FTP016: Vitalik Buterin: What is Ethereum and How to Build a Decentralized Future

Vitalik Buterin of Ethereum

Mike and I have been talking a lot about decentralized platforms on our podcast lately. In this episode we invited Vitalik Buterin, the creator of Ethereum, to talk about the applications and implications of this highly promising new decentralized platform.

Vitalik Buterin explains Ethereum

Ethereum is meant to eliminate the middlemen in many industries. Based on the blockchain technology (which Bitcoin is also built on), what makes this platform different is that it has much broader applications. From finance (banking, payments, crowdfunding) to sharing economies (Uber and AirBnB-like platforms) to communications (social networks, email) to reputation systems (credit rating, seller rating on e-commerce sites) to governance, the possibilities are endless. A platform like this can have massive implications on what the future looks like, and it can change the face of the global economy.

At the time of its initial campaign in mid 2014, Ethereum became the second most crowd-funded project in the history of the Internet. Currently still in development, the preliminary launch date is predicted to be around the spring of 2015.

In this podcast episode, Vitalik Buterin explains how the platform works, its potential uses, pros and cons, and how decentralized platforms in general will affect our future.

Quotes:

“There is alot of intermediaries that end up charging 20-30% and if the concept of decentralization takes of and does well than those are also going to decline to near zero.”

In this episode of The Future Thinkers Podcast:

  • [1:12] – Who is Vitalik Buterin?
  • [4:55] – What is Ethereum?
  • [7:40] – What are the Benefits of Decentralization?
  • [8:20] – Architectural vs. Political Decentralization
  • [11:23] – Is Uber decentralized?
  • [20:52] – How is Ethereum different than Bitcoin
  • [30:03] – Mining Centralization, 51% Attack and Collusion
  • [32:50] – What is Proof of Stake?
  • [37:00] – Lowering Barriers and Automating Away Managers and Middle-men
  • [44:55] – Near Zero Cost Economy

Mentions & Resources:

Recommended Books:

More From Future Thinkers:

 

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