The biggest bank in China, the Industrial and Commercial Bank of China (ICBC), said in a report that Ethereum (ETH) is "digital oil" and that Bitcoin (BTC) is like gold.
Blockchain technology has been dubbed "digital oil" by the country's biggest bank, the Industrial and Commercial Bank of China (ICBC), which compared Bitcoin (BTC) to gold in a recent report. Ethereum's centrality to the digital economy is emphasized by ICBC.
When it comes to security, scalability, and sustainability, ICBC has nothing but praise for Ethereum's developers. In their view, these enhancements will serve as a robust basis for the digital age and will power numerous Web3 ecosystem applications.
Bank officials highlighted Ethereum's (EVM) and its native programming language, Solidity, as a distinct advantage in the report. Their combined Turing completeness enables the development of sophisticated smart contracts and applications.
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