Blockdaemon’s Ethereum ecosystem leader, Freddy Zwanzger, believes that Ethereum (ETH) will maintain its leadership position in the crypto ecosystem for years to come, due to its use as a smart contract platform and upgrades to the network following the Merger.
Zwanzger spoke at the Ethereum conference
During the Ethereum Community Conference (EthCC) this week, Zwanzger said that Ethereum will continue to lead. “Obviously, it’s the first and foremost smart contract platform and that’s not going to change,” he added. Blockdaemon is an enterprise-grade Blockchain infrastructure platform that provides node operations and infrastructure tools for Blockchain projects. The Blockdaemon employee also targeted Ethereum killers competing with layer 1 blockchains, who tried but failed to knock Ethereum down from a leadership position:
Ethereum killers have not been successful, and I do not expect them to be.
Crypto projects touted as Ethereum killers include Solana, Cardano, Tezos, and Polkadot. We can also cite Polygon, Avalanche, Tron, Algorand, Cosmos, Elrond as examples. Most of these blockchains offer lower fees and faster transactions, but have fewer active developers. Certain blockchains place less emphasis on decentralization. To date, none has succeeded in pushing Ethereum to its number two spot in terms of market cap.
According to CoinMarketCap, Cardano and Solana are currently ranked eighth and ninth. Polkadot is in 11th place and Tezos is in 37th place. Zwanzger believes that the upcoming Merger will push Ethereum forward and upward in terms of technology and price. Zwanzger uses the following expressions:
There are lots of good things out there like being environmentally friendly [and] all sorts of things that are beneficial to a lot of people. Staking will become more attractive. The realization of the roadmap is a show of strength and commitment.
Details about Ethereum Merge
Ethereum Merge involves the transition from energy-intensive proof-of-work (PoW) mining to a proof-of-stake (PoS) model. It is scheduled to be provisionally available around September 19. However, Zwanzger acknowledged that the big future challenge for Ethereum will continue to be scalability. Zwanzger used the following statements:
The original Ethereum roadmap was focused on fragmentation, but that’s not the case anymore. We now have an aggregator-centric roadmap. That’s why we scale with tier 2 solutions.
Currently, the proof-of-work consensus model allows Blockchain to process 15 to 20 transactions per second (TPS), according to data from Blockchain. A quantum leap in the number of transactions per second is expected in 2023, when the Ethereum network initiates sharding. Sharding is a multi-stage upgrade to improve the scalability and capacity of Ethereum by dividing the entire network into multiple parts to increase network capacity. Sharding will work with layer 2 solutions to further “strengthen” the scalability of the network. Post-share co-founder Vitalik Buterin claimed that the network will have transaction speeds of up to 100,000 TPS.
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