April 5, 2024 2:51 AM | 2 minute read |
Influential Cryptocurrency Analyst, Willy Woorecently I've been wondering about the possibility of a layer 1 (L1) network like this: Ethereum (Crypto: ETH), Solana (Crypto:SOL), and radix (XRD) becomes hard money.
Can L1 tokens become hard money?
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The same analyst expressed skepticism to X (formerly Twitter) on Thursday about the ability of the L1 network to create a situation where tokens become hard money. He likened these networks to computing environments that have historically fallen in and out of favor as application needs evolved.
Wu said he uses Ethereum to send stablecoins “every other week.” tether (USDT) You can also send using other chains. on the other hand, Bitcoin (CRYPTO: BTC) has a scripting language, which is more like a protocol.
SEE ALSO: Donald Trump says he's making money on 'crazy new currencies' – which cryptocurrencies does he own?
Analysts brought up the example of Fortran, a high-level computer programming language that was very popular in the 1950s and 1960s.
Remember Fortran? Who uses it now?
“Fortran was great for banks back then, but who's using it now? Web2 came along and… [and] Suddenly JS [JavaScript] It has become mainstream because it is compatible with the Internet environment. Most large apps today use multiple languages, each suited to the purpose of the subsystem. ”
Wu recently observed the nature of owning Bitcoin and likened it to enduring hardship 75% of the time and experiencing exhilarating rewards the remaining 25% of the time.
Read next: Dogecoin is 'running a 7-year cycle,' says trader: 'I can't believe Dogecoin went from $2 to $9 to $40.'
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