Ethereum and Bitcoin, which of the two has remained faithful to the original principle of decentralization? Ethereum co-founder Vitalik Buterin is involved in a heated Twitter discussion with a group of pessimists who argue that the smart contract platform is becoming an extension of old finance instead of offering new decentralized options.
Criptonoticias founder Hector Cardenas intervened in the discussion on Twitter, stating that the decentralized financial movement based on ETH is truly becoming an ecosystem full of intermediaries.
Buterin tried to explain in a friendly way: “The Ethereum ecosystem (and crypto in the broad sense) is certainly in the phase in which the implementation of existing ideas matters much more than finding new and better ideas. It wasn't like that 3 years ago! Today the role of the idea is to help the execution process. "
Comparisons between Ethereum and Bitcoin
Hector Cardenas' response was not long in coming: “This is true and perhaps Vitalik is still a Bitcoiner. But currently, Ethereum is not taking on the challenge of achieving goals similar to those of Bitcoin.
Ethereum is extending the legacy financial system, full of intermediaries, while Bitcoin is creating a new one without intermediaries. " Vitalik Buterin replied: “I think it's the opposite. Bitcoin users are happy to have many centralized intermediaries such as tether, bitmex, liquid and many others, and it is ETH that is decentralizing these functions. "
Buterin has appointed some Ethereum branches that have been loyal to the decentralized nature of cryptocurrency exchanges, explicitly referring to the Ethereum ENS services and automated Uniswap. Defenders of Bitcoin's decentralized nature also intervened in the debate.
Decentralized Ethereum and Bitcoin bridge
While there may be a rift between the Bitcoin and Ethereum communities, Buterin said he also wanted to build a decentralized bridge between the main cryptographic resources that will help users convert Ethereum directly to Bitcoin and vice versa.
Favoring a union of the Ethereum and Bitcoin communities, Buterin believes that there may be exchange services between the currencies better than the current ones. People really showed interest and enthusiasm for this perspective, positively commenting on the idea on social media including Twitter.
Crypto users are confident that there will be a positive turnaround in exchange services and Buterin himself has assured them that he will work in this direction: “We should direct resources towards a decentralized ETH <-> BTC exchange that is adequate.
It is embarrassing that we cannot yet easily move between the two largest cryptographic ecosystems. " Buterin expanded this idea by proposing to build DEX bridges between Ethereum and other cryptographic ecosystems. He has already talked to Zcash about this project with Zooko and he seemed confident that he could take action soon.
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