Ethereum co-founder Joe Lubin and Bitcoin-enthusiast Jimmy Song approved the terms of the bet, which they agreed to hold in advance, writes the Decrypt portal.

The conditions are as follows: if 15 unique, decentralized applications achieve 10,000 daily active users — and 100,000 monthly active users — for a six-month period, before May 23, 2023, Song will cough up 810.8 ether ($166,741.02).

And if not a single dapp sticks? Lubin will pay Song 69.74 BTC ($561,000).

The reason for choosing such non-rounded values ​​is that each initially set at $700,000, but the decline in the market did its job. Lubin and Song agreed on holding a bet at last year’s Consensus conference, where the latter favored the idea of ​​“Bitcoin, but not the blockchain,” and spoke of Ethereum as follows: “I see nothing but abstruse terms.”

The amounts of bets were specially set sufficiently weighty for both participants. It is possible that by the time of the calculations in 2023 in fiat terms the losses of the losing side will be much higher.

“It’s a maximum pain kind of bet,” said Song. “Personal interest, that’s the whole point.” “Jimmy’s thesis was that there would be no significant applications on blockchain, and the only thing relevant in blockchain was bitcoin,” Lubin said on CoinDesk Live. “My thesis is bitcoin is awesome, and there’s a narrow set of use cases built on bitcoin and that’s wonderful. We love that, but decentralized applications are also really useful.”

The essence of the dispute comes down to the ability of decentralized applications to meet the expectations placed on them, in particular with the help of Ethereum. Song is confident that centralized technologies will always be faster and more convenient in the context of development and does not see the prospects for the development of decentralized networks as an alternative to existing centralized solutions.

“It’s possible that there are many many successful applications on ethereum that are sufficiently decenteralized and they don’t hit exactly those two criteria. So it’s possible I will lose and the ecosystem will be strong,” Lubin added.

Author: Marko Vidrih