The art of turning hindsight into foresight gives the necessary insight to learn from the past, prepare for the future and conduct research using emerging sciences ‒ such as synthetic biology ‒ to ensure the past and the future are ever present when we frame research questions, conceptualise experiments and develop the necessary policy and regulatory frameworks. Synthetic biology is rapidly enabling the predictive engineering of complex biological systems, providing solutions to some of the most pressing challenges facing humanity and the planet this century. In 2014, the yeast Saccharomyces cerevisiae became the first eukaryote to be equipped with a fully synthetic chromosome. The global Yeast 2.0 consortium has now embarked on building the ultimate S. cerevisiae genome by 2017. If Yeast 2.0 is successfully completed, this ‘synthetic yeast’ will not just be any ordinary yeast strain. In designing the Sc2.0 strain, the natural yeast genome will be optimised by building in sites to capacitate the reshuffling of the genome at will, potentially yielding more desirable properties. With this inducible evolution system we will be able to generate millions of unique genomes that vary in architecture and gene content.  Precision genome engineering technologies are steadily advancing synthetic biology into a whole new dimension of sheer possibility with significant impacts for humanity including cost-effective production of renewable biofuels and sustainable industrial chemicals; compounds for bioremediation of polluted environments; novel antibiotics, vaccines and personalised medicines; and adequate nutritious and safe food supplies. This promise, however, also poses great ethical challenges and risks. It is the responsibility of researchers, policymakers, regulatory bodies, industry, and all citizen stakeholders to engage in a meaningful dialogue about how to capitalise on the potential of synthetic biology to improve quality of life and sustain the planet while minimizing the risk for harm.