Ethereum's Ambitions - The Daily Gwei #506
Discover more from The Daily Gwei
Ethereum's Ambitions - The Daily Gwei #506
They may be grand, but they aren't out of reach.
Ethereum has a grand roadmap that involves a lot of interesting challenges and will probably take 5-10 years to be rolled out. Some people may consider this “bearish” but I take the opposite view - the reason it’s going to take a while is because something like Ethereum has never been attempted before - we are quite literally trying to create a new decentralized internet.
I’ve always believed that Ethereum’s superpower is attracting smart people to its ecosystem with interesting problems (the cool kids call this “nerd sniping”). From Proof of Stake to sharding to layer 2’s - there’s always something interesting to get involved with and some problem to be solved. These aren’t just simple problems either - they involve building on the bleeding edge of technology and sometimes involve inventing new things altogether.
Ethereum is also being built out in a decentralized fashion which means it typically takes longer to accomplish things. This is because the entire community needs to come to consensus on what does and does not make it into the network - there is no dictator calling the shots and everyone has a voice. On top of this, just coordinating the actual core developers and researchers is a difficult task because there are hundreds of them and their voices obviously matter too.
I think all of this is a reason why Ethereum has so many competitors - many people get frustrated with Ethereum’s “slow” roadmap rollout. Due to this, it’s easy for a competitor to come along, promise the world, move “faster” because they’re centralized and potentially look like they are doing better than Ethereum. In reality, all they are doing is delivering the bear minimum while extracting the maximum amount of value they can - marketing is much cheaper than actually building a useful product after all! On top of this, most of these chains don’t care to ever decentralize nor do they even have a viable path towards doing that.
All in all, I believe that if you stick through all the ups and downs that crypto dishes up then you’ll be able to witness some pretty awesome history. I mean, even something like The Merge will be talked about for decades to come and be looked back on fondly by all those that experienced it - and you have the opportunity to be part of that history over the next few months - I personally wouldn’t miss it for the world!
Have a great day everyone,
Anthony Sassano
Enjoyed today’s piece? I send out a fresh one every week day - be sure to subscribe to receive it in your inbox!
Join the Daily Gwei Ecosystem
All information presented above is for educational purposes only and should not be taken as investment advice.