Can Ethereum outgrow Bitcoin with the decentralization happening in apps?
A common debate after the surge of Bitcoin was whether it is the only cryptocurrency that will last forever or there will be new ones coming and changing the system. Well, the matter is that there were several other cryptocurrencies that made their way, and now we have around 4000 cryptocurrencies (January 2021). One of the biggest spurs was created in the market with the introduction of Ethereum.
While Bitcoin remains the golden child of the cryptosphere, the fast-growing popularity of Ethereum cannot be undermined. With the Decentralized finance or Defi, Smart Contracts, and Non-Fungible tokens, all operating on Ethereum Blockchain, we have seen a steady rise in the demand for Ethereum. It has also led to a faster rise in the price of Ethereum. So, there is stiff competition between Ethereum and Bitcoin. An important question that pops up here is whether Ethereum will overtake Bitcoin or will Bitcoin retain its position. Let’s try and find the answer to the question here.
Ethereum or Bitcoin
The value of Ethernet is skyrocketing. We are witnessing a rise in the demand for Ethereum based applications. Companies like Mastercard, JPMorgan, and UBS are geared up to develop Ethereum 2.0, which will work on a proof of stake consensus mechanism. Thus pushing it ahead of Bitcoin, which operates on the Proof of Work consensus mechanism.
The Ethereum developers are completely shifting the Ethereum to Ethereum 2.0, which focuses on enhancing speed, reducing time, and ensuring complete transparency and safety.
The Ethereum developers are working so strongly towards developing Proof of Stake that the Proof of Work mechanism is a high energy-consuming process. Besides, the miners with good resources and high-power computers can resolve the computation problems, thus making it time-consuming. Also, over a period of time, PoW will shift the power to just a few people, but with the Proof of Stake mechanism, we have a whole new set of opportunities waiting ahead of us. Dubbed as Ethereum 2.0, it aims at increasing the speed and efficiency of the Blockchain platform, thus making the entire system validation friendly.
The debate of Bitcoin and Ethereum continues to grow. While Bitcoin is a currency token, Eehreym is a utility token. Both have their own set of functionalities which makes them useful to solve different purposes. So, in this aspect, it is unlikely for Etheruem to take over Bitcoin, although we can’t undermine the fact that Ethereum and Bitcoin will always have a neck-to-neck competition.
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