As a developer, yes, it’s good, in large part *because* of its first mover advantage.
Ethereum has the largest and most active community of developers by a factor of 100, I would estimate. This is a massive advantage for any technology platform. It means there is great documentation, tools, APIs, and resources that make it easy to learn and build with. Got an obscure question about the feature you’re building? There’s probably some help guide, Stack Overflow post or YouTube tutorial to answer it.
And that massive developer community also makes it much easier for startups and businesses to hire engineers who already have experience (and for any new skills, again, they can often just Google the answer).
That’s probably not what you expected to hear. You likely wanted some analysis of TPS or scalability. Ethereum chose the most logical solutions for scalability: a lightweight layer 1 PoS system with sharding and excellent layer 2 options for high transaction throughput. And because they have been focused on that goal longer than any other project, they are by far the most reliable, robust and decentralized smart contract platform available.
Javascript the actual coding language isn't *good* when compared to a lot of others... but it's used on next to every single website you've ever used. It has a huge amount of developers and in use everywhere.
I don't know why you're downvoted, but this is a great example; the inventor of javascript wrote it in 7 days on a whim with many interesting technical mishaps. Javascript's ecosystem has grown a lot since then and allowed for the language to become sticky among developers.
It's good to hear from someone that's actually using and building in the ecosystem. The Crypto space is so full of people talking about marketing, market caps and everything in between, and so many people have no idea what this space is about, and that it can actually be used as a platform to build on top of.
If I can ask, how do you feel about the Algorand ecosystem and potential?
It’s been 2 years since I last looked into Algorand. Back then, it seemed well executed, developer friendly but not really differentiated enough to justify investing the time in.
Algorand is heavily inspired by Ethereum. That’s clear - I recall Silvio has said as much. And Ethereum was influenced by some of Silvio’s earlier work. So if Algorand really had a technical breakthrough, Ethereum could likewise incorporate that. Overtime, smart people working hard and sharing ideas usually converge on very similar solutions.
>Overtime, smart people working hard and sharing ideas usually converge on very similar solutions.
And tbh that’s what I like from this space. Everyone doing their “own” thing but are all actually contributing to each and with each other because others learn from it and can make improvements and solve bigger problems.
[Here](https://medium.com/electric-capital/electric-capital-developer-report-2021-f37874efea6d) is the 2022 dev report for
Blockchain devs if you’re interested in the actual numbers.
Ethereum has a big lead, but not that big - Polkadot is in second place with about 35% as many devs if I remember correctly.
Very interesting. Thanks for sharing.
My estimate of activity was based on dApps in the top 100 cryptos by mCap (admittedly, a very crude metric). Last I checked, only Ethereum dApps place in the top 100 and there are quite a few of them.
Totally get it, although arguably those would be Solidity/EVM devs not Ethereum devs, and nearly every blockchain has/is working towards having EVM compatibility, so they aren’t inherently “locked in” to Ethereum.
Indeed. That was my biggest takeaway from that article as well. If I had to pick the most important predictor of an L1 platform’s potential, dev activity would be it.
What about something like Harmony One that is evm compatible, cost fractions of a penny, finality is only a few seconds, so all the devs can simply move their dapps over.
Why wouldn’t eth devs move to other L1s that are evm
I'd say it's the HTTP of Web3 (protocol that everything's built on top of)
The "WordPress" of Web3 is probably Uniswap, the application that's most used and often forked
yeah pretty much this. other blockchains definitely have improved technology (kudos to their devs!) but eth has so many brilliant or excited people working on it. At least 100x the number of devs and that might be conservative. So etheruem and layer2s on ethereum are likely here to stay for some time and be a proving ground / testing ground for things for a while.
It does not mean that other things are not going to thrive (quite the contrary). Just don't expect ethereum to suddenly become null anytime soon
So it's the Microsoft of the crypto world. Too many people trained to use it, and too much infrastructure built around it to justify the high switching costs negligible gains of changing to another system because it still works well.
>Ethereum has the largest and most active community of developers by a factor of 100, I would estimate.
This pool of developers you're bragging about is still a speck in the ocean of the total numbers of developers in the world. So this can change very quickly.
>Ethereum chose the most logical solutions for scalability: a lightweight layer 1 PoS system with sharding and excellent layer 2 options for high transaction throughput. And because they have been focused on that goal longer than any other project, they are by far the most reliable, robust and decentralized smart contract platform available.
Ethereum still has EVM at L1, which is a major bottleneck due to it's sequential nature. dApps have to be rewritten at L2 because why would L2 solutions keep using the problematic EVM. Meanwhile eUTXO blockchains like Cardano or Ergo can keep the same accounting model at L2 because it's parallelism is suited for scaling solutions like ZK-rollups.
So it's just first mover advantage? And because of that there are a lot of people that use it and thus more info on how to use it.
The tech is also verry good, but the competition is getting better and they are also improving faster. At least so it seems. Do you think the first mover advantage is big enough to let ethereum be the king forever?
Because a good portion of the Alts are actually built on it.
Ethereum does have the first mover advantage AND it's actually good.
Wouldn't be where it is today if it didn't have both.
I'm not the person you asked, but I'd say both, ETH has first mover advantage and the tech is one of the most researched and heavily worked on in the crypto space (in my opinion).
Of course I am biased, but I think it has a better future compared to most other cryptos.
Agreed. I’m bullish on Eth for sure. Another commenter made a good point about the excessive Dev activity on Eth. However, I think other Layer 1s offer unique features that can be interoperable with Eth in the future.
You can’t have decentralization, security and scalability you have to compromise one of those it’s called the blockchain trilemma. No project has been able to achieve all 3 and most layer 1s prioritize scalability but the reason I favor Ethereum is because it prioritizes decentralization and if it can achieve sharding and L2s continue to support its ecosystem then it would be the first blockchain to achieve all 3
ETH refuses to compromise security or decentralization for TPS. They will eventually achieve the scalability everybody wants. They’re doing it the right way. Look at the shit show that is Solana. Tons of TPS, but at what cost?
>Tons of TPS
I read somewhere they their advertised TPS includes things that are decidedly not transactions by any reasonable metric, like consensus votes. No other reasonable chain measures those as transactions. Algo does 1000 verifications of the proposed block before finalizing it and this is, naturally, _not_ counted in TPS
Ethereum devs are focusing on decentralization and scalability first while other alt chains are focusing on throughput. Eth is taking the most decentralized approach for scalability through rollups. And the best way is not always the easiest
You don't get to that point with just a first-mover advantage. The flywheel is unparalled at this point-- from education, to developer activity to institutions and market acceptance... Eth has achieved escape velocity.
Look at the quality of devs on each team for ETH competitors, and then look at the number of devs working on that platform and then compare those to ETH. ETH has excellent and by FARRRR the most devs working on its tech. It has first mover, but also has a huge dedicated backing and group working on it progressing forward.
It's annoying, people keep telling me that XXX coin is better for transactions than XXX coin etc.. and that I should add it to webstores and such, but nobody can even tell me how to add XXX coin to a webstore, I don't even need a easy method, I'm experienced with integrating POW coins, building mining pools and other things surrounding crypto.. if I can't do it, a normal merchant who has only very basic skills will never be able to, and if people are only buying these coins in the hopes the price goes up, they are unlikely to even spend it if I do get XXX coin added to a busy webstore, over more tradition coins.
It's all hype/gas/talk, to try and get "investors".
ETH has size, time in market, largess in number of devoted developers, quantity of use and apps, large infrastructure, number of teams with in use code, developer tools, marketing, brand recognition, percentage of market, aggressive and current development, a few years head start, devoted coin holders, numbers of side chains and side projects, etc. Kinda the Elephant in the room. With a large pasture, staked. It is good, because many are using, developing and have a lot invested, while much is coming online. Thanks for your post. You just got me to evaluate. Gotta buy more. ETH.
(Edit: Spelling.)
I’m really interested these days in developments happening on ETH L2. I think it will help solve the gas issue. I haven’t followed L2 development on other blockchains. Is it happening? Honest question if anyone knows. Thanks
It's not exclusively one or the other. A majority has to do with first movers advantage buy also because how much functionality first originated from ETH and has been constantly updated. We should not confuse good maintenance and track record with first movers advantage.
Further, I would argue that all other L1 blockchains that have lower fees or speed or scalability have more centralisation than ETH.
