Andreas Antonopoulos, the author of ‘Internet of Money,’ and a Bitcoin pundit, spoke of the different use of Ethereum and Bitcoin recently. According to him, the two blockchains’ purposes cannot be fulfilled by the other.
“Essentially the two systems ETH and BTC evolved in divergent directions, and they can occupy different niches, but they can’t actually occupy the same niches at the same time.”
Although there have been several claims that the two could possibly fill the objective served by one another, Antonopoulos dismissed this. He said that one blockchain can with a distinct use can always fulfill what it is meant for and that it can only partially accomplish the purpose of other blockchains.
Bitcoin which is hailed to become the global money is extremely different from Ethereum, Antonopoulos remarked. The core of the two bitcoins differed, according to him. There were major differences not with regard to application, but in engineering and design choices of the two. He said, “It’s in its DNA, the two systems have been evolved, not in the random mutation but a direct evolution perspective.”
He also said that the fundamental trade-offs and design decisions made for Bitcoin allowed it to be a very “robust, secure, nation-state resistant, a censorship-resistant form of global money.”
Speaking of the trade-offs in design in Ethereum, he mentioned that ETH blockchain had been constructed with “an unconstrained software engineering mentality.” He said that the developers were trying to sort out a “broader set of problems to solve.”
Dr. Craig Wright, the Chief Scientist of nChain, which is one of the supporters of Bitcoin SV, rejoices at the growth of the Bitcoin. As of December 7, BSV made a leap over several other bitcoins like Tether [USDT], EOS, Litecoin [LTC], and importantly Bitcoin Cash [BCH]. The coin was propelled to the fifth rank on CoinMarketCap. Wright mentioned on Twitter,
“Price is determined by utility. Bitcoin SV is the original Bitcoin, it scales unboundedly, and there is no use case it does not fulfill.”
Ethereum, on the other hand, will have to wait a while before it could fully spread the ETH futures. The previous year, Bitcoin futures deployed a happy wave throughout the crypto community. It was after this development that the speculations regarding the launch by Ethereum futures gained real momentum of expectations.
Ethereum was declared as not being security by the United States Securities and Exchange Commission [SEC]. This made the pathway for ETH futures. This made the crypto enthusiasts hopeful, but this joy was short lived. Later, the Commodities Futures Trading Commission [CFTC] said that there were involved in some fundamental issues with the Ethereum, which is the third-largest cryptocurrency in the market.