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Bitcoin Is the Asset, Ethereum Is the Platform
But it is the Layer 0 that matters, says Paul Brody, head of blockchain at EY.
Updated May 19, 2025, 4:57 p.m. Published May 19, 2025, 4:56 p.m.
What to know:
- The social consensus and community around blockchains are crucial to their strategic success, with Bitcoin and Ethereum having distinct ecosystems.
- Bitcoin is viewed as a scarcity-based store of value, while Ethereum is seen as a platform for building and extending applications.
- Both ecosystems have passionate supporters and are engaged in ongoing 'memetic warfare' to maintain their dominance and value.
Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
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Crypto for Humans: Lessons from the Bybit Hack
The exploit showed that human failings, not technical glitches, are the most important factors in such incidents, says INSEAD's Ben Charoenwong.
What to know:
- The recent security breach at Bybit, the world's second-largest cryptocurrency exchange, involved a home-grown Web3 implementation using Gnosis Safe, triggering around 350,000 withdrawal requests.
- Human error, not technical flaws in blockchain protocols, has consistently been the primary vulnerability in cryptocurrency breaches, with organizations often failing to secure systems due to a lack of responsibility acknowledgement or reliance on custom-built solutions.
- A shift towards human-centric security design is essential, with modern solutions needing to anticipate human mistakes and remain secure despite these errors, integrating behavioral anomaly detection and multi-factor authentication principles.
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