Recently, BitMex Research revealed a report in which the team detailed the reasons why Ethereum (ETH) has succeeded in eclipsing Bitcoin (BTC) as the center of DApps activity. According to the team, there are certainly technical reasons for this situation. However, the main reason is the culture of BTC developers before the launch of ETH.
A controversial protocol
To find the reasons for this discrepancy, a BitMEX Research report focused on the discussions held in March 2014 between Bitcoin Core developers regarding the BTC application layer. These talks started with the address of the Counterparty protocol at the beginning of 2014.
This protocol (Counterparty) relies on OP_Return to store data. In any case, this is what BiMEX represents “The function can be used to burn bitcoins or store arbitrary data in the Bitcoin blockchain”. If the use of the blockchain as done by Counterparty technically seems to have advantages for certain professionals, this method will contrary to the values being defended by the creators of the blockchain.
For example, on March 20, 2014, BTC contributor Jeff Garzik criticized CounterParty’s use of blockchain. In the Bitcointalk forum, he explained that there may be storage Negative consequences or “involuntary”. It also indicated that more efficient scaling solutions could be used as sidechains.
A position that has been criticized by many people
Jeff Garzik is not the only one to propose new solutions other than the method adopted by Counterparty to mine the Bitcoin blockchain. Luke-Jr has also made suggestions in this direction. On March 28, he went so far as to compare Counterpart’s techniques to a form of abuse against Bitcoin nodes. However, his post angered members of the community. “I can not believe that the owners of bitcoin (BTC)”said one user.
For others who see things from a different angle, counterparty operations are financial transactions. So, they comply what Bitcoin (BTC) nodes have agreed to store as data. “You have a much narrower view of potential use cases for bitcoin than others,” said Counterparty co-founder PhantomPhreak.
There are several reasons why decentralized app developers choose to use ETH over BTC in the app creation process. In a recent report, it is stated that the main reason given is that the developers had a certain concept and culture of BTC before the development of the Ethereum (ETH) blockchain.
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