Andreas Antonopoulos, a Bitcoin expert and author of ‘Internet of Money,’ discussed the contrasting use cases and goals of Bitcoin and Ethereum blockchains in a recent interview. He said that the two blockchains’ use cases cannot be performed 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.”
Even though maximalists from both sides urge that the use cases of one can be performed by the other blockchain, Antonopoulos claimed that it was ‘meaningless.’ He admitted that any blockchain with a different use case can only achieve this partially, and not outperform the original blockchain.
Bitcoin, which strives to become global money, is vastly different from that of Vitalik Buterin’s Ethereum, Antonopoulos said. He asserted that the latter’s core was different from that of the former, not in terms of application, but in terms of design choices and engineering of the two blockchains. He said,
“It’s in its DNA, the two systems have been evolved, not in the random mutation but a direct evolution perspective.”
The author further suggested that the initial design decisions and trade-offs made for Bitcoin facilitated the blockchain to become a very “robust, secure, nation-state resistant, a censorship-resistant form of global money.”Antonopoulos further added that this subsequently attracted a particular set of individuals to come forward with the same vision, strengthening the existing design trade-offs in that direction.
Talking about the design trade-offs in Ethereum, he said that the ETH blockchain was built with “an unconstrained software engineering mentality.” According to him, the developers were looking to address a “broader set of problems to solve.” The design trade-offs for this attracted a different set of people in comparison to Bitcoin.
The author also said that building a trade-off in Ethereum required its own blockchain for it to be meaningful. He also suggested that issues such as scaling in the ETH blockchain were much harder than that for BTC.
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Grayscale Investments: Ethereum Trust [ETHE] receives FINRA approval for public quotation on OTC markets
Grayscale Investments, a digital asset management firm, made an announcement with regard to the second largest cryptocurrency in the market, Ethereum. The platform stated that the Financial Industry Regulatory Authority [FINRA] approved its Ethereum Trust, ETHE, making it the third publicly quoted investment product. The other two publicly quoted investment products are Grayscale Bitcoin Trust [OTCQX: GBTC] and Grayscale Ethereum Classic Trust [OTCQX: ETCG].
Grayscale Investments stated on Twitter,
“Our team continues to bring new opportunities for investors to gain exposure to digital currencies. We’re pleased to share that Grayscale Ethereum Trust received FINRA approval for a public quotation on
@OTCMarkets under symbol: $ETHE* https://gryscl.co/2M4wVER (1/2)”
In a blog post, the platform stated that each Share of ETHE would be equivalent to 0.09662399 Ethereum, as of 30th April 2019. Further, the asset management firm also stated that the Ethereum in each share would decrease over a period of time as ETHE would not “generate income” and the Ethereum would be “regularly distributed” to clear-out expenses.
It further stated,
“There will be no trading volume in the Shares’ public quotation until the Shares are DTC eligible, which ETHE is expected to receive soon. Investors will be able to find current financial disclosure and Real-Time Level 2 quotes for Shares of ETHE on the OTC Markets website once trading commences. “
The ‘announcement of this announcement’ was made yesterday by Barry Silbert, the CEO of Digital Currency Group, thereby creating a buzz. Barry Silbert had stated on Twitter,
@GrayscaleInvest for some big news at 9 am NY time tomorrow. Announcing an announcement (yeah, that’s how I roll)”
To add on, the firm had recently launched the #DropGold initiative, with its main focus being prompting investors to invest in the digital gold, Bitcoin. The firm had stated,
“Grayscale is again pushing the envelope for traditional investors with a clear message: it’s time to #DropGold. […] Grayscale is again pushing the envelope for traditional investors with a clear message: it’s time to #DropGold.
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