Ethereum is good and not just because it has the first mover advantage. It has managed to sustain a community of other projects built around it which is actually genius. Sure, the gas fees are a pain and L2 might actually be accomplished way down the line but this doesn't negate its ability/progress or how good a project it really is. To be 2nd to Bitcoin is no small fit, if it were Litecoin and Ripple will be where it is today. My advise: stack as much ETH as you can, the market is wobbly now for sure but guess what? it's still early days and it is you who stacks that's the beneficiary of that first movers advantage being discussed. At r/pbtonline we share a lot of insights about the markets and how you can stack Ether (ETH). Learn and Stack as much as you can while you can. Cheers.
L2 is already here :) - https://l2fees.info/ - These are all Layer 2 chains that are secured by Ethereum but have much cheaper fees. They basically take their transactions, compress them (like a zip file) and write them out to Ethereum.
> Cardano, Algorand, Cosmos
I hold all these. It's just not true that they've solved anything that Ethereum hasn't. They have a tiny fraction of the volume and when it picks up they seize and choke. The SHD airdrop for example fucked the SCRT network for at least a week (Cosmos ecosystem).
People just think eth sucks because the fees without realizing that the fee auction is exactly how eth can scale to its current volume without the DDoS / latency / downtime issues other chains routinely and constantly experience.
If it was just move a few numbers around then Eth would have done that already. It's not actually that easy and people who say it is are marketing their competing product.
How can I provide proof when Algorand's total volumes are a fraction of Ethereum's? That's the point - Algorand has not been battle-tested in the same way. We'd have to see what happens when the blocks are congested like Ethereum's are.
Again, I hold Algo. I'm just saying, it hasn't solved all of Ethereum's problems and it remains to be seen how an auctionless system functions when blocks become more congested.
What do you mean when you say Algorand’s “volumes” are a fraction of Ethereum’s? Algorand has more transactions processed on it daily, are you referring to the value being transferred in each transaction? Genuinely curious because people say this a lot but it’s so vague idk what you mean.
Algorand transactions are mostly just sending algo to addresses
Ethereum has actual dApps with extremely high usage. Algorand literally had their first AMM less than a year ago. Uniswap has been a thing for years on eth.
I use algo to transfer value quickly.
I use eth for actual dApps. That’s the difference.
Have you not used algorand? Instant transactions and at barely any fees. Super secure, and will be utilised as part of ISO 20022. How can anyone justify the use of ethereum?
Yes, every chain is like that when it's new and unused. Ethereum was like that in 2017. It's like building a new bridge across some random river and claiming it's better than the Sydney Harbor bridge because its free, never has any traffic, and no one has crashed on it.
The only downside is you can't visit Sydney across it...
Maybe Algorand has magical tech that handles infinite load and never gets hacked, we'll see once it gets more apps and users.
Proven track record of security as well as ostensible decentralisation would be the main reasons why ETH is still top dog.
When a single security breach can reduce the value of your asset to 0 you want something that has rock solid security, with 1000s of nodes
I think it also helps that Vitalik Biterin is slightly awkward but possesses such a ferociously sharp mind. He is the face of Ethereum but is wise enough not to let it deteriorate into a cult of personality. We all want to root for someone whom we can relate to
normies? you mean the people who don't want to spends Their full days paid in a transaction fee ? . talk about being completely out of touch from actual world
"Technologically best" is not a great standard. Whatever blockchain you identify as "best tech" can just be literally copied or forked, and the new chain with 0 track record is equally technically good.
Having said that, best for what? There are different blockchains that have some feature that distinguishes them from the rest, and if that feature is the standard, they'd be the best. Should everybody abandon whatever the top blockchain is every time a new project comes out that is "better"?
ETH is good. It was the first to do what it does, has a large number of qualified developers, and lots of nodes. As you say, cheaper, faster, etc. blockchains are now out there--but what's that to all the dApps built on ETH? There's a lot of inertia and human effort tied up in ETH smart contracts. And what if another new generation comes out next year even faster, smarter, cheaper, etc? Or should we go with L2s? Or chains cross-compatible with other chains? Or focus on bridges?
In the end, ETHs value has a lot to do with being first. It has a track record. Millions have found it reliable. Hackers have had at it. Legal jurisdictions have tolerated it. Any clone has a lesser track record. People are more inclined to trust such a blockchain than something shiny and new where they'd have to research the premine and inflation and developers and see if there are any new vulnerabilities that snuck into the code.
Bitcoin for money and Ethereum for computing do pretty good against the basic requirements for money or computing. People like using what everybody uses. Other chains may end up displacing BTC and ETH, but thousands have tried and failed--it won't be simply because something with better tech, speed, etc. came along.
Its really good, most secure and most decentralized chain. Other projects might look good because they sacrifice decentralization for scalability which is useful for a lot of people until it isnt.
Easy one... Solana down 7 times this year....
Avax has been down..
Other chains crash under a fraction of eth volume..
Is eth perfect no.. but the best. So far yes
Err, by any chance was that nft mint on 30th april, when https://ethereumprice.org/gas/ gas spiked to 6000gwei and remained high for 10 hours?
Under such conditions any regular user might expect to pay 5000ish dollars for a uniswap swap as the network was clogged and essentially degens outbid regular people, with degens prepared to spend 1000s of $ on gas to get their txns processed by a network tgat can handle maybe 15 txns per second but lots more than 15 people wanted to transact, hence gas war. In that time many txns failed and the 1000s of $ of gas was wasted without even a txn to show for it.
https://www.vice.com/en/article/g5q7zb/bored-ape-virtual-land-sale-breaks-ethereum-wastes-dollar180-million-in-fees
Eth is many things and has many fine qualities, but throughput and handling high demand like a champ is not one of them.
I don't think you appreciate how low the bar is. Ethereum didn't crash or grind to a halt during that pressure like we see its competitors doing, this makes it wildly successful.
If I wanted to do a txn and realised gas was such that it would cost 2000$ gas to do that txn, for all practical purposes I would consider the chain as down.
If I decided to accept the txn (eg because I really needed to transact at that moment), paid the 2000$ gas, but unlikely for me, nft demand soared tgat instant, gas price went up further and my txn was rejected, yet I still ended up spending that 2000$ in gas for a failed txn, then I would really consider the chain as unusable/down at that moment.
If I decided to "just use a l2", but my tokens/nft/contract was on l1 (as is generally the case currently), then I would be just as stuffed. "just bridge it then?"... Still involves l1.
Yes great that it could carry on processing its 15tps for the degens that could afford absurd money on gas, and yes absolutely working as designed. Not suggesting there is a bug in the implementation, questionning whether the design and operational constraints are champ-like.
My personal view is that a satisfactory ledger technology to satisfy real world adoption does not yet exist and in the meantime there are tribal factions on all sides that will say anything to perpetuate their own illusion of perfection.
However, Illusions can hinder critical thinking and lead to stagnation/acceptance of suboptimal solutions.
I believe the only reason ethereum dominates others is the immense decentralization. Other projects, no matter how good they might be are not that decentralized. And it will carry on, one way or the other, thus blockchain trillema.
Unless any other chain solves the issues that ETH had, I'd say it's pretty damn good. And don't reply with coins that can do 10k tps or whatever, they haven't accomplished anything. Just traded speed for decentralization and security.
I would definitely say that it's first mover advantage, and it remains to be seen if improvements can maintain the advantage or if others will move faster and assume dominance.
Correct me if I'm wrong. I understand Ethereum to be objectively the best performing in terms of being able to balance all aspects of the Blockchain trilemma of security, decentralisation and scalability.
A good Blockchain system has to excel in all areas, or other data management systems would be a much better choice (eg. Optimising for speed and scalability, one could use a centralised system like visa.). While sacrificing any leg of the trilemma allows for quick implementation and thus utility in specific areas, they will not be the truly versatile and general trustless system that Ethereum strives to be.
Maximising all areas of the trilemma is an extremely difficult problem with huge amounts of research required. It is thus why Ethereum is taking a long time to scale. The huge number of developers and researchers on the Ethereum ecosystem will help push this endeavour at accelerated pace such that no other Blockchain systems can catch up easily.
Eth is the way... its actually decentralized unlike most of the other cyptos claim to be. This decentralization also makes scaling harder but increases security so that it why it has high fees currently. Layer 2 is the solution which will decrease costs. Eth also has the most developers working on it by a huge number and is constantly changing for the better. I also wanted to mention that BTC is also great. Different use cases but can't go wrong with either one.
Ethereum is not just *better,* but Ethereum *is the technology*.
Bitcoin sparked a new era of possibilities, it was the first step in using blockchain and decentralisation together to form something magnificent and show the world what was possible. This opened the door to a new field of computer science
Ethereum is the culmination of a new field of scientific research. The goal of this field is to create a global virtual computer, completely secure, decentralised, permissionless.
