What Vitalik Buterin Is Talking About:

39 major points of Buterin’s speech. Explained by BANKEX.

This article details talking points of Vitalik Buterin.Read and delve into each thesis for the purpose of educational and cultural development.

Talking points and issues of Vitalik Buterin:

· Education of the future: a process that continues till the last day of one’s life;

· Every field of business can be expected to change drastically every 5 years. The business of decade-long processes is a thing of the past; (Bank-as-a-Service — what we have already told)

· Blockchain is, first and foremost, interesting due to its interdisciplinary nature — it is a combination of mathematics, cryptography, economics, law, finances, sociology, politics, business, empathy and many other fields, all of it bound together in every transaction;

· Due to blockchain including tens of various sciences, it is easy for developers and businesses to make mistakes in it, which is the issue preventing blockchain from becoming a mass tool; (that’s why we have created BANKEX Foundation)

· Every person should now be capable of programming. Solidity and other programming languages are the Latin of XXI century, which is why Solidity is so simple. The need for everyone to learn it is an inevitable requirement, as blockchain programming will become the daily activity for every person (Check out BANKEX GitHub );

· There will be no natural sciences such as economics, biology, geography, etc. Instead, it will be economics with computer code, biology with computer code, geography with computer code, with blockchain only serving as the first step. (Asset Community)

· The trend of human interaction becoming more complex continues. Where 10000 years ago a human being could live and hunt on its own, today barely any objective is achievable alone. Soon all tasks will only be solved by large product communities, interacting based on blockchain; (Asset Community)

· A decisive skill for business is now the ability to organize such communities, to assemble a team and build its interaction, including the definition of what needs to be done and what doesn’t need to be done;

· The more complex an economy and society become — the more crucial the cooperation both inside a community and between different communities becomes, where the communities are united based on only goodwill and purpose, distributed across the entire world. That is precisely the way the strongest crypto community teams work today;

· The ability to quickly understand and evaluate the work of other communities is rapidly becoming a key skill, as does the ability to pick up work from the results achieved by other communities, both independently from them and by uniting with them; (Look, that’s exactly BANKEX Proof-of-Asset Protocol)

· The first type of cryptocurrency usage in payments is one where companies work with fiat crypto-agents, but they use cryptocurrencies for internal transactions. It is important that this way they move money from one country to another without using correspondent-banks. There are many such companies today. More than it might seem; (BANKEX Proof-of-Asset Protocol. Again.)

· The second type of cryptocurrency usage in payments is one where companies, use cryptocurrencies as means of payment, meaning they pay for services all over the world using cryptocurrencies. To a company of the future, this is practically the only way to work effectively, for instance, Ethereum Foundation’s community members work in more than ten various countries, and if we were using the traditional banking system, we would either be unable to work, or else such an interaction scheme would be too difficult and expensive. There will be more and more organizations working in this way;(And again…BANKEX Proof-of-Asset Protocol)

· The primary advantage of cryptocurrencies today is the ability to move funds to where they cannot be transferred with traditional methods; the secondary advantage is sheer convenience. It’s convenient, easy and very quick, taking up 14 seconds. This convenience alone will lead to an increase of the number of cryptocurrency users;

· The first thesis of the concept of decentralized organizations: there are many types of business where centralization is not necessary;

· The second thesis of the concept of decentralized organizations: centralization is not necessary for business conducted directly between two people. Currently we are only observing the first steps of this trend: sharing-economy projects such as AirBNB or Uber. First such products still involve a lot of centralization, but it will pass;

· The biggest challenge of decentralized organizations is coming up with initiatives for them to build. It’s important to understand that such organizations are not only applicable for taxi drivers, but for every known role in business in society;

· It is a big challenge. Many present The DAO as problematic due to it being hacked, but the actual problem behind it was a lack of a clear goal; (Smart Asset)

· Today there are crowdfunding based ICOs, and ICO teams build their crowdfunding on decentralized platforms, in order to receive money for their projects. The tragedy behind ICOs is that, despite using a decentralized platform, the realization of the project still depends on the centralized decision of one or several people behind this ICO (BANKEX most recent article: ISAO — Initial Smart Asset Offering);

