For many in the blockchain ecosystem, Ethereum is arguably the face of the blockchain movement. Known as the second largest cryptocurrency in term of market capitalization, Ethereum’s Ether(ETH) spearheaded by none other than Vitalik Buterin, is on pace to surpass Bitcoin as the new face of the cryptocurrency market.
In the very own words of blockchain starboy himself, Vitalik Buterin:
“Ethereum is a Smartphone While Bitcoin is a Calculator”
Vitalik would go on to add that his project, Ethereum surpasses Bitcoin in many aspects. Furthermore, He explained why his “second generation blockchain” has the values to be dubbed as the most important altcoin in the global market. As ConsenSys, the Alliance of Ethereum, smart contracts and ICOS would affirm, Ethereum is currently yielding better results than Bitcoin.
In term of ICOs, Ethereum’s platform has become a far more popular option than Bitcoin. Compare to Bitcoin, Ethereum is known to be faster and more flexible, all thanks to Smart Contracts.
According to data analysis platform ICO watchlist, Ethereum is dominating the ICO market with more than two-thirds of the market share.
Prior to creating Ethereum, Vitalik Buterin was an active member in the Bitcoin community, as he stated: “I Was Quite Involved in Bitcoin Industry”. In a span of two years, his interest in Blochain and bitcoin grew even greater, as he dropped out of university to be fully involved in blockchain related activities and its development.
Gradually, he studied Bitcoin and noticed that it could be made better. However, he used all his new found knowledge and ideas to create Ethereum, Buterin explained:
“Soon after (dropping the university) I started to realize that there were a lot more interesting things that we could do with blockchains than just a single peer to peer currency. And it was something that other people were starting to recognize at the same time.
I came up with the idea behind Ethereum, this idea that blockchain was a built-in programming language as kind of what I thought was the simplest and most logical way to actually build a platform that can be used for many more kinds of applications”.
Unsurprisingly, Vitalik compared both blockchains platforms to a calculator vs. a Smartphone. According to him, like a pocket calculator, Bitcoin does one thing really well, but Ethereum provides users and developers with a wider framework of options with its Smart contracts and dApps.
“Think of the difference between something like a pocket calculator and a smartphone, where a pocket calculator does one thing, and it does one thing well. But really, people want to do all these other things. And if you have a smartphone, then you have a pocket calculator as an app, you have a music player as an app, you have a web browser as an app, and pretty much everything else.”
As results demonstrate, the implementation of smart contracts into the blockchain facilitates the creation of Tokens. As of today, most altcoins on the market are supported by the Ethereum system.
In general, Vitalik is known to be outspoken against Bitcoin, Just recently, He tweeted about Ripple XRP, describing it as “it’s better sound money than Bitcoin.”