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Coinbase's former Chief Technology Officer: Ethereum and Bitcoin are now "too big to kill"

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The former Chief Technology Officer of Coinbase, now turned angel investor Balaji Srinivasan, recently took to Twitter to assert that "Ethereum and Bitcoin cannot currently be killed," and suggested that in the future, there may be nation-scale token distribution models.

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In less than a decade, Bitcoin and Ethereum have captured global attention. Bitcoin emerged during the 2008 economic recession with the aim of revolutionizing the way people make payments. Shortly after, Ethereum became the world's leading smart contract platform. However, there are significant differences in the token distribution methods between the two.

Bitcoin, Ethereum Token Distribution

There have been many debates on how to formulate a fair token distribution mechanism. About 67% of Ethereum's initial supply was pre-mined, with the rest allocated as mining rewards. Bitcoin's issuance is unique as the first cryptocurrency ever created, with an initial price of $0 and no pre-mine.

Source: ambcrypto

Clearly, the distribution mechanisms of these two tokens are not the same. However, former Coinbase CTO Balaji Srinivasan pointed out on Twitter:

The innovations in token distribution mechanisms of Bitcoin and Ethereum are very interesting. Whether the public participates or not, everyone should feel they have an equal opportunity. In the future, it seems that a token distribution mechanism based on identity systems will emerge.

First Mover Advantage

ABM previously reported that Ethereum blockchain remains the top choice for 92.3% of developers. Projects claiming to compete with Ethereum like EOS, Tron, among others, have not brought potential competitive pressure to Ethereum.

Source: GoodFirms

Furthermore, both Bitcoin and Ethereum have their inherent advantages. Bitcoin being the first cryptocurrency ever created, and Ethereum being the first smart contract platform. Many projects may outperform Bitcoin in terms of performance, but they have not gained reputation within the community or threatened Bitcoin's position in any way.

Perhaps it is this strong community consensus that is the real reason why Bitcoin and Ethereum are indestructible.

Original Source: AMBCRYPTO

Further Reading

  • Study Shows: Up to 97% of Cryptocurrencies Have Almost No Liquidity
  • Tron Foundation Unlocks 33 Billion TRX Tokens, Concerns Arise Over Potential Sell-Off

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