Ethereum (ETH) creator Vitalik Buterin has stated he was trying to find a solution to Bitcoin’s (BTC) limited functionality with the creation of Ethereum. He explains why his “second generation blockchain” is better than the most prominent altcoins in the global marketcap.
In an interview for Business Insider, he shared that he initially supported Bitcoin community and later realized that Bitcoin could evolve. He tried to expand the capabilities of Bitcoin but decided to develop a new one which would be more efficient then Bitcoin with an efficient blockchain.
“Soon after (dropping the university) I started to realize there were a lot more interesting things that you 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”.
Vitalik pointed out the difference between both the blockhains of Bitcoin and ethereum as the ones of a pocket calculator vs. a Smartphone.
“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.
So basically, taking that same kind of idea of increasing the power of the system by making it more general purpose and applying it to blockchains.”
Ethereum recently implemented its Constantinople hard fork, a difficult milestone which they planned previously. This would be the first step to achieving fast, scalable and much efficient blockchain.
In December 2018, Vitalik had announced that future blockchains with sharding based on proof-of-stake will be “thousands of times more efficient,” and that non-financial applications enabled by cheaper transactions will become “a bigger part of the story.”