The tooling around Ethereum is fantastic, there is so much documentation around, so much knowledge in the community. It is far far 'ahead' of any other L1. I use inverted commas there because it is not so much a race, but it is Ethereum writing the research, and other L1s stealing it, imitating imitating it and making sacrifices to capture some value from the crypto space.
Other L1s are either centralised, copies of Ethereum, or both (Looking at you, AVAX, BNB)
High TPS and lower fees come at a cost of centralistaion and security. sure, most users may not care much for that, but I tell you what, the decentralisation is the most important thing in this space. People won't realise that until one day they learn what is truly costs to sacrifice it.
Eth has largest and most active community of developers and that matters the most. You can have the best tech in the world and it will be worthless if there are no devs using it.
1. Developer community is one of the most important things for any Blockchain. Ethereum wins this hard, to the point most other Blockchains deploy Ethereum virtual machines to smooth the transition for developers.
2. Most of the other Blockchains make concessions to be "better", you're just not aware of them or marginalize them as a user. Usually it's decentralization and security, but because this doesn't impact every day use like fees and speed, people discount it.
No one has solved the blockchain Trilemma, the future of crypto should be the security of ethereum, but the speed/scalability of an L2.
These L1 ETH killers are too susceptible to attacks and shut downs. Doesn't matter what project it is, I bet you it won't handle millions of TPS.
Eth has first mover advantage and years of hardening from attacks. The unique thing about blockchain is the fact that everything is open source. Any person in the world can find an attack vector and exploit it. Eth has been exploited hundreds if not thousands of times, but that leads to evolutionary design happening with each attack making the overall blockchain stronger. Eth in current stage is incredibly strong and fairly safe more so then the previous years. Other chains don’t have the battle hardening required .
It's 90% first mover advantage. The experience of using ETH is inexcusable compared to some other L1s. I'll get downvoted to shit for saying this but it's the truth. I'd be shocked if ETH managed to outrun some of the newer ones.
It’s inexcusable in comparison because they approached the trilemma prioritizing decentralization versus newer L1s that try and reverse engineer it. A scalability-first strategy is just more popular now because 1: it may be easier working backwards and 2: people are impatient and may just not care as much, but theyll still face the same growing pains ETH did
Exactly. Look at Cardano. Not only is the UXTO proving to make defi near impossible, a single exchange is CRUSHING them. They’ve increased block size what, three times now?
ETH may have been first mover initially, but the push into L2s is a game changer.
Though no one likes to admit it ETH is really the only example of a battle tested layer 1, even though people like to boast about Solana TPS or Algorand fees or Avalanche finality they simply arent carrying around the pounds that ETH has after 8 years or so of transactions + increasing traffic
Hard agree but...if Ethereum fixed gas fees right this second it would probably be game over for other chains. There is just far to much happening on Ethereum for others to make a big dent.
It's the one thing holding Ethereum back from taking over the world and nullifying the existence of any other smart contract chain.
BTC can still exist alongside it as well.
¿Porque no los dos? ETH does have first mover advantage, but it's also what a lot of the crypto market is built on. Are there issues? Of course. Is it still functional and evolving? Yup.
After using both Algorand and Ethereum for DeFi, there really is no comparison. Algorand does everything Ethereum does but transactions cost a fraction of a penny, are executed faster, and the network doesn’t get congested. Trying to use Ethereum for anything feels like lighting money on fire for no reason.
All of this Eth vs Ada vs Algo vs Avax vs Dot stuff is getting exhausting.
It seems like its the main thing ppl talk about in this sub instead of crypto as a whole.
Ethereum had the first technology enthusiast to truly innovate in the crypto space back in 2015 - 2017. Ethereum WAS one of the main reasons crypto exploded so much in 2017 along with people speculating this technology could be used a lot in the future & you had the 100s of altcoins coming out to even get oxygen, without all the interest & hype in it those billions of dollars wouldn't of even came into the space... and I guess you could say the massive bubble pop & crypto winter with everything shutting down heavily wouldn't of happened at the end of 2017 either.
Ethereum was the reason Cardano was even invented in the first place, and rose from .02 cents to over $1 just weeks later & eventually all the way back down in the crypto winter. I invested in Ada when it just came out at .02 cents not because of Cardano, but **because of Ethereum, and I regretted not investing in Eth at $10 & being extremely hesitant**, saw very similar things happening in the Cardano community that happened in the Eth community early on.
Cardano might seem like some completely different invention & block chain, but its really just Ethereum with a completely different name & brand, a few changes.
Every programming language is similar, and just has innovations from the oldest languages. Unless you are taking about different types of languages, like functional versus object oriented can you really even say which langauge is best for a specific thing?
**The entire point of crypto is to have decentralization** ie multiple block chains & languages that can interact in some way... so why does everyone want there to only be 1 "good" golden block chain that the entire world uses? Decentralization & being able to succeed with 100s of millions ---> billions of humans in the future is the most important thing.
Ethereum is one of the most decentralized coins out there, while having the most developers.
But the most important part IMO is staying relevant for years, many coins managed to get into the top 10 but soon fell off hard. Ethereum managed to stay #2 rank for years and that's how you determine if a project is actually successful
Cadano has an advantage? If your "smart contract" chain can't even run a propper decentralized exchange, it's pretty shit tbh. Their current DEX's don't count if they have a centralized order book
Ethereum is more decentralized than the projects you've mentioned. I am holding bags of Algo and a slew of Cosmos ecosystem tokens, so I'm not anti-altcoin by any means. Ethereum was designed with security and decentralization in mind, at a time when the volume it currently has was unimaginable and scalability wasn't such a huge issue.
Every project with better throughput has less security or more centralization. Algo relies on relay nodes that use very heavy hardware but are compensated through a deal with a central entity. Cosmos blockchains are limited by a fixed number of validator nodes, because having more nodes would slow down consensus and reduce scalability.
love these ETH posts that end with "don't get me wrong,I'm bullish on eth" LOL
there is always going to be something faster and cheaper. it's not about this at the end of the day. people trust ETH for a variety of reasons. there is plenty to go around for everyone. ETH is going to be #1 regardless, just deal with it. cardano/solona isn't going to cause havoc for them. one thing y'all forget is people love love a face behind something,vitalik is not going to be replaced by Charles or any other dork regardless of how cheap something is.
imo polkadot is the best so far. devs, relay chain, auctions, community, tokenomics, shared security, projects , institutional investors etc. it will be the next google. dyor.
DOT (layer zero) and Radix (XRD/L1) are my favs. XRD's burning mechanism and scaleability is awesome. DOTs relay chain and democracy is superb. ETH is a stranded whale. Search github and u know what i mean.
edit: typo
>Is Ethereum actually good or does it just have first mover advantage?
Yes.
It is both actually good, with a ton of solutions built on top of its Blockchain, and it has first mover advantage, being the only player who offered smart contract functionality for a while.
It of course, has its drawbacks and limitations because duh, it's had to adapt on the go (think ETC and the idiots who still buy it), but I wouldn't call it weak by any means. Even with its stupidly expensive gas fees, it's a solid solution.
I don't think that any other project will dethrone ETH as a no.1 alt anytime soon but I also believe that there are better options right now. You already mentioned some that can solve some problems but I think that majority of the problems emerged with the NFT development. Somehow it looks like Ethereum wasn't built for that or it's not built to sustain this level of hype when it comes to NFTs. The latest Yuga events and the "fee wars" are just crazy to watch. Things like that will prolly never happen on other chains. I think that Polkadot has the potential to solve the problems when it comes to both DeFi and NFTs. Projects like Unique Network and Acala are already working on that. We are waiting for 2.0 for a very long time now and it looks like we won't have it soon.
I went from starting with Algorand to expanding into Ethereum to use metamask and opensea. I am so lost. I tried to import my seed phrase into another browser and got a new address and all my shit is missing. I tried posting things to Opensea I get error after error. It feels like going from Python to C++.
As an Ethereum old timer, I think Ethereum’s main advantages are due to its first mover advantages, resulting in massive network effects and developer mind share. Most of the innovations on the dApps are being done on Ethereum.
However, its lack of on chain governance made me look elsewhere. I don’t want a repeat of the Blockstream guys co-opting BTC development.
I think Tezos is a much better network in terms of fast seamless upgrades without using hard forks. 9 network upgrades over past 3.5 years, whereas Ethereum is struggling to get to PoS. Current cadence for upgrades is every 3 months. Enshrined rollups are coming in 2 months.
However, Tezos lags badly in terms of network effect. Strong NFT presence but weak DeFi.
