When people hear the two words “smart contract” they tend to think immediately of DAOs, DEX’s, and NFTs largely found on Ethereum. But that’s about to change. In 2024, we can expect Bitcoin to take the lead in drawing developers to build on the network due to superior security founded in its proof-of-work consensus method and a fee model that is designed to effectively incentivize network contributors now through eternity.
This post is part of CoinDesk’s “Crypto 2024” predictions package. Taras Kulyk is the founder and CEO of SunnySide Digital.
In contrast, Ethereum zealots have been predicting that ether [ETH] will overtake bitcoin [BTC] in market cap for years, but it’s now apparent these forecasts are not coming true. ETH is now down almost 30% in relative market cap versus BTC. Ironically, the only flippening likely to happen is a migration of Ethereum use cases transitioning to the Bitcoin protocol. (Even with puritanical Maxi Bitcoiners like Luke Dashjr up in arms about it.)
Proof-of-sake: The death knell for Ethereum
When Ethereum switched to proof-of-stake (PoS), it set the course for its gradual and inevitable obsolescence. In contrast to proof-of-work (PoW), which takes into account the physics and engineering of energy consumption, staking implements a sort of “voting” system to approve the next correct state of the chain. The more crypto you have, the greater weight your votes have.
Essentially, PoS is a replication of everything that’s wrong with our current financial system where the “haves” obtain greater power over the “have nots” or “have littles” — except it’s on a blockchain.
What’s more, if measured under the same 51% attack threat model as PoW, PoS is fundamentally, and fatally, insecure. This is anathema to the cypherpunk vision and it should be condemned. A system built on constant hard forks is bound to make network participants weary of the potential unforeseen implications of each upgrade.
See also: Casey Rodarmor: The Bitcoin Artist | Most Influential 2023
You could say Ethereum was misguided from the beginning, ever since the Ethereum Foundation created a 70% premine to pay themselves. This move set the course for the powerful to control the network, and it becomes blatantly obvious that Ethereum is destined to fail, even from a regulatory…
Click Here to Read the Full Original Article at Cryptocurrencies Feed…
