ETH Solution To BTC’s Limited Function, Says Co-Founder
Vitalik Buterin, the co-founder of Ethereum, has claimed that he was finding ways to solve Bitcoin’s limited functionality. Apparently, he did so with the creation of ETH. Here is everything about it in a nutshell.
A Plot Key Calculator
According to the official report, Buterin said that the world’s leading cryptocurrency can be likened to a plot key calculator. While it surely does one thing, it is doing so very well. However, for him, Ethereum works like a smartphone – not only does it runs apps capable of doing everything, but it also acts as a plot key calculator.
The aforementioned co-founder even went to conclude his claims by providing a definition of his proposed solution. Basically, the idea he has is somewhat similar to a smartphone, with the main goal to increase the system’s overall power. And the only way to do this, according to him, is to make it more of a general purpose and apply it directly to blockchains.
As previously report sometime in February, Buterin has revealed that his digital currency investments are deemed virtually exclusive and completely devoted to the Ethereum network. In fact, his total non-ETH holdings are believed to account for nearly 10 percent of the overall value of his entire Ethereum holdings. The former, in particular, include Bitcoin (BTC), Bitcoin Cash (BCH), Zcash (ZEC), and Dogecoin (DOGE).
Also, in December of 2018, the Ethereum co-founder revealed that future blockchains would come with shared that is completely based on proof-of-stake. And through this, they are expected to be a thousand more efficient. At the same time, applications deemed non-financial, particularly those enabled by cheaper transactions, could soon offer a much bigger part of the story.
A Project Born
Buterin revealed in the past that he was first involved in the Bitcoin community. After two years or so, he started focusing and engaging in multiple crypto-related projects until he decided to stop going to school. By doing so, he was able to be fully involved in various activities that have something to do with the development and improvement of blockchain technologies.
He later realized that the world’s leading digital currency has the potential to evolve and become much better than what it was. That is why he started studying the many ways to expand the crypto’s capabilities, though he eventually decided to develop a new yet more efficient blockchain.
Through the evolution that started with his Ethereum project, he was able to open a framework of options specifically designed for users. And to him, these options work in the same manner as smartphones, which have revolutionized the way the society behaves.