2021-1-21 16:45 |
A bitcoin (BTC) strategist and investor remain skeptical towards the Ethereum protocol, considering it an “unfinished product.” Lyn Alden, an advisor for the dollar cost averaging BTC investing app Swan Bitcoin, believes the network lacks a concrete model, “other than just speculation.”
Alden Prefers Bitcoin’s Modular Design From an Engineering PerspectiveIn a blog post on her personal website, Alden pointed out that Ethereum protocol is an unfinished product “on the base layer, with a rather circular use-case so far that revolves around the trading, liquidity provision, and gamification, of altcoins.”
Before going in-depth into analyzing the ethereum (ETH) ecosystem, she clarified that her views are provided from an investor’s perspective.
Lyn Alden prefers Bitcoin’s modular design to Ethereum’s from an engineering perspective. She provided the following reasons:
The base layer is simple and stable, designed to be nearly bulletproof. On top of that layer, the ecosystem can innovate, and while it may not move as fast as some people prefer, it moves in the direction that the market wants. That’s also how the existing financial system works; there underlying settlement layers and then faster payment layers built on top of those base layers.
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Ethereum Is Still an ‘Experimental’ ProjectOn the other hand, the bitcoin investor says that many of Ethereum 2.0 design aspects are “clever, and it’s clear that a lot of thought has been put into it.” However, she still believes there is a lot of speculation about “what demand for it will be, how well it will function, and how securely it will maintain itself.”
Alden added:
They’re changing many things about the protocol that made it successful in terms of price for the first 5 years of its life, in an attempt to address current limitations that threaten the functionality of the network.
She also clarified that investors should be aware that Ethereum is still in alpha development. Alden forecasts that Ethereum 2.0 could be in place in another five years. Until then, Ethereum should be considered “experimental.”
What do you think about Alden’s thoughts on the Ethereum protocol? Let us know in the comments section below.
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