Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Considering the kind of projects that the Ethereum blockchain hosts, and the kind of services it offers, Roger Ver believes that Ethereum will be able to drive major user adoption.
Roger Ver, also popular as Bitcoin Jesus for being an early BTC advocate, recently gave a statement that it will be Ethereum, and not Bitcoin, responsible for driving a bulk of new users towards cryptocurrencies.
While speaking at the Show Me The Crypto podcast on Tuesday, May 31, Roger Ver said that despite the Ethereum blockchain facing scaling issues and other Layer-1 competitors arriving in the market, Ethereum has managed to stay at its dominating position. He said:
“Even though Ethereum doesn’t have the biggest market cap compared to Bitcoin, I think Ethereum is the front-runner in terms of driving worldwide adoption.”
The Ethereum development team, however, has been working hard for making the Ethereum blockchain more scalable and efficient. One pivotal moment for the Ethereum ecosystem was the Merge event in September 2022, following which, Ethereum moved to a more scalable Proof-of-Stake (PoS) blockchain network.
With future updates, Ethereum developers are likely to improve the network scalability to a great extent. In the podcast interview, Roger Ver also praised the rise of Ethereum Virtual Machine-compatible (EVM) blockchains as well as Layer-2 scaling solutions such as Polygon. He said that such solutions have helped to take the load away from the main chain.
The Bitcoin vs Ethereum ‘Civil War’
Roger Ver went down memory lane and spoke about the “civil war” that took place between Bitcoin developers and Ethereum co-founder Vitalik Buterin, in the early days of crypto.
What drive Buterin to build Ethereum were the disagreements over the use of smart contracts as well as conflict over the idea that blockchains were purely for hosting currency or store of value. Ver said:
“All of that would have been built on top of Bitcoin if not for the scaling civil war that happened. These Bitcoin core developers hate Vitalik, and they basically drove him from the project to go and create Ethereum, and more power to him for that.”
Touching down on the recent Ldeger debate over the controversial Recover service, Ver called it “disappointing”. The Ledger Recover service proposed users store their encrypted seed phase along with external custodians to safeguard against any loss.
Ver emphasized that although custodial accounts and key recovery options are acceptable for individuals, the fundamental principle of cryptocurrency revolves around maintaining complete control over one’s assets at all times.