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- Our Web 3.0 thesis is that the entire field will evolve in such a manner that Ethereum or one specific layer-1, and we are confident that it will be Ethereum with its network effects 99.9999 percent of the time.
- According to the Scalability Trilemma, increasing a blockchain’s scalability comes at the expense of either security or decentralisation.
- Then any layer-1 that claims to be slightly more scalable than Ethereum ultimately opts for scalability above decentralisation. And any layer-1 that tries to accomplish, say, a higher number of transactions on layer-1 is either unable to deliver on that promise.
Sandeep Nailwal, the co-founder of both the Ethereum (ETH) scalability tool Polygon (MATIC), thinks that ETH is in charge of both the internet’s 3rd generation. Nailwal claims that Ethereum would massively dominate Web 3.0, a version of the internet where platforms are decentralized and people manage their own data, in a new interview with crypto channel presenter Scott Melker.
Ethereum With Its Network Effects 99.9999% Of The Time
Our Web 3.0 thesis is that the entire field will evolve in such a manner that Ethereum or one specific layer-1, and we are confident that it will be Ethereum with its network effects 99.9999 percent of the time. And the evolution of Ethereum, or ETH, as an asset. The evolution of the Ethereum network as a decentralized protocol. How the Ethereum community has grown to the point that people like us are fighting for the protocol as if it were our own. Ethereum has a significant advantage, and we don’t expect any other layer-1 to catch up.
While Ethereum has speed and cost restrictions, the Polygon (MATIC) co-founder claims that, unlike its competitors, it has managed to remain decentralized. According to Nailwal, the second-largest crypto asset by market cap has prioritized security and decentralization over scalability, citing the Scalability Trilemma, which was initially established by Ethereum co-founder Vitalik Buterin.
Expense Of Either Security Or Decentralisation
According to the Scalability Trilemma, increasing a blockchain’s scalability comes at the expense of either security or decentralization. You can only choose two of scalability, security, and decentralization, right? And you can’t avoid having security it’s a requirement. So you have to choose between scalability and decentralization.
Then any layer-1 that claims to be slightly more scalable than Ethereum ultimately opts for scalability above decentralization. And any layer-1 that tries to accomplish, say, a higher number of transactions on layer-1 is either unable to deliver on that promise. Alternatively, they are very centralized. Or, at the very least, they’re designed in such a way that they’ll never become sufficiently decentralized.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
