Despite its scaling issues and competition from layer-one clones, Roger Ver has commended Ethereum as the primary force behind worldwide crypto adoption. Speaking on the Show Me The Crypto podcast, Ver praised the development of layer-2 scaling techniques like Polygon MATIC and the rise of Ethereum.
Ethereum’s Growth and Scaling Solutions: Ver’s Perspective
According to news reports, Roger Ver, a Bitcoin investor, asserted that Ether will be the main attraction for new users to crypto. Despite Ether’s scaling troubles and the numerous layer-one clones that have emerged in its aftermath, Ver, known as “Bitcoin Jesus” for his early support of bitcoin, claimed on a May 31 episode of the Show Me The Crypto podcast that the Ethereum ecosystem is still where the action is:
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.
Bitcoin Jesus – Roger Ver
Ver applauded the growth of layer-2 scaling solutions such as Polygon MATIC and blockchains compatible with the Ethereum Virtual Machine (EVM). It can distribute some of the weight away from the main chain.
Ver also described the “civil war” between Vitalik Buterin, the co-founder of Ethereum, and the Bitcoin core developers in the early days of the leading crypto.
According to Ver, ETH was created by Buterin due to disagreements over the usage of smart contracts and a shift away from the notion that blockchains should only be used as repositories of value or money.
The Bitcoin network had the potential to undergo all that development despite confronting a mounting civil war. Ver stated that Vitalik took the lead and established ETH Vitalik was disliked by Bitcoin Core developers, which caused him to leave the project and spark the establishment of Ethereum.
Ver discussed the recent Ledger controversy and referred to the contentious Recover service as “disappointing.” Roger Ver, a proponent of Bitcoin Cash and an early adopter of Bitcoin, has complimented Ethereum and predicted that it would be the chain that spurs widespread acceptance of cryptocurrencies.
Ethereum over Bitcoin?
Ver expressed a similar viewpoint regarding the Ethereum ecosystem while showcasing some ground-breaking technologies, like NFTs. He stated that he thought Ethereum had the top spot in promoting adoption globally, despite its market cap being lower than that of Bitcoin.
He acknowledged that Ether has scalability problems, but he downplayed how serious they are by noting the abundance of EVM-compatible blockchains that can relieve the main chain of some of its load.
Accounts of the establishment of Ethereum center on Buterin’s discovery that Bitcoin needed to be improved for the features he had in mind, such as DAOs and smart contracts. As a result, he came up with a brand-new idea that was more expansive, which he later developed with the assistance of the other co-founders Gavin Wood, Charles Hoskinson, Anthony Di Iorio, and Joe Lubin.
Ver was sued in January for failing to pay $20.8 million in unpaid crypto options by a trading division of the crypto lending company Genesis. In a Reddit post from January, Ver asserted that he had “sufficient funds” to cover the debt. Still, he contended that since Genesis was no longer in operation, he was not legally obligated to fulfill his end of the bargain.
Although cryptocurrencies have made some respectable gains over the past few months, they are still far from their all-time highs in 2021. It is noteworthy that Ether (ETH), the second-largest crypto behind bitcoin, is trading at around US$1,700 (£1,463) after falling as low as US$876 in mid-June.
One of ETH’s fundamental value propositions that are extremely important to financial institutions and may be implemented within regulatory frameworks is self-custody, transparency, and disintermediation. With its unparalleled network decentralization, Ethereum has already made strides toward institutional acceptance and is all but sure to take over as the main settlement layer for all financial transactions worldwide.
Ethereum’s role in financial stability
Ethereum does not exist to provide a stateless alternative currency or an anonymous shadow economy. It simply provides neutrality.
The timing of Ethereum’s entrance as the first utterly impartial justice in the world’s financial system could not be better. Domestic politics in big countries have become more unpredictable as the global stability provided by the United States’ dominance is diminishing. The financial system urgently needs to uphold trustworthy driving laws in a multipolar globe.
