What Is The Difference Between Ethereum Vs. NXT Or Any Other Alt Coin?

In this 6th and last video interview with Vitalik Buterin (one of the co-founders of Ethereum (ETH)) at the first Texas Bitcoin Conference held in south Austin, we talk about about the differences between  Ethereum and other alt coins such as NXT.

We want to know:

  • What makes Ethereum different from Bitcoin?
  • What makes Ethereum different from alt coins that are copy cats of Bitcoinn?
  • What makes Ethereum different from other 2nd generation alt coins such as NXT?
  • Why can’t Bitcoin create it’s own turing complete scripting language like Ethereum?
  • What prevents other 2nd generation alt coins like NXT from creating it’s own turing complete scripting language as well?
  • What prevents other people from creating copy cats of Ethereum when it becomes open source?
  • Etc.

I hope these series of videos about Ethereum will help you make a better and informed decision whether or not to invest in Ethereum

Here is video interview (6 of 6) with Vitalik conducted by myself, Leon Fu, and James D’Angelo from the World Bitcoin Network:

Here is the interview we did with Vitalik:

Tai Zen:   What’s up guys?  This is Tai Zen again with PrisonOrFreedom.com.

It is a blog where we talk about the tools, the techniques, and the strategies and the technologies that is available to help people find freedom in their life.

And with us here today is James D’Angelo from the World Bitcoin Network, and we also have here Vitalik, with the Ethereum project.

These are some of the guys that is in the forefront of helping people find freedom when it comes to the currency world.

How old are you Vitalik?

Vitalik Buterin:  I just turned 20, month ago.

James D’Angelo:   Congratulations!

Tai Zen:   Okay, good job! Hey, is it /vay’talik/ or /vita’lik/?

Vitalik Buterin:  /vay’talik/

Tai Zen:   /vay’talik/ Okay. And last name, Buterin?

Vitalik Buterin:  Yeah.

Tai Zen:   When you look at the Ethereum versus the other alt coins that is on the market, let us take for example, like NXT.

Now, full disclosure…

I help on the marketing with NXT. So, what makes Ethereum different?

From a non-technical perspective, from me okay, a non- technical person, the things that you talk about, they talk about the exact same thing in NXT.

So, what is the difference?

Vitalik Buterin:   I would say, the difference is that, from what I have seen of NXT.

NXT implements a lot of those features explicitly.

They have transactions for all these different things whereas, with Ethereum we have, this programming language and you can just write…

Tai Zen:   Write all those features?

Vitalik Buterin:   …in the programming language.

It seems like there is no difference between the two paradigms now because I’m sure we all support all these centralize exchange, financial derivatives and all the buzz words, but…

If somebody comes up with something completely new  that no one has ever thought of, then if you have a block chain  design, that is just based on having specific transactions that is not going to fit in.

Whereas here [in Ethereum], you just write it in the program language.

Tai Zen:   Okay. So, you are saying that one has a scripting language, the other one has a bunch of features, right?

What is to prevent the developers of NXT to create a scripting a language on top of it?

Wouldn’t it be the same as Ethereum, then? Except they are several months in advance.

James D’Angelo: It is not literally like turning a tank into an airplane because it has a motor.  You have to really rebuild all that.

Vitalik Buterin:      Right. So, you cannot really build the scripting language on top, because the ideas that for it to actually work, before the scripting language actually works. Scripting language has to have the…

Tai Zen:  …the foundation?

Vitalik Buterin:      Yeah. It has to have the power to send transactions. So, it has to be at the foundation.

Oddly enough, I did actually did look into some of the NXT specs and they have turing complete scripting language as one of their wish list features.

So, good luck to you guys on that.

Tai Zen:   I come from a neutral perspective. I just want the crypto currency world to succeed. It does not really matter to me if it is Ethereum or if it is NXT. I am neutral in that aspect.

So, I know that there are some coders that might lean towards one side, or lean towards another alt coin. But for me personally, as a non-technical person, I just want to see it succeed.

I just threw that out there, not as an attack on NXT, not as an attack on Ethereum, but more of a curiosity question of “What is the prevent in this alt coin from developing the same benefits that Ethereum has?”

Vitalik Buterin:    Absolutely nothing!  I would say, we are even handicapping ourselves just because everything we do is completely open source.

At this point, if you are investing in Ethereum, I would say you are investing in the team and the community to a large extent.

Tai Zen:  The other thing too is that, what prompted you to do this by itself?  Like this script language?

Why not you use your talents and your knowledge and your experience and pick out one of the alt coins that is already there and work with them?

Vitalik Buterin:  So, I actually was working with MasterCoin before Ethereum and I was working on implementing savings, wallets and contracts for difference.

At that point, I came up with this idea of, “Hey! Let us take this idea. Let us actually generalize it.” And the logical way to generalize things is with a programming language.

I actually submitted the proposal, but at that point…

Tai Zen:   It fell on deaf ears?

Vitalik Buterin:      JR [from Mastercoin] didn’t want it and said that it was, in his words that “…it’s something that’s not going to be in our timeline for at least a few months. ”

And then, basically I said, “Okay…”

Tai Zen:      So you decided to leave that project and go build it from scratch yourself?

Vitalik Buterin:  Yeah.  JR actually has a post on the Mastercoin blog a few weeks ago where he talks about that.

Essentially, he prefers MasterCoin to be a more moderate and less innovative… but more stable sort of thing and in between Bitcoin and Ethereum.

Tai Zen:  Okay. That is all the questions I had about Ethereum.

James D’Angelo:   I think it is really exciting to think, like you said, the team is really impressive as well.

Tai Zen:   I have to say this. Based on my research at all the alt coins, I think that Ethereum had the most solid and organized development team.

James D’Angelo:  By a long shot.

Tai Zen:      Because I think that one of the advantages you guys have is that, you are putting a face out there. So that people know who you are, who Charles is, and who everybody else is.

James D’Angelo:    I think people get it. I think people see the difference. And I think that is why they are joining.   It pretty much started with just him, and they came to it.

That is a great talent coming to him.

Tai Zen:    Okay. Well, I wish you the best of luck and thanks for spending time with James D’Angelo from the World Bitcoin Network and myself. We wish you the great luck.

Vitalik Buterin:  Thank you.

James D’Angelo:   Thanks Tai for putting it all together.

Tai Zen:   All right guys, thanks for joining us and what I will do is I will get Vitalik’s Bitcoin address and leave it at the bottom of this video, and James D’Angelo also.

If you guys appreciate their work, I invite you guys to support them and send donations their way.

James D’Angelo:    And Leon’s as well.  LOL!

Tai Zen:    And Leon’s as well.  LOL!

James D’Angelo:   The cameraman.  LOL!

Tai Zen:    Yeah. And send them some coffee donations or soda donations. I am pretty sure you drink a lot of soda when you are programming.

Vitalik Buterin:   No, actually.

Tai Zen:   Coffee?

Vitalik Buterin:   Green tea.

Tai Zen:  Green Tea?

Okay, there you go. Send some green tea donations to him. All right? So, thanks for joining us and I will see you guys in the next video.

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You can support and donate to our efforts on our donations page.

Be sure to also donate Bitcoins and support the work of James D’Angelo and the World Bitcoin Network at his BTC address:   1javsf8GNsudLaDue3dXkKzjtGM8NagQe

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