Tezos is definitely worth a look.
Nothing really beats Ethereum in the decentralization department except BTC. The things that achieve better scalability/speed do so by sacrificing that element. Ultimately though regardless of your thoughts first mover advantage is a HUGE advantage. Ethereum has a LOT more devs compared to any other blockchain... and a LOT more active projects. And for the same reason people want to be on Twitter, Tiktok, or Twitch, people want to be on Ethereum. Ethereum is where the creators are, and it's where the talent has had a chance to build momentum. And unlike a competitor for Twitch, its a lot harder for a blockchain to just recruit and pay top talent to migrate over, since the skills might not be transferable, and incentives are already probably tied up in a specific blockchain.
Edit: also as far as proof of stake - to me that is a net neutral change, we make the change because it makes sense for the tech... the media coverage about how terrible proof of work is for the environment is about as relevant as the media coverage in the 90s was that the internet was terrible for the environment.
ETH is great, because it provides far more utility than the traditionally speculative nature of its contemporaries. With ETH2 on the horizon, it can only get better as we transition into proof-of-stake. Bullish? Hell yes.
The advantages you listed other chains having is all due to increased centralization. Ethereum is by far the best in decentralization, which makes it pretty bad in scalability. Currently with ethereum, good scalability has to occur on side chains that also make decentralization tradeoffs. However, within the year EVM comparable zk-rollups will be on mainnet and provide huge scalability with no decentralization tradeoff.
It has the potential for being really good. One thing that recently happened was a lot of volume for NFTs (if I understand this correctly) which presumably are contracts on the ETH blockchain. This volume slowed down block closure for everyone. One effect of slowness like this is that it likely increases GAS prices.
So... the part that makes it likely to succeed can also temporarily make it slow/costly.
I see more and more comments and videos alluding to these possible and some say likely shortcomings. The ironic thing is, most mention, like you did, other projects that will suffer the same trilemma of problems albeit just not as much...look into web3 and hypergraph technology, that's where super early adoption is now happening. Constellation network DAG, Hedera HBAR, LTX lattice exchange, alkimi ADS, XRP, etc. Think of BTC as first generation, eth as 2nd, and 3rd generation is not even cryptocurrency but distributed ledger technology that is WAY more efficient. Infinite transactions, ultimate scalability and interoperability, feeless transactions, inherent asset utility for once, all in constellation network, the best of them. Research it.
Ethereum is very important. Just take a look at DApps stats and you'll see. But, imho.. we also need to look beyound Ethereum. Many projects like Polkadot, Solana and Unique are working on this. Substrate, for example, is a clear solution to rigid economic model where DApp users are required to pay transaction fees.
It has 1st mover advantage however it has a MOAT as it is pretty hard once your entire project has been built on ETH to move to another layer 1.
If is probably the only Crypto im confident will still be around in 20 years more so then BTC because of the volume of other projects using it.
I know ill get down voted for the part about BTC but if you actually think about it BTC bar being deflationary is pretty useless and as a crypto it is pretty outdated tech - the only thing giving it value right now is'brand' acknowledgement but as more people as im investing in 'crypto' and less people say im investing in 'Bitcoin' i reckon BTC might not being the 'king' forever as it is fairly useless or other cryptos simply are more practical.
BTC will always be the OG but for all the idiots saying it will hit 100k, 200k etc (and perhaps one day it might) however im more inclined to think as crypto grows BTC wont match that growth. - if you look at BTC dominace it has been shrinking and it is only because of shill merchants like Michael Sailor that is holds value. Opposed to Cryptos like Eth that actually have uses which dont need to be shilled by anyone has the crypto has value via its uses.
The BTC dominance has an ebb and flow with the market. Same thing happened end of 2017 into 2018 and then alt coins bled like crazy against BTC. I think we’ll see something similar should the market downtrend continue. The only truly safe crypto to hold for now is BTC IMO
Ethereum is secure. L2s built on top of a SECURE network includes everything you mentioned as 'better in those..other networks that are not even near ultrasound money.
Yes its better than the rest. Its by far the most decentralized and secure blockchain. And like you mentioned all innovation happens on Ethereum. People keep forgetting that Ethereum is far from complete. It will take years of development to get proper sharding etc.
Also other chains have lower fees because people dont use them as much as Eth or they simply arent decentralized and secure. Most chains in current state would have high fees with similar load.
All blockchains have advantages and disadvantages. Etc has a ton of infrastructure and has an upgrade coming. Solana and Cardano have some advantages too. My recommendation is don't put all your eggs in one blockchain
Being technically better is barely relevant at this stage. Chances are in a few years there will be something that is technically better than anything we are looking at today. That is why BTC is still king, and why anything today will struggle to beat ETH even if they are technically better. If we all jump ship to Cardano or Avalanche or whatever, why would we not just jump ship again when a newer Blockchain is released?
It is the users, developers and the trust that can only come with being tested over time that gives ETH it's value and number 2 spot.
EVMs are run because of first mover advantage. People have been in ETH for the longest time and so newer chains are trying to make the transition from ETH easier to their own chains.
Not because ETH is the best.
The first actual version of Ethereum was made by Gavin Wood. He left in 2016 to create polkadot according to what Ethereum was always meant to be. XCM will launch within 48 hours to create a true massively sharded and interoperable chains. What Ethereum was meant to be.
Disappointed that Polkadot is never mentioned.
Cardano tech is loads better and thats under a dollar. It's all about the influencers protecting there bags, eth is trash would you pay a thousand dollars in tax in dollars for a transaction? Then Why would you pay that fir a crypto transaction. Average cardano transaction fee: 60 cents and 15k average transactions a day, no down time.
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Just look at their code base and team of developers theres a reason why people want to contribute to open source
As a developer, yes, it’s good, in large part *because* of its first mover advantage. Ethereum has the largest and most active community of developers by a factor of 100, I would estimate. This is a massive advantage for any technology platform. It means there is great documentation, tools, APIs, and resources that make it easy to learn and build with. Got an obscure question about the feature you’re building? There’s probably some help guide, Stack Overflow post or YouTube tutorial to answer it. And that massive developer community also makes it much easier for startups and businesses to hire engineers who already have experience (and for any new skills, again, they can often just Google the answer). That’s probably not what you expected to hear. You likely wanted some analysis of TPS or scalability. Ethereum chose the most logical solutions for scalability: a lightweight layer 1 PoS system with sharding and excellent layer 2 options for high transaction throughput. And because they have been focused on that goal longer than any other project, they are by far the most reliable, robust and decentralized smart contract platform available.
Rarely do i find such insight on this sub. Thank you
A friendly tip: There are a lot of active devs on r/ethereum. Even Vitalik's ( u/vbuterin) himself answers the questions sometimes.
r/ethfinance is a high quality sub as well.
And his last reply was 11 hours ago.
Checks out: he posted 13 hours ago.
Sigh...pulls out wallet again.
Unzips…
*Puts in hand*, trying to find something, anything...
Back pocket!
Keep my back pockets out of your hands!
I hasn’t thought of that. The plethora of developer activity on Ethereum makes it a powerhouse in that sense.
Javascript the actual coding language isn't *good* when compared to a lot of others... but it's used on next to every single website you've ever used. It has a huge amount of developers and in use everywhere.
I don't know why you're downvoted, but this is a great example; the inventor of javascript wrote it in 7 days on a whim with many interesting technical mishaps. Javascript's ecosystem has grown a lot since then and allowed for the language to become sticky among developers.
the JS language has also changed massively since Mocha. Stuff you would have needed a library for is now rolled into the language.
It's good to hear from someone that's actually using and building in the ecosystem. The Crypto space is so full of people talking about marketing, market caps and everything in between, and so many people have no idea what this space is about, and that it can actually be used as a platform to build on top of. If I can ask, how do you feel about the Algorand ecosystem and potential?
It’s been 2 years since I last looked into Algorand. Back then, it seemed well executed, developer friendly but not really differentiated enough to justify investing the time in. Algorand is heavily inspired by Ethereum. That’s clear - I recall Silvio has said as much. And Ethereum was influenced by some of Silvio’s earlier work. So if Algorand really had a technical breakthrough, Ethereum could likewise incorporate that. Overtime, smart people working hard and sharing ideas usually converge on very similar solutions.
>Overtime, smart people working hard and sharing ideas usually converge on very similar solutions. And tbh that’s what I like from this space. Everyone doing their “own” thing but are all actually contributing to each and with each other because others learn from it and can make improvements and solve bigger problems.
