Co-founder of Ethereum, Vitalik Buterin said in an interview that he was trying to fix Bitcoin (BTC) limited functionality with the creation of Ethereum (ETH).
Vitalik added that he was entered the Bitcoin space back in 2011 when Bitcoin is very new. Vitalik is interested in Bitcoin technology.
Vitalik compares Bitcoin with a plot key calculator, which is designed for calculations and done his work perfectly. Ethereum is more like a smartphone which includes a calculator app, music app, browser etc.
Bitcoin has limited functionality and the number of transactions per second is very low (7 TPS). Bitcoin is more a store of value than a mode of payment. However, Ethereum is much faster as compared to Bitcoin and capable of handling dapps on the ETH network.
Vitalik believes that Proof-of-Stake (PoS) blockchains are more efficient than Proof-of-Work (PoW) blockchain. Ethereum will be migrated from PoW to PoS later this year. Proof-of-Work (PoW) consumes a lot of power in mining a coin while Proof-of-Stake (PoW) needs a very low amount of energy in securing the network.
Ethereum Constantinople hardfork was successfully implemented on 28 Feb. The main highlight of the hardfork is that the reward per block is reduced to 2 ETH from 3 ETH.
Ethereum is the second largest cryptocurrency by marketcap. Ethereum is now trading at $133 and has a market cap of $14 Billion.
Tags: #Bitcoin , #Crypto #Ethereum , #Digital Assets , #Cryptocurrency , #Vitalik