Whereas Bitcoin continues to stay the “blue chip” of cryptocurrencies, 2020 has seen Ethereum path in second place, in addition to the rise in reputation of altcoins constructed on Ethereum, mentioned Hong Fang, CEO of OKCoin.
“2020, along with Bitcoin which takes the dominance out there, about 73% of the amount, Ethereum undoubtedly comes subsequent. Ethereum is principally a protocol that enables sensible contracts, in order that loads of purposes will be constructed on prime of it,” Fang mentioned.
Some analysts have speculated that Ethereum’s superior know-how will someday lead it to surpass Bitcoin in market worth, Fang mentioned that this evaluation doesn’t inform the whole story.
“I’d disagree, however not [with] the truth that Ethereum has inferior know-how than Bitcoin. I feel these two are constructed for very totally different use circumstances. They’re additionally in very totally different phases of growth of their life cycle. Bitcoin was constructed as a retailer of worth,” Fang mentioned. “Ethereum, however, is constructed to permit sensible contracts, in that individuals can truly construct apps on prime of it to actually construct web use circumstances within the crypto world.”
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