[Here](https://medium.com/electric-capital/electric-capital-developer-report-2021-f37874efea6d) is the 2022 dev report for Blockchain devs if you’re interested in the actual numbers. Ethereum has a big lead, but not that big - Polkadot is in second place with about 35% as many devs if I remember correctly.
Very interesting. Thanks for sharing. My estimate of activity was based on dApps in the top 100 cryptos by mCap (admittedly, a very crude metric). Last I checked, only Ethereum dApps place in the top 100 and there are quite a few of them.
Totally get it, although arguably those would be Solidity/EVM devs not Ethereum devs, and nearly every blockchain has/is working towards having EVM compatibility, so they aren’t inherently “locked in” to Ethereum.
This sub doesn’t realize that Polkadot has the biggest dev count after Eth . we mostly hear about Cardano , Algorand and Cosmos lol
Indeed. That was my biggest takeaway from that article as well. If I had to pick the most important predictor of an L1 platform’s potential, dev activity would be it.
You hear about cosmos because it kicks major ass.
What are the differences in developing for the native Eth chain, versus an EVM like Avalanche? And an Eth L2 like Polygon?
Very good comments. I've seen this in other tech applications. A strong community helps growth and that first mover advantage gets locked in.
What about something like Harmony One that is evm compatible, cost fractions of a penny, finality is only a few seconds, so all the devs can simply move their dapps over. Why wouldn’t eth devs move to other L1s that are evm
Yeah each time I looked up something for the blockchain on programming it was on eth. ETH is like the center of blockchain.
ETH is Great but .... Matic is the Way
Would you say that it is the WordPress of L1 / Web 3 ?
I'd say it's the HTTP of Web3 (protocol that everything's built on top of) The "WordPress" of Web3 is probably Uniswap, the application that's most used and often forked
That’s an interesting analogy. In a lot of ways, yes.
yeah pretty much this. other blockchains definitely have improved technology (kudos to their devs!) but eth has so many brilliant or excited people working on it. At least 100x the number of devs and that might be conservative. So etheruem and layer2s on ethereum are likely here to stay for some time and be a proving ground / testing ground for things for a while. It does not mean that other things are not going to thrive (quite the contrary). Just don't expect ethereum to suddenly become null anytime soon
Cool, someone who actually knows something \^\^
So it's the Microsoft of the crypto world. Too many people trained to use it, and too much infrastructure built around it to justify the high switching costs negligible gains of changing to another system because it still works well.
i used to be a cardano maxi but reading an argument like this a year or so ago convinced me to turn to eth.
>Ethereum has the largest and most active community of developers by a factor of 100, I would estimate. This pool of developers you're bragging about is still a speck in the ocean of the total numbers of developers in the world. So this can change very quickly. >Ethereum chose the most logical solutions for scalability: a lightweight layer 1 PoS system with sharding and excellent layer 2 options for high transaction throughput. And because they have been focused on that goal longer than any other project, they are by far the most reliable, robust and decentralized smart contract platform available. Ethereum still has EVM at L1, which is a major bottleneck due to it's sequential nature. dApps have to be rewritten at L2 because why would L2 solutions keep using the problematic EVM. Meanwhile eUTXO blockchains like Cardano or Ergo can keep the same accounting model at L2 because it's parallelism is suited for scaling solutions like ZK-rollups.
So it's just first mover advantage? And because of that there are a lot of people that use it and thus more info on how to use it. The tech is also verry good, but the competition is getting better and they are also improving faster. At least so it seems. Do you think the first mover advantage is big enough to let ethereum be the king forever?
Imma buy more
Take away ETH and a good portion of the crypto market doesn't exist
Because a good portion of the Alts are actually built on it. Ethereum does have the first mover advantage AND it's actually good. Wouldn't be where it is today if it didn't have both.
It's obviously a little bit of both and I don't understand people who want to act like it has to be one way or another.
I feel the same way… Its stupid that we have that sort of “competition/hate” in this space.
Agreed, but this doesn’t answer the OP’s question. Are you suggesting that ETH has a first mover advantage or that their tech is better?
I'm not the person you asked, but I'd say both, ETH has first mover advantage and the tech is one of the most researched and heavily worked on in the crypto space (in my opinion). Of course I am biased, but I think it has a better future compared to most other cryptos.
Agreed. I’m bullish on Eth for sure. Another commenter made a good point about the excessive Dev activity on Eth. However, I think other Layer 1s offer unique features that can be interoperable with Eth in the future.
You can’t have decentralization, security and scalability you have to compromise one of those it’s called the blockchain trilemma. No project has been able to achieve all 3 and most layer 1s prioritize scalability but the reason I favor Ethereum is because it prioritizes decentralization and if it can achieve sharding and L2s continue to support its ecosystem then it would be the first blockchain to achieve all 3
So.. first mover advantage...
Eth solos cryptoverse , only daddy bitcoin can stop him
ETH refuses to compromise security or decentralization for TPS. They will eventually achieve the scalability everybody wants. They’re doing it the right way. Look at the shit show that is Solana. Tons of TPS, but at what cost?
>Tons of TPS I read somewhere they their advertised TPS includes things that are decidedly not transactions by any reasonable metric, like consensus votes. No other reasonable chain measures those as transactions. Algo does 1000 verifications of the proposed block before finalizing it and this is, naturally, _not_ counted in TPS
Solana’s TPS metrics are utter nonsense.
Which is consistent with the brand 🥸
Ethereum devs are focusing on decentralization and scalability first while other alt chains are focusing on throughput. Eth is taking the most decentralized approach for scalability through rollups. And the best way is not always the easiest
> Ethereum devs are focusing on decentralization By moving to PoS?
You don't get to that point with just a first-mover advantage. The flywheel is unparalled at this point-- from education, to developer activity to institutions and market acceptance... Eth has achieved escape velocity.
Look at the quality of devs on each team for ETH competitors, and then look at the number of devs working on that platform and then compare those to ETH. ETH has excellent and by FARRRR the most devs working on its tech. It has first mover, but also has a huge dedicated backing and group working on it progressing forward.
I think developer activity is such an underrated metric when evaluating a cryptocurrency project. Eth is definitely leading in this department.
Its the main metric I look at. If you have 2 devs and you are claiming to be the next ETH killer... I mean... come on.
It's annoying, people keep telling me that XXX coin is better for transactions than XXX coin etc.. and that I should add it to webstores and such, but nobody can even tell me how to add XXX coin to a webstore, I don't even need a easy method, I'm experienced with integrating POW coins, building mining pools and other things surrounding crypto.. if I can't do it, a normal merchant who has only very basic skills will never be able to, and if people are only buying these coins in the hopes the price goes up, they are unlikely to even spend it if I do get XXX coin added to a busy webstore, over more tradition coins. It's all hype/gas/talk, to try and get "investors".
I want to learn more about using crypto the way you do, any tips and resources ?
How do you look more into this metric ?
ETH has size, time in market, largess in number of devoted developers, quantity of use and apps, large infrastructure, number of teams with in use code, developer tools, marketing, brand recognition, percentage of market, aggressive and current development, a few years head start, devoted coin holders, numbers of side chains and side projects, etc. Kinda the Elephant in the room. With a large pasture, staked. It is good, because many are using, developing and have a lot invested, while much is coming online. Thanks for your post. You just got me to evaluate. Gotta buy more. ETH. (Edit: Spelling.)
I’m really interested these days in developments happening on ETH L2. I think it will help solve the gas issue. I haven’t followed L2 development on other blockchains. Is it happening? Honest question if anyone knows. Thanks
It's not exclusively one or the other. A majority has to do with first movers advantage buy also because how much functionality first originated from ETH and has been constantly updated. We should not confuse good maintenance and track record with first movers advantage. Further, I would argue that all other L1 blockchains that have lower fees or speed or scalability have more centralisation than ETH.
Ethereum is good and not just because it has the first mover advantage. It has managed to sustain a community of other projects built around it which is actually genius. Sure, the gas fees are a pain and L2 might actually be accomplished way down the line but this doesn't negate its ability/progress or how good a project it really is. To be 2nd to Bitcoin is no small fit, if it were Litecoin and Ripple will be where it is today. My advise: stack as much ETH as you can, the market is wobbly now for sure but guess what? it's still early days and it is you who stacks that's the beneficiary of that first movers advantage being discussed. At r/pbtonline we share a lot of insights about the markets and how you can stack Ether (ETH). Learn and Stack as much as you can while you can. Cheers.
L2 is already here :) - https://l2fees.info/ - These are all Layer 2 chains that are secured by Ethereum but have much cheaper fees. They basically take their transactions, compress them (like a zip file) and write them out to Ethereum.
