New York Times published an opinion article yesterday that suggests ethereum may take over bitcoin as the gold standard of cryptocurrencies. I disagree. And the proof is in the technical details.
Ethereum is a currency that’s vulnerable to hacks. Any cryptocurrency is, but with ethereum, it is more so. In fact, ethereum was hacked once in its less than three years long history. $80MM worth of ethers were stolen, and the Ethereum Foundation decided to change the source code so that the thieves would not be able to use the money. The idea was, this way, the heist would be contained. But, to some, this was no different than governments seizing individuals’ properties, hence against the decentralized spirit of blockchains. As a result, the ethereum-classic hard-fork was born.