The Ethereum Economy Never Sleeps - The Daily Gwei #190
Do whatever you want, whenever you want.
The Ethereum network has an uptime of near 100% and is always ready to service your requests. Yes, it’s expensive and a little clunky, but the system lets you access it literally every hour of every day and it will process your transaction as long as you pay the right fee.
I think the real magic here is that Ethereum isn’t just an extremely reliable network that’s stuck in a geographic silo - it is accessible from literally anywhere on the planet. Because of this, the Ethereum economy never sleeps and the network is always processing economic activity from both humans and robots alike. I know the term “world computer” has become a meme at this point but I still think it describes Ethereum perfectly well - yes the network is slow and expensive but it still processes and executes computing tasks around the clock.
The autonomous nature of DeFi on Ethereum also means that you can earn while you sleep in a trustless and provable way. Other forms of “passive income” usually rely on you having to trust a third party to honor the payments but with Ethereum builders have created tools that allow users to make money in a fully non-custodial and trustless way. The perfect example here is Uniswap - the fully decentralized exchange that allows anyone to become a liquidity provider for any tokenized asset and earn trading fees for providing this liquidity.
We’ve never had an economy that doesn’t sleep before because the traditional finance system still works off of “trading hours” where the stock markets of the world basically trade based on the 9-5 schedule (which made sense before the rise of modern computing). There are of course ways to trade out of hours but mostly the system sticks to the schedule that was invented during the industrial revolution - this obviously doesn’t gel with the information age and I think the financial system is long-overdue for an upgrade. That upgrade, of course, is Ethereum.
I still don’t think we talk enough about the magical things that we’re building in Ethereum and all of the amazing benefits of what we build gives to people around the world. Sure, I talk about it a lot on The Daily Gwei and on Twitter, but I think we can do a better job of making clear that developers in Ethereum aren’t just building a better financial system, they are changing the entire meaning of what a financial system is and can be.
Have a great day everyone,
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All information presented above is for educational purposes only and should not be taken as investment advice.