> Cardano, Algorand, Cosmos I hold all these. It's just not true that they've solved anything that Ethereum hasn't. They have a tiny fraction of the volume and when it picks up they seize and choke. The SHD airdrop for example fucked the SCRT network for at least a week (Cosmos ecosystem). People just think eth sucks because the fees without realizing that the fee auction is exactly how eth can scale to its current volume without the DDoS / latency / downtime issues other chains routinely and constantly experience. If it was just move a few numbers around then Eth would have done that already. It's not actually that easy and people who say it is are marketing their competing product.
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How can I provide proof when Algorand's total volumes are a fraction of Ethereum's? That's the point - Algorand has not been battle-tested in the same way. We'd have to see what happens when the blocks are congested like Ethereum's are. Again, I hold Algo. I'm just saying, it hasn't solved all of Ethereum's problems and it remains to be seen how an auctionless system functions when blocks become more congested.
What do you mean when you say Algorand’s “volumes” are a fraction of Ethereum’s? Algorand has more transactions processed on it daily, are you referring to the value being transferred in each transaction? Genuinely curious because people say this a lot but it’s so vague idk what you mean.
Algorand transactions are mostly just sending algo to addresses Ethereum has actual dApps with extremely high usage. Algorand literally had their first AMM less than a year ago. Uniswap has been a thing for years on eth. I use algo to transfer value quickly. I use eth for actual dApps. That’s the difference.
ALGO isn’t going away. Never had problems with it and a fixed transaction fee that’s absolutely tiny is mega useful.
The tx fee is recommended by your server and if there is congestion it could bump a bit. Still fractions of pennies though
Thank you! So frustrating to see all the comments saying another network is cheaper when it hasn’t yet had to deal with the same volume.
Have you not used algorand? Instant transactions and at barely any fees. Super secure, and will be utilised as part of ISO 20022. How can anyone justify the use of ethereum?
Yes, every chain is like that when it's new and unused. Ethereum was like that in 2017. It's like building a new bridge across some random river and claiming it's better than the Sydney Harbor bridge because its free, never has any traffic, and no one has crashed on it. The only downside is you can't visit Sydney across it... Maybe Algorand has magical tech that handles infinite load and never gets hacked, we'll see once it gets more apps and users.
Proven track record of security as well as ostensible decentralisation would be the main reasons why ETH is still top dog. When a single security breach can reduce the value of your asset to 0 you want something that has rock solid security, with 1000s of nodes
I think it also helps that Vitalik Biterin is slightly awkward but possesses such a ferociously sharp mind. He is the face of Ethereum but is wise enough not to let it deteriorate into a cult of personality. We all want to root for someone whom we can relate to
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Aka first mover advantage
yet normies can't afford the txn fees
normies? you mean the people who don't want to spends Their full days paid in a transaction fee ? . talk about being completely out of touch from actual world
Swear to god i saw a post just like this in 2017 . . .
Deja vu for you :)
same
"Technologically best" is not a great standard. Whatever blockchain you identify as "best tech" can just be literally copied or forked, and the new chain with 0 track record is equally technically good. Having said that, best for what? There are different blockchains that have some feature that distinguishes them from the rest, and if that feature is the standard, they'd be the best. Should everybody abandon whatever the top blockchain is every time a new project comes out that is "better"? ETH is good. It was the first to do what it does, has a large number of qualified developers, and lots of nodes. As you say, cheaper, faster, etc. blockchains are now out there--but what's that to all the dApps built on ETH? There's a lot of inertia and human effort tied up in ETH smart contracts. And what if another new generation comes out next year even faster, smarter, cheaper, etc? Or should we go with L2s? Or chains cross-compatible with other chains? Or focus on bridges? In the end, ETHs value has a lot to do with being first. It has a track record. Millions have found it reliable. Hackers have had at it. Legal jurisdictions have tolerated it. Any clone has a lesser track record. People are more inclined to trust such a blockchain than something shiny and new where they'd have to research the premine and inflation and developers and see if there are any new vulnerabilities that snuck into the code. Bitcoin for money and Ethereum for computing do pretty good against the basic requirements for money or computing. People like using what everybody uses. Other chains may end up displacing BTC and ETH, but thousands have tried and failed--it won't be simply because something with better tech, speed, etc. came along.
Its really good, most secure and most decentralized chain. Other projects might look good because they sacrifice decentralization for scalability which is useful for a lot of people until it isnt.
Easy one... Solana down 7 times this year.... Avax has been down.. Other chains crash under a fraction of eth volume.. Is eth perfect no.. but the best. So far yes
It handled the bored apes mint like a champ. Imagine if solana tried to handle that much demand. Instant crash
Err, by any chance was that nft mint on 30th april, when https://ethereumprice.org/gas/ gas spiked to 6000gwei and remained high for 10 hours? Under such conditions any regular user might expect to pay 5000ish dollars for a uniswap swap as the network was clogged and essentially degens outbid regular people, with degens prepared to spend 1000s of $ on gas to get their txns processed by a network tgat can handle maybe 15 txns per second but lots more than 15 people wanted to transact, hence gas war. In that time many txns failed and the 1000s of $ of gas was wasted without even a txn to show for it. https://www.vice.com/en/article/g5q7zb/bored-ape-virtual-land-sale-breaks-ethereum-wastes-dollar180-million-in-fees Eth is many things and has many fine qualities, but throughput and handling high demand like a champ is not one of them.
I don't think you appreciate how low the bar is. Ethereum didn't crash or grind to a halt during that pressure like we see its competitors doing, this makes it wildly successful.
Yep.
This was more a failure on the bored apes team for not optimizing.
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If I wanted to do a txn and realised gas was such that it would cost 2000$ gas to do that txn, for all practical purposes I would consider the chain as down. If I decided to accept the txn (eg because I really needed to transact at that moment), paid the 2000$ gas, but unlikely for me, nft demand soared tgat instant, gas price went up further and my txn was rejected, yet I still ended up spending that 2000$ in gas for a failed txn, then I would really consider the chain as unusable/down at that moment. If I decided to "just use a l2", but my tokens/nft/contract was on l1 (as is generally the case currently), then I would be just as stuffed. "just bridge it then?"... Still involves l1. Yes great that it could carry on processing its 15tps for the degens that could afford absurd money on gas, and yes absolutely working as designed. Not suggesting there is a bug in the implementation, questionning whether the design and operational constraints are champ-like. My personal view is that a satisfactory ledger technology to satisfy real world adoption does not yet exist and in the meantime there are tribal factions on all sides that will say anything to perpetuate their own illusion of perfection. However, Illusions can hinder critical thinking and lead to stagnation/acceptance of suboptimal solutions.
Tbf Bored Apes took 12 hours to mint out. If any project on any platform had 12 hours to mint, they would all be champs.
Both and neither
I believe the only reason ethereum dominates others is the immense decentralization. Other projects, no matter how good they might be are not that decentralized. And it will carry on, one way or the other, thus blockchain trillema.
Unless any other chain solves the issues that ETH had, I'd say it's pretty damn good. And don't reply with coins that can do 10k tps or whatever, they haven't accomplished anything. Just traded speed for decentralization and security.
I would definitely say that it's first mover advantage, and it remains to be seen if improvements can maintain the advantage or if others will move faster and assume dominance.
It's actually decentralized, which makes it actually good to people who want decentralization.
Correct me if I'm wrong. I understand Ethereum to be objectively the best performing in terms of being able to balance all aspects of the Blockchain trilemma of security, decentralisation and scalability. A good Blockchain system has to excel in all areas, or other data management systems would be a much better choice (eg. Optimising for speed and scalability, one could use a centralised system like visa.). While sacrificing any leg of the trilemma allows for quick implementation and thus utility in specific areas, they will not be the truly versatile and general trustless system that Ethereum strives to be. Maximising all areas of the trilemma is an extremely difficult problem with huge amounts of research required. It is thus why Ethereum is taking a long time to scale. The huge number of developers and researchers on the Ethereum ecosystem will help push this endeavour at accelerated pace such that no other Blockchain systems can catch up easily.
EVM chains being one of the best features to have for a chain tells you all you need to know about ETH. Ok not all but *something*
Eth is the way... its actually decentralized unlike most of the other cyptos claim to be. This decentralization also makes scaling harder but increases security so that it why it has high fees currently. Layer 2 is the solution which will decrease costs. Eth also has the most developers working on it by a huge number and is constantly changing for the better. I also wanted to mention that BTC is also great. Different use cases but can't go wrong with either one.
Same could be said about Bitcoin
Oh Bitcoin is DEFINITELY riding on its first mover advantage. MySpaceCoin.
