Sofiko is a freelance fintech copywriter at Coinspeaker. With a Bachelor degree in International Business and Economics, Sofiko has been deepening her knowledge of an agile innovative industry primary focusing on the robust blockchain technology and cryptocurrencies. As a bank employee, Sofiko particularly keens on crypto and blockchain integration into the established banking systems.
The alleged creator of the world’s first cryptocurrency, Dr Craig Wright ignites the fierce competition between Bitcoin and Ethereum blockchain making his contribution to the CFTC’s callout.
The blockchain technology that underpins a digital alternative to fiat money has been successfully implemented into numerous projects starting from a virtual supply chain to seamless cross-border transactions executed on the immutable ledger. However, despite the growing popularity of blockchain and its underlying assets, a name of the first-node creator Satoshi Nakamoto still has not been disposed to a wide audience.
Nevertheless, lots of “wanna-be Bitcoin creators” have been reassuring the crypto-community to trust in their prominent identity. Yet until today, the original Bitcoins that have been mined by Nakamoto in the earliest days of the cryptocurrency are lost in the realm of the blockchain.
Wright vs Ethereum
One of the most known self-proclaimed version of Satoshi Nakamoto, an Australian scientist named Craig Wright pronounced himself the Bitcoin creator back in 2016. Since that time there was no clarity in crypto-community and while some approve Wright of his claims, the majority still doubt his bold statement.
Given the absence of straightforward evidence, no one can be sure that Wright is a fraud, however, some found that his judgment of the Bitcoin’s biggest competitor, Ethereum blockchain, is pretty biased. Speaking of his trenchant adversary with Ethereum’s founder Vitalik Buterin, several times Wright publicly went sharp on Ethereum blaming the blockchain of serious security breaches and limited scalability. Responding to that claims Buterin called Wright a fraud that has no real access to any of the Bitcoin’s original mining pools.
Until today Wright was waiting for the right moment to pay Buterin back with his roughest critique of the Ethereum blockchain that now is being considered by the U.S. Commodity Futures Trading Commission.
CFTC’s Calling Out on Ethereum Input
Last year the U.S. Commodity Futures Trading Commission, also known as CFTC, announced that it requests possible input on the Ethereum blockchain and its native token Ether. This sort of poll was conducted in a bid to get a better grasp of the revolutionizing technology while evaluating public feedback on the matter.
Taking this chance to pour his train of thoughts onto the Ethereum’s discouraging nature, Wright has submitted his report on the blockchain putting the major focus on its drawbacks in comparison to Bitcoin. He said:
“Ethereum is a poorly designed copy of bitcoin designed with the purpose of completing the promise of smart contracts and scripting that were delivered within bitcoin but which were hobbled by the core developers of bitcoin who sought to enable anonymous transactions to exist within the system.”
Going further he stressed that the Ethereum network cannot scale and it has already reached its computational limits. Wrights suggests that Ethereum is effective only being used to raise capital using illegal bucket shops that are designed in such a way that they can deceive nontechnical parties. In contrast to Bitcoin that according to Wright can handle unlimited scaling while leaving simple verifications on a chain that allows a system to scale globally and deliver a distributed computational method.
After all, Wright signed his paperwork as Satoshi Nakamoto asserting the commission that the Bitcoin project started in 1997 was filed with the Australian government in part under an AusIndustry project registered with the Dept. of Innovation as BlackNet.
So far zero comments have been received from the Ethereum’s official representatives.