Patrick is an accounting & economics graduate, a Cryptocurrency enthusiast, and a Blockchain technology fanatic. When not crafting informative pieces on any of the above subjects, he will be researching on how the Blockchain technology can transform the world, particularly the financial space.
Ethereum gives a higher utility when compared to Bitcoin. Ethereum has earned global recognition, thanks to its momentous growth, evidenced by the introduction of smart contracts, NFTs, and yield farming.
According to Todd Morley, a former investment partner and co-founder at Guggenheim, Ethereum is much better than Bitcoin as it can be utilized in many ways. In his own words, he stated that “Ethereum has higher utility than Bitcoin”. In an interview on Monday, he said Bitcoin was a thing. However, Ethereum has more utility, thanks to its smart contracts.
Todd Morley further noted that any technology strategy that has no capacity for digitization will eventually be pushed out of business. The Co-founder used the example of an insurance company to express his thoughts by suggesting that such companies were well off with sustainable technology strategies.
What’s In for Blockchain Technology Users
From Morley’s point of view, Blockchain technology is gaining momentum in different parts of the globe. A classical example is exhibited in the app development space, Morley noted and observed that more app developers are now using the Ethereum network, and the growth rate for the past six years has been faster than Moore’s law. He said that this is where the action is.
Moore’s Law was copied by Gordon Moore, an American-based engineer, in 1965. It stated that the total of dense transistors increases by 200% every two years. Simply put, computers will continue being more efficient in the foreseeable future, ultimately reducing costs. Morley noted that Ethereum has been underutilized and that his company intends to be a trailblazer in that area.
The Overline Network
Currently, Morley heads the Overline Network, an interoperability protocol designed for Blockchains connection. According to Overline’s website, this enables digital assets like Bitcoin to interact with DeFi protocols in a simple and more efficient way. Earlier in the year, Overline launched Interchange, a decentralized platform that allowed the trading of collateralizable assets in many blockchain platforms without any charges. The Overline Network boasts of its native coins Overline and Emblem.
Ethereum vs Bitcoin and Other Cryptos
Even with so much popularity and potential, a recent survey published on Cointelegraph indicated that there are much more popular cryptos, despite being outranked by Ethereum. Dogecoin is a good example. The survey further noted that the number of Americans who have heard of Dogecoin is higher than the number of the ones who have heard of Ethereum.
Ethereum has earned global recognition, thanks to its momentous growth, evidenced by the introduction of smart contracts, NFTs, and yield farming since its launch, 5 years ago. On the other hand, Dogecoin has successfully rode on Elon Musk‘s popularity and Influence to assert itself. Dogecoin lacks innovation and a concrete reason for its development. However, 29% of the Harris Poll survey respondents were familiar with Dogecoin, unlike only 21% of the respondents who were familiar with Ethereum. At the end of the day, Ethereum is poised to prevail, thanks to its higher utility, as observed by Todd Morley.