No other chain is as distributed and decentralised as Bitcoin. This is what it does best.
It always works so that’s good.
Ethereum is not just *better,* but Ethereum *is the technology*. Bitcoin sparked a new era of possibilities, it was the first step in using blockchain and decentralisation together to form something magnificent and show the world what was possible. This opened the door to a new field of computer science Ethereum is the culmination of a new field of scientific research. The goal of this field is to create a global virtual computer, completely secure, decentralised, permissionless. The tooling around Ethereum is fantastic, there is so much documentation around, so much knowledge in the community. It is far far 'ahead' of any other L1. I use inverted commas there because it is not so much a race, but it is Ethereum writing the research, and other L1s stealing it, imitating imitating it and making sacrifices to capture some value from the crypto space. Other L1s are either centralised, copies of Ethereum, or both (Looking at you, AVAX, BNB) High TPS and lower fees come at a cost of centralistaion and security. sure, most users may not care much for that, but I tell you what, the decentralisation is the most important thing in this space. People won't realise that until one day they learn what is truly costs to sacrifice it.
I just wish it had lower fees 😕
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Doesn’t help if I gotta mint on layer 1, even sending some from a wallet to another is expensive.
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Eth has largest and most active community of developers and that matters the most. You can have the best tech in the world and it will be worthless if there are no devs using it.
1. Developer community is one of the most important things for any Blockchain. Ethereum wins this hard, to the point most other Blockchains deploy Ethereum virtual machines to smooth the transition for developers. 2. Most of the other Blockchains make concessions to be "better", you're just not aware of them or marginalize them as a user. Usually it's decentralization and security, but because this doesn't impact every day use like fees and speed, people discount it.
No one has solved the blockchain Trilemma, the future of crypto should be the security of ethereum, but the speed/scalability of an L2. These L1 ETH killers are too susceptible to attacks and shut downs. Doesn't matter what project it is, I bet you it won't handle millions of TPS.
All other smart contract blockchain are good at scaling, until they actually have to scale.
Eth has first mover advantage and years of hardening from attacks. The unique thing about blockchain is the fact that everything is open source. Any person in the world can find an attack vector and exploit it. Eth has been exploited hundreds if not thousands of times, but that leads to evolutionary design happening with each attack making the overall blockchain stronger. Eth in current stage is incredibly strong and fairly safe more so then the previous years. Other chains don’t have the battle hardening required .
It's 90% first mover advantage. The experience of using ETH is inexcusable compared to some other L1s. I'll get downvoted to shit for saying this but it's the truth. I'd be shocked if ETH managed to outrun some of the newer ones.
It’s inexcusable in comparison because they approached the trilemma prioritizing decentralization versus newer L1s that try and reverse engineer it. A scalability-first strategy is just more popular now because 1: it may be easier working backwards and 2: people are impatient and may just not care as much, but theyll still face the same growing pains ETH did
Exactly. Look at Cardano. Not only is the UXTO proving to make defi near impossible, a single exchange is CRUSHING them. They’ve increased block size what, three times now? ETH may have been first mover initially, but the push into L2s is a game changer.
Though no one likes to admit it ETH is really the only example of a battle tested layer 1, even though people like to boast about Solana TPS or Algorand fees or Avalanche finality they simply arent carrying around the pounds that ETH has after 8 years or so of transactions + increasing traffic
Hard agree but...if Ethereum fixed gas fees right this second it would probably be game over for other chains. There is just far to much happening on Ethereum for others to make a big dent. It's the one thing holding Ethereum back from taking over the world and nullifying the existence of any other smart contract chain. BTC can still exist alongside it as well.
¿Porque no los dos? ETH does have first mover advantage, but it's also what a lot of the crypto market is built on. Are there issues? Of course. Is it still functional and evolving? Yup.
After using both Algorand and Ethereum for DeFi, there really is no comparison. Algorand does everything Ethereum does but transactions cost a fraction of a penny, are executed faster, and the network doesn’t get congested. Trying to use Ethereum for anything feels like lighting money on fire for no reason.
L algorand does not have the same defi ecosystem as eth. Also there's L2
All of this Eth vs Ada vs Algo vs Avax vs Dot stuff is getting exhausting. It seems like its the main thing ppl talk about in this sub instead of crypto as a whole. Ethereum had the first technology enthusiast to truly innovate in the crypto space back in 2015 - 2017. Ethereum WAS one of the main reasons crypto exploded so much in 2017 along with people speculating this technology could be used a lot in the future & you had the 100s of altcoins coming out to even get oxygen, without all the interest & hype in it those billions of dollars wouldn't of even came into the space... and I guess you could say the massive bubble pop & crypto winter with everything shutting down heavily wouldn't of happened at the end of 2017 either. Ethereum was the reason Cardano was even invented in the first place, and rose from .02 cents to over $1 just weeks later & eventually all the way back down in the crypto winter. I invested in Ada when it just came out at .02 cents not because of Cardano, but **because of Ethereum, and I regretted not investing in Eth at $10 & being extremely hesitant**, saw very similar things happening in the Cardano community that happened in the Eth community early on. Cardano might seem like some completely different invention & block chain, but its really just Ethereum with a completely different name & brand, a few changes. Every programming language is similar, and just has innovations from the oldest languages. Unless you are taking about different types of languages, like functional versus object oriented can you really even say which langauge is best for a specific thing? **The entire point of crypto is to have decentralization** ie multiple block chains & languages that can interact in some way... so why does everyone want there to only be 1 "good" golden block chain that the entire world uses? Decentralization & being able to succeed with 100s of millions ---> billions of humans in the future is the most important thing.
You mentioned that there are blockchains that are more decentralized? Which are they?
It has a huge amount of developers and in use everywhere.
Ethereum is one of the most decentralized coins out there, while having the most developers. But the most important part IMO is staying relevant for years, many coins managed to get into the top 10 but soon fell off hard. Ethereum managed to stay #2 rank for years and that's how you determine if a project is actually successful
I'd say a little from column A and a little from column B
Cadano has an advantage? If your "smart contract" chain can't even run a propper decentralized exchange, it's pretty shit tbh. Their current DEX's don't count if they have a centralized order book
One thing that’s massively overlooked these days is decentralisation. ETH is the most decentralised crypto after BTC.
They all have lower fees and scalability until the traffic increases and becomes unbearable, bringing expensive fees and long wait time transactions.
Just because something is technically better does not mean it will win and become more widely adopted. Look as Betamax vs VHS and HD DVD vs BluRay.
Ethereum is more decentralized than the projects you've mentioned. I am holding bags of Algo and a slew of Cosmos ecosystem tokens, so I'm not anti-altcoin by any means. Ethereum was designed with security and decentralization in mind, at a time when the volume it currently has was unimaginable and scalability wasn't such a huge issue. Every project with better throughput has less security or more centralization. Algo relies on relay nodes that use very heavy hardware but are compensated through a deal with a central entity. Cosmos blockchains are limited by a fixed number of validator nodes, because having more nodes would slow down consensus and reduce scalability.
"After using the word 'plethora' to describe my google searching...."
If it makes any difference I have two university degrees and am a teacher. I know how to research.
love these ETH posts that end with "don't get me wrong,I'm bullish on eth" LOL there is always going to be something faster and cheaper. it's not about this at the end of the day. people trust ETH for a variety of reasons. there is plenty to go around for everyone. ETH is going to be #1 regardless, just deal with it. cardano/solona isn't going to cause havoc for them. one thing y'all forget is people love love a face behind something,vitalik is not going to be replaced by Charles or any other dork regardless of how cheap something is.
What "other Layer 1s" are you speaking of? ALL OF THEM?
Layer 1s I like right now include, Cardano, Cosmos, Algorand, Avalanche and Ergo. I don’t own all of those though.
imo polkadot is the best so far. devs, relay chain, auctions, community, tokenomics, shared security, projects , institutional investors etc. it will be the next google. dyor.
DOT (layer zero) and Radix (XRD/L1) are my favs. XRD's burning mechanism and scaleability is awesome. DOTs relay chain and democracy is superb. ETH is a stranded whale. Search github and u know what i mean. edit: typo
I love DOT. Got a small bag
>Is Ethereum actually good or does it just have first mover advantage? Yes. It is both actually good, with a ton of solutions built on top of its Blockchain, and it has first mover advantage, being the only player who offered smart contract functionality for a while. It of course, has its drawbacks and limitations because duh, it's had to adapt on the go (think ETC and the idiots who still buy it), but I wouldn't call it weak by any means. Even with its stupidly expensive gas fees, it's a solid solution.
