#504: Vitalik Buterin, Creator of Ethereum, on Understanding Ethereum, ETH vs. BTC, ETH2, Scaling Plans and Timelines, NFTs, Future Considerations, Life Extension, and More (Featuring Naval Ravikant)

Tim Ferriss Show

Podcast Notes Key Takeaways “Ethereum is a general-purpose blockchain” – Vitalik ButerinBitcoin is a spreadsheet, Ethereum is a spreadsheet with MacrosEthereum’s defining feature is unstoppable applicationsSmart contracts are at the core of the ETH blockchain. Ethereum applications allow composability. That is, they can be built on top of each other like Lego blocks.Applications include decentralized domain name system, autonomous organizations, prediction, and financial markets, and non-fungible tokensWe are used to closed source companies capturing the value. Now, open-source protocols capture value. “This is the next phase of the internet after mobile” – Naval RavikantForking allows communities to exert collective agency and protect themselves from being exploited. Similarly, communities support valuable contributors even if someone copycats their workLayer 1 scaling for Ethereum will include transition to Proof of Stake and Sharding, whereas layer 2 will introduce Roll-ups.Combined, Ethereum will support north of 100K transactions/ secondUnlike Bitcoin, the Ethereum ecosystem hosts numerous other tokens. New tokens and airdrops create new opportunities and help reduce wealth disparityCryptocurrencies are inherently designed to be sovereign resistant, stateless. Banning backfires and just removes innovation from the banning countryCrypto is “the native money of the internet”, and it will eventually turning off crypto will mean turning off the internetTop ways of getting into Ethereum without buying the token include building applications and participating in Meet-upsVitalik learned Chinese by using Pimsleur, Duolingo, and watching TV shows with English subtitles

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Vitalik Buterin, Creator of Ethereum, on Understanding Ethereum, ETH vs. BTC, ETH2, Scaling Plans and Timelines, NFTs, Future Considerations, Life Extension, and More (Featuring Naval Ravikant) | Brought to you by Wealthfront automated investing, Pique's Daily Immune (Vitamin C optimized for absorption), and Theragun percussive muscle therapy devices.

Vitalik Buterin (@VitalikButerin) is the creator of Ethereum. He first discovered blockchain and cryptocurrency technologies through Bitcoin in 2011, and was immediately excited by the technology and its potential. He co-founded Bitcoin magazine in September 2011, and after two and a half years looking at what the existing blockchain technology and applications had to offer, wrote the Ethereum white paper in November 2013. He now leads Ethereum’s research team, working on future versions of the Ethereum protocol. In 2014, Vitalik was a recipient of the two-year Thiel Fellowship, tech billionaire Peter Thiel’s project that awards $100,000 to 20 promising innovators under 20 so they can pursue their inventions in lieu of a post-secondary institution. You can find his website at vitalik.ca. 

Naval Ravikant (@naval) is the co-founder and chairman of AngelList. He is an angel investor and has invested in more than 100 companies, including many mega-successes, such as Twitter, Uber, Notion, Opendoor, Postmates, and Wish. You can subscribe to Naval, his podcast on wealth and happiness, on Apple Podcasts, Spotify, Overcast, or wherever you get your podcasts. You can also find his blog at nav.al.

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Disclaimer: I am not an investment adviser. All opinions are mine alone. There are risks involved in placing any investment in securities or in Bitcoin. None of the information presented today is intended to form the basis for any offer or recommendation or have any regard to the investment objectives, financial situation, or needs of any specific person.