Blockchain Explained by Joe Lubin Episode 3: Ethereum vs. Bitcoin
Episode 3 takes a look at the fundamental differences between the world’s two leading blockchain networks.
In this eight-part series, Joe Lubin, the Co-founder of Ethereum and Founder of ConsenSys, discusses key concepts in blockchain technology, Ethereum, and the global decentralization movement that is currently driving technological innovation.
Each week we’ll release a new video in the series! You can check out Episodes 1 and 2 here.
In the third video installment, Joe Lubin explains the differences between Ethereum and Bitcoin. While Bitcoin became a successful experiment in monetary theory, Ethereum expanded upon the underlying technology to create a platform for decentralized applications or “dapps.”
Joe elaborates on the benefits of Ethereum, including trusted transactions, smart software objects, automated agreements and many more. “Ethereum is one of the foundational protocols of the decentralized Web,” says Lubin. Additionally, he mentions how Ethereum can already integrate and interoperate with current decentralized protocols like file storage and personal identity.
Trust is a fundamental component of decentralization and Joe illustrates how nodes play into ensuring network security. He goes further into detail about how Ethereum is the most decentralized blockchain platform with over 20k nodes worldwide and explains that the number of nodes will increase when Ethereum transitions from the computationally heavy proof of work (PoW) consensus mechanism to the proof of stake (PoS) consensus mechanism.
When discussing Ethereum’s transition from proof of work to proof of stake, Lubin notes, “The barrier to entry to participating, to validating transactions on the system and securing the network will drop quite dramatically.”
Tune in next week for a deeper dive into the world of decentralization, and find out Joe’s vision for Web3!
Disclaimer: The views expressed by the author above do not necessarily represent the views of Consensys AG. ConsenSys is a decentralized community with ConsenSys Media being a platform for members to freely express their diverse ideas and perspectives. To learn more about ConsenSys and Ethereum, please visit our website.
