Which blockchain do you think will become popular in the long run?
Sharath Kuruganty
28 replies
Replies
Miriam Dorsett@miriamdorsett
Entre
DESO
Share
What I don't know about Blockchain is a lot.
Of these two, Ethereum has the first-mover advantage and will likely remain a leader, so long as layer 2 solutions and its transition to proof of stake can become fully realized.
Solana has influential backers which have accelerated its awareness in the space, but it has some serious design flaws that simply can't be fixed. It's way too easy to attack and bring down the network, which we've seen happen multiple times already.
If Etherium will release their V2 and cut down on the gas fees, I see it going parabolic. Solana's recent crashes show they are still a long way out.
Product Hunt
I think Ethereum will be stick around, but might play a different role than it does now. They are obviously developing ETH 2 to address a lot of the gas issues, but I still think there will be scaling challenges as crypto continues to grow. I would think that a layer two solution like Polygon might have the most room to grow and become the primary interface for most people. ETH and Bitcoin will still support the larger movements of money, but not the individuals transactions people make. This interview with Sandeep Nailwal, the Co-Founder of Polygon, made a pretty compelling case on @kevinrose Modern Finance pod
@kevinrose @product_at_producthunt
I believe that Ethereum will remain a prominent participant in the cryptocurrency world, but its position may change as scalability issues persist.
Layer two technologies, such as Polygon, with its quick and inexpensive transactions, have the potential to become the principal interface for the majority of consumers.
💡 Individuals, however, continue to be concerned about the security of private keys. That is why, on MPC-TSS, I created a secure private key management protocol that leverages the capabilities of web3 to assure the protection of your assets. With this technology, you may confidently transact on any EVM blockchain, without fear of your private keys being compromised.
I was surprised that there was only two options in your poll.. Ethereum is popular now but moving ahead the real competition is between Solano vs Polygon. Do you guys agree ?
I think there are opportunities for both. Though it seems that ETH, while being way slower and having that as its one of its main disadvantages, has some other nice advantages:
- Reputation of Ethereum in general and Buterin in particular
- Time-tested
- Popular for storing the value as well, along with BTC
- A "blue chip" in the crypto world
- A benchmark when it comes to smart contracts
- Unfair advantage gained so far - number of application and adoption scale
Learning Loop
The Ethereum blockchain is slow and costly. As of dec 2021, the Ethereum blockchain can process about 14 transactions per second, with each transaction costing on average around $25.
I think Polygon will become a popular blockchain for minting NFTs due to the number of new creators coming into the space who don’t yet have the means to front gas fees. Polygon claims to be able to process up to 65,000 transactions each second with fees costing less than a fraction of a cent.
Tradefluence
Ethereum has a leg up for sure due to the adoption by AWS in its managed blockchain product as well as a more robust enterprise use case. I wouldn't discount hyperledger for the same reason.
@peter_griscom
I can confidently say that Ethereum's adoption by AWS and its robust enterprise use case give it a significant advantage.
However, we shouldn't discount Hyperledger, which also has strong enterprise use cases.
As for NFTs, they offer exciting possibilities for businesses and individuals alike. For example, a new airline company could start with NFTs that act as free tickets for life, which could be resold for a significant profit as the company grows.
NFTs can also be used for membership cards, conferences, and even for NGOs.
Can't wait to see how NFTs will continue to evolve in the Web3 era.
I think Solana, because of its high speed. Solana has a more incredible rate that is 400 millisecond block times.
Ethereum. they have issue when it comes to large no. of trasection but they are better
Tixio.io
Ethereum for sure
L1 Ethereum is king, but i feel that solana and polygon will do really great as time passes due to their high processing rate... looking forward to what the future holds.
But I am still researching.
Neomad
A year ago, Cardano was the bet from 9 to 10 crypto investors then we experienced the abrupt rise of SOL and now we are comparing with Ethereum. I personally believe there is room for both of them and we need to observe how they are going to evolve.
Cha'Ching
Eth is quickly becoming the "Dollar" of the modern digital world. It has a strong social backing which can add to its dominence.
@softwurx
I can definitely declare that Ethereum is not just the "Dollar" of the current digital world, but also the skeleton of the decentralized web. Its considerable support from society demonstrates its supremacy and growing potential.
However, with tremendous power comes great responsibility, which is where our MPC-TSS-based protected private key management protocol comes in. We can ensure that consumers have total control over their digital assets while retaining the greatest degree of security by harnessing the capabilities of web3.
Let us continue to push the limits of what Ethereum and the decentralized web are capable of.
I think Ethereum has really made a name for itself as time proven, secure, and decentralized. Most activity, regardless of how fast the L1 is, will move to L2’s. This means the L1 speed will be less important. Major corporations building on blockchains will want to do activity on a fast L2 but be able to eject to the most secure L1 if issues arise. This bodes well for Ethereum’s future. GME announced in their most recent quarterly report that they are doing this very thing using immutable x looping and Ethereum
That being said, Ethereum will not survive if it does not speed up the network and lower fees. They need to fix this before everyone moves to other chains like Solana. Solana is amazingly fast, so in Cardano, so is Algorand and so is pretty much every other blockchain out there.
I subscribe to the idea that there will be many winning blockchains and I am sure Eth and Sol are not going away any time soon.
Ethereum i think will become popular, because some crypto games uses ethereum
what is blockchain ?
DAOs are no longer a crazy cyberpunk idea. In 2021, DAOs https://www.jdsupra.com/legalnew... hired employees, conducted internships, formed management teams, allocated budgets, set up legal entities, protected their intellectual property, interacted with banks, and run political games. If this is your first time hearing about the concept of DAOs, I can tell you that they are the future. All the mistakes have been corrected, and there are plans for long-term work without interruption.