{"id":13552,"date":"2022-08-13T11:24:02","date_gmt":"2022-08-13T11:24:02","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-and-ethereum-are-fundamentally-different-ballet-crypto-ceo-says\/"},"modified":"2022-08-13T11:24:02","modified_gmt":"2022-08-13T11:24:02","slug":"bitcoin-and-ethereum-are-fundamentally-different-ballet-crypto-ceo-says","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-and-ethereum-are-fundamentally-different-ballet-crypto-ceo-says\/","title":{"rendered":"Bitcoin and Ethereum are fundamentally different, Ballet Crypto CEO says"},"content":{"rendered":"

(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum & Crypto News )<\/b>
\n<\/p>\n

\n

Ballet Crypto CEO Bobby Lee has added his voice to the many in the industry who say the pioneer PoW blockchain does not have to follow Ethereum\u2019s path.<\/em><\/strong><\/p>\n

Bobby Lee, the CEO of Ballet Crypto, a US-based crypto storage app provider, believes Bitcoin (BTC) is fine just where it is in terms of its consensus mechanism.<\/p>\n

Like most within the Bitcoin community, there is no need to contemplate an upgrade similar to what Ethereum (ETH) has pursued for several years now \u2013 the switch from a proof-of-work (PoW) to proof-of-stake (PoS) mechanism.<\/p>\n

Lee\u2019s comments were part of a broader outlook on Ethereum\u2019s upcoming Merge set for September, and the overall bullish picture after that. He also touched on what the transition could mean for Bitcoin, the leading proof-of-work network.<\/p>\n

The Ballet Crypto CEO, who says he is \u201cvery bullish\u201d on crypto, shared<\/a> these views with Bloomberg Television on Friday.<\/p>\n

Bitcoin and Ethereum\u2019s PoS switch<\/h2>\n

This week has seen Ethereum successfully activate the third of its testnets ahead of the ETH 2.0 transition via the \u201cMerge\u201d.<\/p>\n

The event, slated for mid-September, has been coming since the launch of the Beacon Chain in 2020, with millions of Ether, the native token on the Ethereum network staked amid investor expectations of benefitting \u2013 not from mining, but as validators.<\/p>\n

Amid this slow move towards the upgrade has been a call from some quarters for Bitcoin to also consider proof-of-stake, the main contention being the huge amounts of energy needed to run and secure the benchmark cryptocurrency\u2019s network via mining.<\/p>\n

According to the Ballet Crypto chief, attention could turn to Bitcoin if Ethereum ends up with a successful PoS network. But despite what might be a \u201cfierce debate\u201d on this, Lee thinks Ethereum and Bitcoin being different fundamentally means the two blockchains can go on to follow different consensus paths after the \u201cmerge.\u201d<\/p>\n

\u201cFundamentally Bitcoin and Ethereum are different even though they\u2019re routinely lumped into the same bucket as decentralized cryptocurrency. But the reality is that they\u2019re quite different, because Bitcoin is more about money as an underlying asset class whereas Ethereum is more about a global computation system \u2013 like a global internet computer system<\/em>,\u201d Lee told Bloomberg.<\/p>\n

In his opinion, Bitcoin will remain a store of value and used as money, while Ethereum is set to continue running smart contracts and enable things like DeFi and NFTs and many more applications and tokens.<\/p>\n

\u201cAnd for that matter it\u2019s not that it\u2019s not critical that Bitcoin has to follow Ethereum for its consensus mechanism. They can be different. And right now they\u2019re going in different directions<\/em>\u201d he added.<\/p>\n<\/div>\n

Source link <\/a>
\n
<\/p>\n","protected":false},"excerpt":{"rendered":"

(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum & Crypto News ) Ballet Crypto CEO Bobby Lee has added his voice to the many in the industry who say the pioneer PoW blockchain does not have to follow Ethereum\u2019s path. Bobby Lee, the CEO of Ballet Crypto, a US-based crypto storage app provider, believes Bitcoin […]<\/p>\n","protected":false},"author":13,"featured_media":13553,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13552"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=13552"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13552\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/13553"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=13552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=13552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=13552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}