The scripting language in bitcoin is restricting application development, which is something that Ethereum can change, according to Fred Ehrsam , co-founder of Coinbase , which recently added Ethereum trading. Fred Ehrsam Ehrsam, writing in Medium , noted that in its first nine months, Ethereum’s level of app development already outpaces bitcoin’s. Ethereum has finally delivered rapid app layer iteration. Hence, the development of a decentralized organization, the DAO, focused on code and operations that humans run, as opposed to the other way around. DAO has raised $150 million in the largest ever crowdfunding campaign.
Ehrsam does not advocate a contest between the two cryptocurrencies. He sees a significant overlap between them, making the comparison useful. He noted there is potential for competition between the two.
Bitcoin was revolutionary when its white paper emerged in 2008.
When the network quietly launched in 2009, many were skeptical. To ensure its utility, bitcoin’s scripting language was restrictive. It was designed as an easy-to-use programming language.
Bitcoin’s language actually is not scripting language; it uses a stack with script operators.
Within every bitcoin transaction is the ability to write a small program. A user can write a program saying the transaction is not valid except for a certain date. This allows funds to move automatically using computer code, and everyone can view the rules by which the money moves and be certain the rules will be followed.
Bitcoin remains the first network to enable anyone to access an open financial system via free software. It has never experienced an unfixable systemic issue.
But seven years later, there are few apps and no “killer app” other than speculation and store of value. The bitcoin scripting language has hardly expanded and is restrictive. As bitcoin faces a block size debate that is not likely to halt progress, Ethereum charts new […]