Considering the type of projects that the Ethereum blockchain hosts and the type of services it offers, Roger Ver believes that Ethereum will be able to drive further user adoption.
Roger Ver, also known as Bitcoin Jesus for being an early proponent of BTC, recently stated that it will be Ethereum, not Bitcoin, that is responsible for attracting a large portion of new users to cryptocurrencies.
While speaking on the Show Me The Crypto podcast on Tuesday, May 31, Roger Ver said that despite the Ethereum blockchain facing scaling issues and other Layer 1 competitors coming to market, Ethereum has managed to hold its own. dominant position. He saying:
“Although Ethereum doesn’t have the largest market capitalization compared to Bitcoin, I think Ethereum is the favorite in terms of driving global adoption.”
The Ethereum development team, however, has been hard at work making the Ethereum blockchain more scalable and efficient. A pivotal moment for the Ethereum ecosystem was the Merge event in September 2022, after which Ethereum moved to a more scalable proof-of-stake (PoS) blockchain network.
With future updates, Ethereum developers are likely to greatly improve the scalability of the network. In the podcast interview, Roger Ver also praised the rise of Ethereum Virtual Machine (EVM)-compatible blockchains, as well as Layer 2 scaling solutions like Polygon. He said that such solutions have helped take the burden off the main chain.
Bitcoin vs Ethereum ‘Civil War’
Roger Ver went down memory lane and talked about the “civil war” that took place between Bitcoin developers and Ethereum co-founder Vitalik Buterin in the early days of crypto.
What prompted Buterin to build Ethereum were disagreements over the use of smart contracts, as well as conflict over the idea that blockchains were solely for hosting currency or storing value. see said:
“All of that would have been built on top of Bitcoin if it weren’t for the escalation of the civil war that occurred. These core Bitcoin developers hate Vitalik, and basically kicked him out of the project to go and create Ethereum, and more power to him for it.”
Referring to Ldeger’s recent discussion of the controversial Recover service, Ver called it “disappointing.” Ledger Recover service proposed users to store their encrypted seed phase together with external custodians to protect against any loss.
Ver emphasized that while custodial accounts and key recovery options are acceptable to individuals, the fundamental principle of cryptocurrency revolves around maintaining full control over one’s assets at all times.
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Bhushan is a FinTech enthusiast and has a good knack for understanding financial markets. His interest in economics and finance draws his attention to the new emerging markets of Blockchain technology and cryptocurrencies. He is continuously in a learning process and stays motivated by sharing the knowledge he has acquired. In his spare time, he reads thrillers and sometimes explores his culinary skills.
