From the point of view of the creator of Ethereum cryptocurrency, Vitalik Buterin, his project exceeds Bitcoin in different respects. In an interview recently, Vitalik explained in simple words why his “second generation blockchain” has enough merits to become the most important altcoin in the global market.
In an interview with Business Insider (the original video, see below), the creator of ethereum told that at the beginning of his journey in the world of cryptocurrency, he worked closely with the Bitcoin user community. For two years, he not only actively participated in community life, but also contributed to the development of various crypto projects. This continued until he left the university to devote himself entirely to the development of blockchain technologies .
In the process, Buterin realized that Bitcoin is capable of developing. He began to study the "empowerment" of Bitcoin. Ultimately, the young genius decided to take a “step forward” by developing a new, more efficient blockchain.
According to Vitalik, the evolutionary process, initiated by the emergence of the ethereum project, opened up a window of opportunity for users, just as the smartphone changed behavioral patterns in our society. We quote Buterin:
“Shortly after I left the university, I began to realize that blockchains provide much more interesting opportunities than just creating a single peer-to-peer currency. At the same time, other people began to realize this fact. I had a concept behind etherium, the blockchain as an embedded programming language. I decided that this is the easiest and most logical way to create a platform that can be used for numerous applications, not just one. ”
The creator of the aethyria compared the two blockchains with a calculator and a smartphone. If bitcoin is able to efficiently perform only one task, then ethereum, with its Turing completeness, opens up a wider range of possibilities for users and developers, thanks to smart contracts and decentralized applications. Acne explained:
“You can draw an analogy with the difference between a calculator and a smartphone. The calculator is capable of performing one operation, and it is effective in this. But people need other operations. As for the smartphone, it performs the same functions as the calculator, which is built into it as an application, as well as the functions of other applications – player, browser, etc. Thus, we were able to increase the power of the system, making it more multi-functional ".
Recall that on February 28, the Constantinople fork took place on the block of the etrium 7 280 000. The protocol update was successful. Together with Constantinople, the developers have integrated the Petersburg solution into the network – it allowed to disable the EIP-1283 protocol, in which a vulnerability was discovered, due to which hardfork was moved in January.
As a result of the software update, miners will mine 13,400 ETH coins per day. Creating one block will take no more than 14 seconds, while the Ethereum mining award will drop from three to two ether coins. Fork helped to improve the performance of the blockchain and create conditions for the upcoming activation of the Casper protocol and the transition of the project to the PoW / PoS consensus algorithm.
Publication date 04/03/2019
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