Saturday, October 16

Tag: ethereum 2.0

Founder Reveals How Radical Upgrade Could Challenge Bitcoin By Ethereum
Blockchain

Founder Reveals How Radical Upgrade Could Challenge Bitcoin By Ethereum

According to Ethereum co-founder, Vitalik Buterin, the Ethereum blockchain will destroy ether tokens. He practically means that radical upgrade could challenge bitcoin by ethereum. Ethereum's upgrade called EIP-1559 is processing towards ethereum 2.0, overtaking the current transaction fee system. The users will send the fee amount directly to the network instead of the miners. These fees received then will be burned, resulting in less ether supply. "If bitcoin and its availability is sound money, then if you have a lowering availability, does that make ethereum ultrasound money," asked Vitalik. "Sound money" refers to the stability of the currency and utility in terms of value. However, Buterin mocked off the question as a "joke" he went on to explain that there's a distinct pos...