An Ethereum maxi has likened Bitcoin (BTC), the largest cryptocurrency, to an outdated “landline,” claiming Ethereum (ETH) is the superior blockchain. Calling ETH the “iPhone” of crypto, the supporter argues that its smart contract capabilities and role as a leading tokenization platform give it a clear advantage over BTC.
Why Ethereum Trumps Bitcoin
In a recent interview with CNBC’s Squawk Box, Andrew Keys, the Chief Executive Officer (CEO) of Ether Machine, a public Ethereum yield and infrastructure company, weighed in on the longstanding crypto debate, declaring Ethereum as the frontrunner over Bitcoin and championing it as the better blockchain. He highlighted Ethereum’s growing utility, steady yield potential, and long-term value as a leading cryptocurrency and blockchain technology.
Keys addressed a series of questions on why people should invest in Ethereum through the Ether Machine and whether he believes that Bitcoin has outperformed ETH over the past decade. The Ether Machine CEO responded by calling Bitcoin a landline and Ethereum an iPhone, implying that the former is outdated while the latter represents the future of blockchain innovation. He also firmly rejected the idea that Bitcoin has outpaced Ethereum in the past 10 years, noting that ETH has surged by 30x in that period.
Keys drew sharp comparisons between the two blockchains, pointing out that Bitcoin supports just a single asset that can be transferred peer to peer. In contrast, he states that Ethereum can tokenize virtually any digital asset, enabling real-world use cases like stablecoins.
Keys emphasized that, unlike Bitcoin, Ethereum can also embed any type of digital asset, including gold, stocks, bonds, derivatives, and oil, into virtual legal agreements. He noted that BTC currently lacks intrinsic return, while ETH functions as a productive asset that generates income by staking and participating in the decentralized financial economy.
The Ether Machine CEO drew more parallels between Bitcoin and Ethereum’s functionality and efficiency. He disclosed that Bitcoin relies on a Proof of Work (PoW) mining system, which requires significant hardware, electricity, and real estate. On the other hand, Ethereum’s Proof of Stake (PoW) mechanism eliminates those needs, making it a more efficient and environmentally friendly blockchain.
When asked if he held any Bitcoin, Keys revealed he didn’t—a choice likely driven by his view of Bitcoin as inferior to Ethereum. Demonstrating this conviction, the CEO recently invested a massive $600 million worth of ETH from his personal balance sheet into the Ether Machine.
ETH Set To Gain The Most From GENIUS Act
During his interview, Keys stated that Ethereum is poised to become the biggest beneficiary of the recently passed and signed GENIUS Act—primarily due to the blockchain’s pivotal role as a stablecoin generator. He emphasized that most stablecoins in the market currently have been created on the Ethereum network, placing ETH in a potentially bullish position following the implementation of the GENIUS Act.
This recently signed legislation aims to regulate and support the development of digital assets, with a particular focus on enhancing transparency and compliance within the stablecoin ecosystem.
Featured image from Pixabay, chart from Tradingview.com
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The Eth2 Beacon Chain’s validators fell out of step on May 25 after a client update boosted some clients but caused confusion among validators who hadn’t bothered to upgrade.
The incident, called a blockchain reorganization, happens when nodes disagree on the order of the most recent block. Blockchains order blocks – batches of transactions – chronologically.
If some nodes are faster than others, they can’t agree which block should come first. If that happens, they’ll keep adding blocks to their own version of the blockchain, then discard the shorter chain when the next block gets produced.
That’s exactly what happened yesterday.
Beacon Chain clients had staggered the release of upgrades that sped up block submissions, but about 25% of validators hadn’t updated their software despite having weeks to do so, said Ethereum core developer Terence Tsao on Twitter.
At block 3,887,074, the up-to-date nodes were about 12 seconds faster than validators who hadn’t updated their clients. The upgraded clients submitted the next block earlier than the rest of the validators, sparking confusion about whose block should come first.
The Beacon Chain didn’t know what to do until an old client proposed a new block, prompting a reorg. This happened six more times until the validators finally agreed on the correct order of the chain.
Nothing too bad happened this time around – the Beacon Chain only supports ETH2 staking; it doesn’t support peer-to-peer transactions yet.
But if the chain reorganized after Ethereum’s forthcoming chain-merge, nodes might have rejected transactions while they tried to agree on the order of the most recent blocks.
Ethereum co-founder Gavin Wood wrote in 2015 that during reorgs, the most recent transactions are reverted, and “the transactions in the newer replacement are executed.”
He said that, since Ethereum targets a block time of about 15 seconds, “this actually happens naturally rather often.”
Tsao said yesterday’s reorg is unlikely to happen again, so long as the outdated nodes update their clients.
Charles Hoskinson/YouTube
- Charles Hoskinson said the need for privacy could power the role of cryptocurrencies in Afghanistan.
- The ethereum co-founder expects crypto adoption to become part of the resistance against the Taliban.
- Afghanistan is ranked 20th out of 154 countries on an index that tracks global crypto adoption.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Charles Hoskinson, cardano’s founder and the co-founder of ethereum, told CNBC Tuesday that he expects cryptocurrencies to gain momentum in Afghanistan because of a rising need for more privacy.
“It is my belief that cryptocurrencies are going to play a larger role in Afghanistan this time around, in the war for and against the Taliban forces,” he said on CNBC’s “Squawk Box Asia.”
The last US military planes left Kabul airport on Monday, marking an end to America’s 20-year presence in the country. Afghans still in the country face an uncertain future, and many of those who wanted to depart were left unable to do so.
Their plight has turned the spotlight on a regressive regime that implies continued civil war and conflict, Hoskinson suggested. Strong interest in crypto could soon be a reaction to the Taliban’s overthrow of the Afghanistan government, he added.
“It’s going to be really interesting to see how that gets integrated into statecraft and how that gets integrated into resistance against a regime that clearly doesn’t care for the rights of many people and clearly wants to put in a theocracy that belongs more in the 13th century than the 21st century,” the crypto advocate said.
He didn’t say how exactly Afghans would be able to pile into cryptocurrencies, given that the country faces immense economic turmoil, or what ramifications there could be locally for the adoption of digital assets.
But data shows bitcoin adoption expanded in Afghanistan during the recent cash shortage.
Afghanistan is now ranked 20th out of 154 countries in the Chainalysis 2021 Global Crypto Adoption Index, which tracks countries with the highest levels of crypto adoption. The US stands at number 8 on the same list.
Hoskinson has previously underscored how owning digital assets could help people suffering in Afghanistan by calling for an end to financial regimes in their current form.
“I firmly believe if we change our money, and we change the institutions of how our democracy works, collectively over time as nation states, even if they exist in their existing form, we will stop tolerating these things,” he said in a video message last month.