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Bitcoin [BTC] and Ethereum Classic can co-exist as ‘complimentary base layer systems,’ claims ETC volunteer

Biraajmaan Tamuly

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Bitcoin [BTC] and Ethereum Classic can co-exist as 'complimentary base layer systems,' claims ETC developer
Source: Pixabay

Smart Contracts, first developed on the Ethereum blockchain, have since gained popularity in several crypto assets’ primary networks. Blockstream recently announced that it was going to launch to a security token platform on the Bitcoin Sidechain and in the backend, the organization indicated that it would implement Bitcoin’s multi-signature smart contracts.

In light of the recent interest shown by Blockstream in the area of Smart Contracts, Donald McIntyre, an Ethereum Classic [ETC] volunteer, suggested that the company should consider working with Ethereum Classic as it was a “distinct, but sound, decentralized computing model.”

McIntyre stated that Ethereum Classic was a complete system which consisted of Turing completeness, proof of work and a fixed monetary policy. Alongside these factors, the smart contracts executed in the ETC network are highly reliable and implemented in the same “secure environment as the base layer.”

He added that the design model is completely similar to that of Bitcoin; where high-value transactions are carried forward in the base layer and the lower transactions on the 2nd layer.

However, McIntyre was quick to point out Ethereum Classic’s superiority in one aspect, stating,

“The difference is that Bitcoin is incapable of storing and executing programs inside its environment.”

McIntyre was also clear in listing out ETC’s shortcomings and indicated that transactions on ETC blockchain were marginally less secure than Bitcoin and that Bitcoin was a superior “store of value.”

The volunteer further shared a picture, labeling Bitcoin and Ethereum Classic as complementary base layer systems, emphasizing that since Bitcoin will support “Smart Contract strings” with Taproot/Graftroot, ETC would easily be able to operate on the Bitcoin network.

McIntyre concluded by saying,

“It would be good for Bitcoin [Blockstream] for Blocksteam to diversify networks on which it works, and it would be good for Ethereum Classic to diversify the companies that work on it.”





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

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Facebook’s Libra is a double edged-sword, but will benefit Bitcoin, says Caitlin Long

Priya

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Facebook's cryptocurrency Libra is a double edged-sword, but will benefit Bitcoin [BTC], says Caitlin Long
Source: Unsplash

On 18 June, the world’s biggest social media platform, Facebook, introduced its new cryptocurrency, Libra, set to launch in the first half of 2020. The coin that would have its own blockchain will be backed by several sovereign currencies, and these reserves would be managed by the Libra Association. The association will also be engaged in several other key activities, which would focus solely on the development of the Libra ecosystem.

Notably, the coin has brought together major players in both the financial and technology industry including, MasterCard, Paypal, and Coinbase. Despite such strong backing however, the concept of the coin was soon shot down by several influencers and government authorities.

The French Minister of Finance and Economy, Bruno Le Maire, released a statement asserting that Facebook’s digital currency becoming a sovereign currency was “out of question,” adding that “it can’t and must not happen.” Along with this statement, the Finance Minister also raised concerns about money laundering and terrorism funding and urged G-7 countries Central Bank Governors to draft a report on the new “global currency” for their meeting in July.

Further, Facebook’s cryptocurrency is also facing hurdles in its native country. Maxine Waters, Chair of the House Financial Services, has requested the social media giant to hit the pause button on the development of Libra, until Congress and regulatory authorities hold a discussion on the digital currency. This request was put forth mainly because of the firm’s “troubled past.”

In an interview with WhatBitcoinDid, Caitlin Long, Co-founder of the Wyoming Blockchain Coalition, stated that Libra had its pros and cons, adding that it was a “double-edged sword.” However, the blockchain evangelist continued to assert that this was going to benefit Bitcoin, stating that the social networking platform was “making cryptocurrency a mainstream word.” She added that Facebook would introduce the concept of digitally scarce money to people and that these people would look for the best cryptos that would retain the most value over time. That crypto was going to be Bitcoin, she said.

Long stated,

“This is a detour kind of like Andreas analogy, it’s the intranet before internet. We’ve even seen it in this industry, it’s blockchain not Bitcoin but people are coming full circle back around to Bitcoin. These are detours that are ultimately helpful to gaining adoption and wider support, but they’re not where we end up and I think we will end up in Bitcoin.”

Further, Long was asked whether Libra was going to be its own currency, considering it will not be pegged to a specific currency, but several fiat currencies. To this, she stated that Libra was indeed going to be a currency of its own, similar to Bitcoin. She stated that it was going to function like a “central bank,” remarking that it would be a “private version of a central bank.” Long went on to add,

“They’re going to be managing reserves against the liability. For them it will be the people who own the coins and they will be managing the reserves against that […] they are going to be marketing this in the developing world, this is going to be a developing world concept probably more than a developed world concepts […] so my guess is this is mostly an emerging market phenomenon secondarily a European phenomenon and lastly a U.S. phenomenon.”





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