On-chain analyst Willy Woo predicts that the popular altcoin project Ethereum and its ecosystem will be central to innovations. Popular on-chain analyst Willy Woo says that Ethereum (ETH) encourages innovation despite the number of scams on the network. Details are on Kriptokoin.com.
Popular altcoin Ethereum is very successful
In a new interview, Woo says that the scams taking place on Ethereum are nothing new because they occurred in the early days of the network. The analyst points out that Ethereum is a hub of innovation, saying, “Some maximalists would say it is a hotbed for scams and creating Ponzi schemes. It has made it very easy for many teams to build something and raise and grab a lot of money with very poor bids.” The analyst interestingly compares the situation of the World Wide Web in the 1990s with the opportunities and possibilities of crypto money in recent years. According to the analyst, “The situation in the 1990s was very similar to a white paper that came out in 2017. Here’s an idea, let’s put it on a white sheet of paper and collect ten, hundreds of millions.”
The analyst says there are innovative Ethereum projects, just like the valuable companies that emerged from the dot-com bubble. The analyst talks about the subject as follows:
In the Bitcoin world we look at it as a hotbed of fraud, but if you actually look at the web, there have been some very important startups that have built important infrastructure for Amazon.com and the world, and I think it’s fair to say. It happens on Ethereum. Of the 10,000 tokens out there, a large number of them sit on the Ethereum network, and a lot of it is pure bullshit, but there are some really cool innovations.
Woo says the leading smart contracts platform has disadvantages in terms of security and scalability, but provides learning experiences that allow developers to build better networks. Woo says:
We’ve learned a lot from this, and so we have competing networks within smart contracts that are trying different things, with or without scalability, and there are those that like a lot more protection against boo-boosing. For example, if you’re writing financial code, it should be built much more strongly. I think of Ethereum as a very successful experimental platform. We’ve built some really great things on it. A tremendous commitment creaking under its weight doesn’t scale very well, but we’ve learned an incredible number of lessons.
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