Ethereum network finally got to see the latest update dubbed Constantinople hard fork after originally postponing the hard fork two times already, while the last time ChainSecurity discovered a security bug related to certain smart contract commands.
In one of his latest interviews regarding Constantinople update created to prepare the network for Ethereum 2.0 where Proof of Work will be switched to Proof of Stake, Vitalik Buterin, the CEO and founder of Ethereum, spoke about Ethereum’s applicability, comparing it to the first and the original crypto – Bitcoin (BTC).
Ethereum CEO: Bitcoin is a Calculator, Ethereum is Smartphone
According to one of the latest interviews that Vitalik Buterin gave to Business Insider at the end of February, Buterin stated that he decided to create Ethereum in order to try and solve the limited functionality of Bitcoin, which resulted in the second-largest cryptocurrency project by market capitalization.
On this occasion, Buterin compared Bitcoin to a calculator, explaining that BTC is able to do a single thing (and it is doing a great job), referring to the fact that Bitcoin only serves the purpose of validating transactions within its blockchain environment.
On the other hand, Vitalik Buterin compared Ethereum to a smartphone, explaining that ETH is able to do anything, which includes performing operations available with BTC, in addition bringing smart contracts.
What the main idea behind the creation of Ethereum, according to the CEO of the network, is creating a blockchain ecosystem with increased power and efficiency, while finding numerous applications and purposes for the technology behind the network.
In addition to the improved functionality and wider applicability on blockchain, Proof of Stake will bring cheaper and faster transactions to the network, aiming at enabling 1 million transactions per second, which should consequently contribute to the overall functionality of the network and potentially affect the value of ETH in a positive way in the long run.