Vitalik Buterin LATEST UPDATE On Ethereum And Bitcoin - Aug 18, 2021

Vitalik Buterin LATEST UPDATE On Ethereum And Bitcoin - Aug 18, 2021

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In this interview, the Ethereum co-founder Vitalik Buterin explains the features that distinguish Ethereum from Bitcoin. He also shares his views on the outlook for the crypto world. Here is the summary of the question-and-answer session:

Is crypto the future or a fad?

Buterin thinks it's the future that contains fads. Now, it's mostly finance apps that are built on Ethereum. Aside from NFTs, there is less likely to see a killer app for Ethereum that could lead to widespread adoption, much like email was for the internet.

The blockchain-based financial thing has always been attractive because the traditional financial system sucks more than traditional centralized tech. Today, many people use cryptocurrencies to send money internationally outside finance.

Ethereum developers are doing great work to make accounts more secure. And instead of Ethereum as just being an account that holds money, users will soon be able to use it as a complete profile with decentralized social media. Besides, the social and financial things that you can do with that even work together.

Bitcoin is a blockchain that's designed for one application, which is like maintaining and letting people use Bitcoin as a currency. But Ethereum is a general-purpose blockchain. So, instead of being a blockchain designed for one application, Ethereum supports a built-in programming language. And whatever blockchain application you want to build, you can just write the logic of the application in the program and upload that program to the chain.

And this becomes what is called a smart contract. Then, anyone can interact with the blockchain and the blockchain interprets the rules of your application for you. Hence, instead of being something that's designed to do one thing, Ethereum opens up space for creativity.

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