· Decentralized organizations must tackle the following issue — money needs to be collected not by people, but by ideas, problems needing solutions. In turn, teams must compete for this money, offering solutions using either predetermined funds or whatever funds they need. Various tools are available to choose the team, both by vote and based on the best implementation of a solution to the problem that collected money (BANKEX most recent article: ISAO — Initial Smart Asset Offering);

· This kind of decentralized approach to solving issues or applying ideas can multiply the rate at which many fields of industry develop, where currently a centralized model serves as an artificial brake for development and research for various reasons. (including banking, B-a-a-S+PoA)

· There will be more and more decentralized organizations, which is obvious, but the main issue needs to be solved — how to move away from ICO of a team and to ICO of an idea, to facilitate fair development in the future (BANKEX most recent article: ISAO — Initial Smart Asset Offering);

· Decentralized countries are also an interesting subject, but they are a far more distant goal. There is much interest towards it. Estonia for instance wishes to become a digital nation, moving beyond its borders and becoming a trans border community based on mutual work and values, with other examples including Thailand and other countries;

· It’s worth remembering that even now the cryptocommunity has accumulated enough money that, in theory, they could come to a country and form an autonomy in it, governed at their discretion and using their funds;

· There are many different concepts of decentralization, but the goal is to try and simply find the approach that works best;

· How to write a good smart contract: look at the top 20 Ethereum contracts, find them on Etherscan, look at the code of these contracts and make the same or improve upon it, this is the simplest and quickest way; (BANKEX FOUNDATION)

· Use of blockchain within a single organization or between organizations represents two completely different scenarios. If it’s a case where blockchain is used inside a single organization, then this purpose would likely benefit from a private blockchain. Public blockchain is better used when applied to several organizations functioning among themselves in different countries;

· Metropolis is already usable, with functions such as token conversion into other tokens, virtual private tokens and confidential transfers. These are applicable for smart contracts, voting, identification and other fields of application;

· Currently you need to be a cryptographer to make use of smart contracts. But in a year or more, anyone would be able to use them. Smart contract interfaces are becoming significantly simpler and will become as available to regular people as websites; (Asset Exchange)

· Our usual websites will soon begin to offer clients the capability to use smart contract logic for typical actions. This will start as an option and will evolve into the default. In the far future, the entire business-logic will be united on a chain of contracts, naturally with the use of AI;

· Fixation of people’s talents on blockchain for subsequent use is not the best idea, but it may merely depend on the way it is implemented;

· In the world of blockchain, jurisdiction is needed due to currently insufficient development of smart contracts. Essentially the legal registration of a legal entity is performed to give the community some guarantees. But even now this approach can be identified as antiquated. A much more understandable, simple and reliable method is to secure guarantees with a smart contract. A smart contract means the community doesn’t need to worry and can plainly see the cost of goods and services; (BANKEX solution — Smart Asset Caterpillar. About it in our White Paper: page 24)

· Digital identification may develop differently. If we wait, governments will most likely transfer all citizens to digital passports. We could verify them in Ethereum then. Although passports can be verified in Ethereum even now;

· It is possible to give people (or communities) the ability to verify one another, which would in turn allow various operations to be conducted with verified groups of people. However, making such algorithms absolutely secure is nearly impossible;

· Digital identification will likely work depending on the choice of a method of identification chosen by the person depending on their purposes. Identification methods will differ based on security, or community groups they can be used in, or their applications. We will probably not find a 100% universal solution;

·After Ethereum moving to the PoS, computer markets remain, and there will be new and new applications to them

·IoT sensors — it is clear that there are a tremendous number of IoT devices that will record various parameters, but how it will be linked to the blockchain is now a big issue, the unsolved problem (BANKEX solution — Smart Asset Caterpillar. About it in our White Paper: page 24)

·The easiest case for IoT sensor, many teams are working on in the world, is an automatic payment from one device to another IoT device, and it will be executed in nearest future. It means that there is a payment system for some consumption without human intervention

· Blockchain development has come to a point where many people now realize that this technology allows realizing a large number of practical cases. The fact more and more of the best minds look to this technology greatly accelerates the pace at which Ethereum’s capabilities progress.

· Ethereum’s capabilities will greatly increase. There are many future functions ahead, up to the option of using Ether as a database. Furthermore, we can look forward to many new various standards of tokens.

NOTE: This article details talking points of Vitalik Buterin. A list that is worth reading and comprehending. Based on the following video: