Vitalik Buterin: Programmability is the Only Way Ethereum (ETH) Transcends Bitcoin (BTC)
Since the inception of Bitcoin, there has been a keen interest of the masses on how the blockchain technology works. In that period, a rise of different coins all created on the blockchain technology has seen a sharp increase. And now, with the awareness, people are looking at those coins and what makes each coin unique from the other.
Vitalik Buterin, Co-founder of Ethereum has asked lovers of Ethereum to educate the masses on the concept behind the Ethereum network and Ethereum (ETH) coin.
“It offers all the things that Bitcoin [BTC] does, but it also offers this extra feature, which is the programmability.” … At first, we (Ethereum team) basically took the MasterCoin idea and attempted to generalize it more… Instead of saying here are the 10 different things you can do, here is a programming language that allows you to do whatever you can write.”
Buterin said that he acquired the idea of creating the Ethereum platform while he was working for MasterCoin (MC). MasterCoin mainly dealt with financial derivatives use cases. The Ethereum team borrowed the MasterCoin concept and tried to make it extensive.
This brought forth an idea for the tech community to make use of blockchain for stuff that had no relation with currency itself like key revocation. According to Vitalik Buterin, the initial model of Ethereum was to facilitate diverse financial contracts.
He was not shy to admit that majority of the applications that work on the Ethereum network are not his ideas, rather they are from the community. Furthermore, Vitalin admitted that he had not initially planned on creating a cryptocurrency, rather, it was just a development of an idea at the back of his mind.
Get the Latest from Blockchain Kingpin Vitalik Buterin