Innovation Always Wins - The Daily Gwei #197

Betting against innovation is never a good idea.

There have been countless people throughout history that for one reason or another seem to love betting against innovation or just new technologies in general. The crypto ecosystem has been plagued with these sorts of people since it began with Bitcoin in 2009 and has been called everything from a scam to completely useless.

As I’ve written about before, Ethereum has lots of different doors to enter its ecosystem through whether that be DeFi, NFTs, DAOs or whatever else. Though every time a new use-case becomes popular on Ethereum it is inevitably attacked for whatever reason. An example of this would be decentralized exchanges - plenty of people said for years that they would never work and any trading volume they saw was unsustainable or fake or whatever other nonsense. Of course, the detractors were completely wrong and now decentralized exchanges rival their centralized counterparts in volume even though they are more expensive to use (because of fees) and aren’t nearly as scalable (yet).

Of course lately the thing that everyone loves to deride Ethereum about is the high gas fees and some people are acting as if this issue will never be solved. Meanwhile, we have pretty much the entire Ethereum ecosystem working on scaling across eth1, eth2, layer 2 and more. If I had to put a number on it I’d say that there is at least a few hundred people working on this problem in some way - whether that be as a researcher, developer, educator or anything else - the Ethereum Scaling War Effort is in full swing.

Even something like NFTs has come under scrutiny from people not seeing the value in them or thinking that it’s crazy that someone would spend $1 million+ on a CryptoPunk. I did do a piece on NFTs here that explains why people are excited about NFTs and willing to spend lots of money on them but I also think the core point here is: people are going to spend their money on whatever they want for whatever reason. There’s no use trying to stop it or getting worked up about it - you can just simply accept it and move on (unless it’s an actual scam - then you should definitely call it out).

Probably the most important thing I’ve learned after 4 years of being in the Ethereum space is that you should always bet on the researchers, builders and general innovators as they don’t tend to get dissuaded by the detractors. I think the perfect example of this is Vitalik Buterin himself - I have always been extremely impressed by how he has faced countless criticisms over everything got to do with Ethereum and has just kept moving forward. It’s because of this persistence from Vitalik and others like him that Ethereum has come so far in just 5 and a half years and will continue to dominate in the years to come.

Have a great weekend everyone,
Anthony Sassano

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All information presented above is for educational purposes only and should not be taken as investment advice.