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Bitcoin and Ethereum are, undoubtedly, the two largest and most commonly used cryptocurrencies today. They have been applied in several innovative ideas and use cases to provide enterprise solutions to customers. As cryptocurrencies move further toward the mainstream, they continue to revolutionize every sector of the economy they are being applied to. While they are collectively known as change factors, each crypto coin possesses unique features and limitations.
During an interview with Business Insider, Vitalik Buterin, co-founder of Ethereum , talked at length about how he started out in the crypto space and why he had to create the Ethereum blockchain.
Buterin explained that he stumbled upon the crypto space in 2011 when he was just 21 years old. The crypto verse was dubbed Bitcoin space at the time. He grew a liking for the space after hearing about it from a couple of places and as he continued in the community, his interest in the space grew even bigger. His first crypto-related project was Bitcoin Magazine which was an online website at the time and later a print magazine focused on Bitcoin-related topics as well as technical, economic, and social topics.
He worked on such topics for about 2 years and decided to try something new. At some point, he had to drop out of his undergraduate school to pursue his passion in the crypto space. As time went by, he realized there is more to the crypto space than just Bitcoin. Taking a leaf from Bitcoin, he created a blockchain that is more like an upgraded version of the cryptocurrency and named it Ethereum.
When asked about the issues with Bitcoin that he tried fixing with Ethereum, Buterin explained that the major issue he observed with the Bitcoin blockchain was that it is somewhat limited. He likened Bitcoin to a pocket calculator, whose effectiveness is limited to a particular function. While Ethereum is more like a smartphone that can operate the pocket calculator app and several other apps like the music app, web browsers, and a whole lot more.
Basically, he took a similar idea as that of the Bitcoin blockchain and made its effective across a number of use cases by boosting the power of the system. I guess it is safe to call Ethereum the upgraded version of Bitcoin or maybe Bitcoin 2.0.
Recently, Buterin received an honorary doctorate from Basel University and he was also labeled “dictator for life” by the anti-crypto economist Nouriel Roubini.