Why is no one talking about Ethereum replacing Bitcoin?
Ethereum's growth in 2020 has been phenomenal, the decentralized finance (DeFi) platforms built on top of it have not only prospered, but the integration of well-known stablecoins such as Tether (USDT) has also contributed.
While the launch of the project did attract a lot of interest from cryptocurrency users, it also highlighted the vulnerabilities of the Ethereum ecosystem,Scalability and congestion issues have long been thorny issues.However, given the growing interest in DeFi and USDT, as well as the skyrocketing cost of gas fees on Ethereum, these issues are only just surfacing.
Since the Ethereum hard fork in 2017, congestion and scalability have been an obvious problem.Currently, developers are trying to solve these problems, and the community is actively building on this.With ethereum planning to move from proof-of-work (PoW) to proof-of-stake (PoS), some skeptics are now saying the spirit of its blockchain has been broken.
Major supporter of Bitcoin, the world's largest cryptocurrencyUdi Wertheimer recently donated a small amount to Ethereum, noting that while many say Ethereum is broken, we still have a lot of work to do.
In Peter McCormack’s latest book, What Bitcoin Does Podcast, Wertheimer stated:
Like when ethereum was first launched, they always said, "Look, this is not what it's going to look like."This is not the final form."To some extent, there aremany elements of marketing, but you know what I mean, they always say that. They always say they need sharding, and that's been the case since day one. "
Bitcoin proponents went on to observe that Ethereum founder Vitalik Buterin has been working on the project for years, adding,Despite his best efforts, Ethereum has yet to reach the stage Buterin originally hoped to accomplish.However, Wertheimer also pointed out that this is "fair" because the founders announced their plans for blockchain a long time ago.
This is in line with what Buterin said in a recent interview,"We didn't really set it up right in the first place," said Ethereum's founder.He went on to add, "We did kind of underestimate a lot of things that we didn't start in 2015, and they took more time."
Meanwhile, according to Wertheimer,The debate over Ethereum's circulating supply could have been better resolved, as the Bitcoin community has accused the Ethereum community of not paying attention to this important metric. However, Wertheimer defended the community, sayingThey have good reason not to care about supply。
he thinks,"The best reason is that Ethereum has nothing to do with ether. So Ether is an asset that should be able to make Ethereum work.There, Ethereum can function, and while Ethereum is flawed, people always describe it as something flawed and imperfect, and on top of that allows blockchain platforms to work. "
By pointing out the flaws of the Bitcoin blockchain and its own strictly monetary properties, Wertheimer concluded,While the two digital assets are at odds with each other, Ethereum and Bitcoin exist to serve different purposes.
The original text comes from ambcrypto, compiled by the BluemountainLabs team, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.
The original text comes from ambcrypto, compiled by the BluemountainLabs team, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.