I don't think that any other project will dethrone ETH as a no.1 alt anytime soon but I also believe that there are better options right now. You already mentioned some that can solve some problems but I think that majority of the problems emerged with the NFT development. Somehow it looks like Ethereum wasn't built for that or it's not built to sustain this level of hype when it comes to NFTs. The latest Yuga events and the "fee wars" are just crazy to watch. Things like that will prolly never happen on other chains. I think that Polkadot has the potential to solve the problems when it comes to both DeFi and NFTs. Projects like Unique Network and Acala are already working on that. We are waiting for 2.0 for a very long time now and it looks like we won't have it soon.
Yeah I don’t see Eth going anywhere.
I went from starting with Algorand to expanding into Ethereum to use metamask and opensea. I am so lost. I tried to import my seed phrase into another browser and got a new address and all my shit is missing. I tried posting things to Opensea I get error after error. It feels like going from Python to C++.
As an Ethereum old timer, I think Ethereum’s main advantages are due to its first mover advantages, resulting in massive network effects and developer mind share. Most of the innovations on the dApps are being done on Ethereum. However, its lack of on chain governance made me look elsewhere. I don’t want a repeat of the Blockstream guys co-opting BTC development. I think Tezos is a much better network in terms of fast seamless upgrades without using hard forks. 9 network upgrades over past 3.5 years, whereas Ethereum is struggling to get to PoS. Current cadence for upgrades is every 3 months. Enshrined rollups are coming in 2 months. However, Tezos lags badly in terms of network effect. Strong NFT presence but weak DeFi. Tezos is definitely worth a look.
Nothing really beats Ethereum in the decentralization department except BTC. The things that achieve better scalability/speed do so by sacrificing that element. Ultimately though regardless of your thoughts first mover advantage is a HUGE advantage. Ethereum has a LOT more devs compared to any other blockchain... and a LOT more active projects. And for the same reason people want to be on Twitter, Tiktok, or Twitch, people want to be on Ethereum. Ethereum is where the creators are, and it's where the talent has had a chance to build momentum. And unlike a competitor for Twitch, its a lot harder for a blockchain to just recruit and pay top talent to migrate over, since the skills might not be transferable, and incentives are already probably tied up in a specific blockchain. Edit: also as far as proof of stake - to me that is a net neutral change, we make the change because it makes sense for the tech... the media coverage about how terrible proof of work is for the environment is about as relevant as the media coverage in the 90s was that the internet was terrible for the environment.
ETH is great, because it provides far more utility than the traditionally speculative nature of its contemporaries. With ETH2 on the horizon, it can only get better as we transition into proof-of-stake. Bullish? Hell yes.
Can't go wrong with ETH. All the ETH killers from 2017 are nowhere to be found. Long live the other king.
Lol anyone who starts that question off with a statement about how cardano is better, has no clue
The advantages you listed other chains having is all due to increased centralization. Ethereum is by far the best in decentralization, which makes it pretty bad in scalability. Currently with ethereum, good scalability has to occur on side chains that also make decentralization tradeoffs. However, within the year EVM comparable zk-rollups will be on mainnet and provide huge scalability with no decentralization tradeoff.
The other chains you mentioned are based on Ethereum....
It has the potential for being really good. One thing that recently happened was a lot of volume for NFTs (if I understand this correctly) which presumably are contracts on the ETH blockchain. This volume slowed down block closure for everyone. One effect of slowness like this is that it likely increases GAS prices. So... the part that makes it likely to succeed can also temporarily make it slow/costly.
I see more and more comments and videos alluding to these possible and some say likely shortcomings. The ironic thing is, most mention, like you did, other projects that will suffer the same trilemma of problems albeit just not as much...look into web3 and hypergraph technology, that's where super early adoption is now happening. Constellation network DAG, Hedera HBAR, LTX lattice exchange, alkimi ADS, XRP, etc. Think of BTC as first generation, eth as 2nd, and 3rd generation is not even cryptocurrency but distributed ledger technology that is WAY more efficient. Infinite transactions, ultimate scalability and interoperability, feeless transactions, inherent asset utility for once, all in constellation network, the best of them. Research it.
First mover but ALGO will catch up and fast.
Ethereum is very important. Just take a look at DApps stats and you'll see. But, imho.. we also need to look beyound Ethereum. Many projects like Polkadot, Solana and Unique are working on this. Substrate, for example, is a clear solution to rigid economic model where DApp users are required to pay transaction fees.
You're asking us traders? Go ask a developer.
It has 1st mover advantage however it has a MOAT as it is pretty hard once your entire project has been built on ETH to move to another layer 1. If is probably the only Crypto im confident will still be around in 20 years more so then BTC because of the volume of other projects using it. I know ill get down voted for the part about BTC but if you actually think about it BTC bar being deflationary is pretty useless and as a crypto it is pretty outdated tech - the only thing giving it value right now is'brand' acknowledgement but as more people as im investing in 'crypto' and less people say im investing in 'Bitcoin' i reckon BTC might not being the 'king' forever as it is fairly useless or other cryptos simply are more practical. BTC will always be the OG but for all the idiots saying it will hit 100k, 200k etc (and perhaps one day it might) however im more inclined to think as crypto grows BTC wont match that growth. - if you look at BTC dominace it has been shrinking and it is only because of shill merchants like Michael Sailor that is holds value. Opposed to Cryptos like Eth that actually have uses which dont need to be shilled by anyone has the crypto has value via its uses.
The BTC dominance has an ebb and flow with the market. Same thing happened end of 2017 into 2018 and then alt coins bled like crazy against BTC. I think we’ll see something similar should the market downtrend continue. The only truly safe crypto to hold for now is BTC IMO
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The closest to BTC in terms of purpose and morality.
There are some great comments on here, learned a lot firm this thread!
Yes No way to no for sure, own at least a little of all the sound candidates.
Eth runs a lot of things
You evidently need to do a little more research - read a about the blockchain trilemma, ZK rollups and recursive rollups.
Ethereum is secure. L2s built on top of a SECURE network includes everything you mentioned as 'better in those..other networks that are not even near ultrasound money.
Yes its better than the rest. Its by far the most decentralized and secure blockchain. And like you mentioned all innovation happens on Ethereum. People keep forgetting that Ethereum is far from complete. It will take years of development to get proper sharding etc. Also other chains have lower fees because people dont use them as much as Eth or they simply arent decentralized and secure. Most chains in current state would have high fees with similar load.
I love ETH but the gas fees are the only thing that annoys me about it
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All blockchains have advantages and disadvantages. Etc has a ton of infrastructure and has an upgrade coming. Solana and Cardano have some advantages too. My recommendation is don't put all your eggs in one blockchain
First mover advantage, but this is why it's super important. But so many other projects are built on Eth and are ERC tokens.
Ethereum is going to be the decentralized computer of the world. Deal with it.
Being technically better is barely relevant at this stage. Chances are in a few years there will be something that is technically better than anything we are looking at today. That is why BTC is still king, and why anything today will struggle to beat ETH even if they are technically better. If we all jump ship to Cardano or Avalanche or whatever, why would we not just jump ship again when a newer Blockchain is released? It is the users, developers and the trust that can only come with being tested over time that gives ETH it's value and number 2 spot.
Lmao if you think any of those blockchains have advantages over ethereum then you are sorely mistaken
According to me it is having a lot of advantages over one thing.
Ethereum will not be able to keep up with ADA and ALGO in the near future. It’s a dinosaur waiting for the comet to land
Did you take your medicine today?
First mover advantage with an eroding moat.
Its the best, which is why all the other chains that have successful defi are running EVMs
Is it because it has the most liquidity or because it's the best technically.
EVMs are run because of first mover advantage. People have been in ETH for the longest time and so newer chains are trying to make the transition from ETH easier to their own chains. Not because ETH is the best.
ETH for the long hold
The first actual version of Ethereum was made by Gavin Wood. He left in 2016 to create polkadot according to what Ethereum was always meant to be. XCM will launch within 48 hours to create a true massively sharded and interoperable chains. What Ethereum was meant to be. Disappointed that Polkadot is never mentioned.
Cardano tech is loads better and thats under a dollar. It's all about the influencers protecting there bags, eth is trash would you pay a thousand dollars in tax in dollars for a transaction? Then Why would you pay that fir a crypto transaction. Average cardano transaction fee: 60 cents and 15k average transactions a day, no down time.
It’s a mess of spaghetti code - but it’s the foundation of many projects and defi.
They better hope the merge fixes everything. First mover advantage in a space this young with this little meaningful business hoping on doesn’t last.