Vitalik Buterin, co-founder of the Ethereum blockchain-based decentralized services platform, said that he conceived his project around 2011, when the cryptospace was filled exclusively with the topic of bitcoin.
His journey began as a co-founder of Bitcoin magazine, where he “did a lot of things for about two years.” Buterin even dropped out of university to devote himself entirely to his work because he saw much more potential in blockchain technology “than peer-to-peer currency.
I nurtured the idea of Ethereum. The concept of a blockchain with an embedded programming language seemed to me to be the simplest and most logical way to create a platform that could be used for many different applications.
With Ethereum, the talented programmer tried to solve several problems inherent in bitcoin, such as “too limited functionality. For the sake of clarity, he compared bitcoin to a pocket calculator and ethereum to a smartphone:
Imagine the difference between something like a pocket calculator and a smartphone: a calculator does one thingwell , but people need other things. And if you have a smartphone, on a smartphone you have an app with a calculator, for playing music, a web browser, and many other things.
In the end, Buterin concluded that Ethereum was created “essentially using the same idea of increasing the power of the system, making it more universal and applying it to blockchains.”