can exert and on the number of coins he puts into the system. If you have a broadcast, the system will give you some right to participate. This is interesting, because then it will not be necessary to have a real hardware, spend a lot of electricity. The cost of participation can be reduced by 10-100 times, it will be possible to become a validator and verify transactions from a laptop or smartphone (if there is enough ether for this);
  • Next year, the miners will have nothing to do;
  • The next stage (in a few months) of the Etherium is Metropolis. Smart contracts will be much easier to integrate with cryptographic algorithms;
  • After the story of The DAO, I realized that code is not an infinitely strong principle. In some extreme cases, extreme measures must be taken;
  • Every hack can not be solved by hardcore. To avoid hacks, you need to greatly improve the security level of smart contracts and protocol;
  • An important criterion for the success of the Etherium is platform scalability;
  • The capitalization of the Etherium is based on faith in the idea of ​​a blockade and an emerging ecosystem;
  • There are several approaches for ensuring interoperability between block systems, for example BTCRelay (connection between bitcoin and etherium networks), the Hush Timelock principle of the contract (the transaction takes place simultaneously in both block systems) and smaller approaches. Everyone is waiting for the use case, i.e. Need for the use of two different blockers;
  • Ethereum is a full-fledged open source. Open source software is useful, but it has always been difficult to monetize. The peculiarity of open source is that it helps many people, but a little bit. In this sense, the situation can change the ICO, Ethereum thanks to this and exists. ;
  • Efirium courses: online course on blockbuster and Crypto-currency of Stanford, our blogs and articles, wiki. I strongly advise you to look at the existing block projects and if they have open source, copy it from there and try to do something your own
  • Putin knows about the blockade – this is the peak of the HYIP
  • Plasma is a new solution to the scalability of the Etherium. The basic idea is to move from a model in which all transactions are written to the block system (this is the bottleneck), to the structure of the exchange of two-way messages that confirm the transfer of value.

About myself and the team:

  • I do not have time to watch projects now. I am immersed in the work on the platform as much as possible, so that each participant has the opportunity to work with it. I think this is the best help to any blocking project;
  • That part of the Ethereum community that is developing the protocol is growing. Initially, there were 3 people working on Ethereum, the main one of which was me, but soon the team will reach the stage when people can work themselves. I need less and less;
  • At the very beginning, we were thinking of doing a commercial organization. If we did, the first project participants would now have a billion dollars. We decided in the end to go the other way: to make a public and open blockade, a neutral platform accessible to the whole world;
  • Ethereum Foundation is a non-profit organization that finances Ethereum, pays developers. The first fund was collected by crowdfunding – 30 thousand bitcoins, which we had for 2 years. Then we had another 6 million ether units, which we used as a reward to programmers for their help in the development. Now we have 3 million ether units, which we either directly pay programmers for work, or sell on the stock exchange.

About ICO

  • If your team is rogues, please do not do ICO;
  • ICO is worth doing if: the project will bring real benefit to the token, will play an important role (eg, in the form of business scalability), the project economy works and has logic;
  • Now many companies, going to the ICO, do not understand the logic and economics of the business model. The token should be filled with commercial meaning, otherwise it all risks turning into a bubble;
  • Cryptobanks are a dangerous thing due to the volatility of the crypto currency. If I had promised five years ago to give someone 5 bitcoins, it would be difficult for me;
  • Investments should be made under the idea, not under the command. To implement this idea, you need to connect several teams, financing them in tranches at a certain stage and based on the results of the team. As a matter of fact it is competition.

The video recording of the meeting


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