In a recent interview with Bloomberg TV, ConsenSys founder and Ethereum co-creator Joseph Lubin explained numerous benefits that Ethereum has over Bitcoin. He hinted that Ethereum is on its way to becoming ultrasound money ahead of the London hard fork, which took place at 12:30 p.m. today.
To reduce gas costs, the blockchain will begin burning ETH tokens. This, according to Lubin, is a step in the right direction that will convert ETH into ultra-sound money, especially given the enormous demand for the coin before the hard fork.
The London Hard Fork will bring additional improvements to the system to lower network costs and speed up transaction speeds. The hard fork is a significant step toward Ethereum 2.0 since it will switch the network’s consensus method from proof-of-work (PoW) to proof-of-stake (PoS).
According to Lubin, the London hard fork is part of a larger worldwide movement in which the first stage is the democratization of the Earth, followed by the democratization of the DeFi system and the introduction of ultrasonic money. The CEO went on to say that the widely used blockchain network will become 1,000 times greener.
Lubin referred to ETH as a crypto-fuel which has the features of a cryptocurrency but is used to pay for network transactions and storage. He admitted that Bitcoin has a great use-case, calling it a fractionalized NFT in its own right that many people may hold. Ethereum, on the other hand, is a platform for decentralized apps that will ultimately overtake Bitcoin. Lubin further stated that,
There’s a set quantity of gold on the globe, thus we’re a fixed amount of gold. And for some individuals, Bitcoin’s fixed quantity is equivalent to sound money. We have a huge demand for the Ether token, with $13 billion in Ether locked up in Ethereum 2.0 and $70 billion in decentralized finance
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The cryptocurrency community has been debating for years whether any cryptocurrency would ever exceed BTC in terms of market capitalization. Although no digital asset has come close to surpassing the largest, some predict that the second-largest, Ethereum, will do so soon.
In July, investment bank Goldman Sachs advised investors that Ethereum may ultimately surpass Bitcoin as the most popular digital currency. Ethereum’s smart contract functionality, which allows its blockchain to store tiny amounts of self-executing code. This is why the investment bank believes Ethereum will eventually overtake Bitcoin. It is a popular development platform with a higher real-world potential.
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