Ethereum
World’s Largest Bank Says Ethereum Is ‘Digital Oil,’ Bitcoin ‘Digital Gold’: Report
The world’s largest bank, the Industrial and Commercial Bank of China (ICBC), is reportedly calling Bitcoin (BTC) “digital gold” and Ethereum (ETH) “digital oil”.
In a new report shared by Matthew Siegel, VanEck’s Head of Digital Assets, ICBC praises the top two cryptocurrencies by market capitalization.
The report also states that market demand for digital assets is strong, driving innovation in the sector.
“Market demand drives continued iteration of digital currencies.”
The report draws comparisons between Bitcoin and gold while claiming that the crypto king has additional advantages.
“Bitcoin retains scarcity similar to gold through mathematical consensus, while solving its problem of difficulty in splitting, authenticity difficult to identify and inconvenient to transport. Its monetary attributes gradually weaken, while its active attributes constantly strengthen.
Calling Ethereum a “digital oil,” the report praises various features of the leading smart contract platform’s ecosystem. Although ICBC highlights some of the network’s shortcomings, it also believes that technological advancements will resolve them over time.
“Ethereum has continually improved its technology in terms of security, scalability and sustainability, providing the technical power for the digital future…
Ethereum features Turing completeness with its proprietary programming language (Solidity) and virtual machine (EVM), allowing developers to write and organize a variety of complex smart contracts and applications, providing strong support platform support for blockchain technology. Its flexibility is widely recognized in the areas of decentralized finance (DeFi) and non-fungible tokens (NFT), and is gradually extending to the physical infrastructure network (DePin).
Essentially, Ethereum’s Turing completeness allows it to execute any programming instruction given correct instructions and sufficient resources, but this also poses several practical problems…
Going forward, Ethereum developers will continue to work to find the Pareto optimum between sustainability, security, and efficiency.
Bitcoin is trading at $66,502 at the time of writing, down 5% in the last 24 hours. Meanwhile, Ethereum is trading at $3,464 at the time of writing, down more than 6% on the day.
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