Ethereum and Bitcoin, which of the two is faithful to decentralization? Vitalik Buterin is on a Twitter tussle with pessimists who think that the smart contract platform is lengthening the life of the financial legacy in lieu of giving decentralized options. In a Twitter discussion, Criptonoticias founder Hector Cardenas said that the ETH-based decentralized finance … Read more
Ethereum and Bitcoin, which of the two is faithful to decentralization? Vitalik Buterin is on a Twitter tussle with pessimists who think that the smart contract platform is lengthening the life of the financial legacy in lieu of giving decentralized options.
In a Twitter discussion, Criptonoticias founder Hector Cardenas said that the ETH-based decentralized finance movement is really making an ecosystem full of middlemen.
The Ethereum ecosystem (+ crypto more broadly) is definitely at the stage where implementing the existing ideas well matters more than coming up with new and better ideas. This was not the case 3 years ago! Today the role of idea people is to assist the execution process.
Ethereum and Bitcoin comparisons
Hector Cardenas insisted that:
This is real and maybe Vitalik is yet a Bitcoiner. But currently, Ethereum is defiantly not sharing similar aims with Bitcoin. Ethereum is extending the legacy financial system, full of middlemen, however, Bitcoin is creating a brand-new one without intermediaries.
Vitalik Buterin countered with a reply:
I think it is the opposite. Bitcoin individuals are happy to have many centralized intermediaries like tether, bitmex,liquid and many others, and it is ETH that is decentralizing these functions.
Buterin has named a few Ethereum branches that have been faithful to the decentralized nature of cryptocurrency decentralized exchanges which includes the Ethereum service name ENS and the automated Uniswap. There were also defenders for the decentralized nature of Bitcoin.
Ethereum and Bitcoin decentralized bridge
At the same time there may be a rift between Bitcoin and Ethereum communities, Buterin also wishes to build a decentralized bridge between the top crypto assets that will help users to directly convert Ethereum to Bitcoin and the other way round.
Joining the Ethereum and Bitcoin communities, Buterin believes that they will offer better exchange services. People have also reacted to the same in social media like Twitter. They have really shown interest and eagerness. They are hopeful for good exchange services deliverance and Buterin assured them of the same:
We should put resources toward a proper (trustless, serverless, maximally Uniswap-like UX) ETH <-> BTC decentralized exchange. It’s embarrassing that we still can’t easily move between the two largest crypto ecosystems trustlessly.
Buterin has expanded this idea by proposing to build DEX bridges between Ethereum and other crypto ecosystems. He has already talked to Zooko of Zcash and seemed confident to be able to get into action soon.