Popular on-chain analyst Willy WooHe noted that Ethereum (ETH) encourages innovation despite the number of scams on the network.
In a recent interview, Woo argues that scams on Ethereum are nothing new because they also occurred in the early days of the internet.
“According to me Ethereum (ETH) became a hotbed of innovation. The reverse view of maxis (maxis) will tell you that it is a hotbed for fraud and creating Ponzi schemes. It has made it very easy for many teams to build things and raise and grab a lot of money with very poor bids, I think that’s the downside of it.
If you look back at the 1990s of the World Wide Web, there was the famous elevator pitch. Within 30 seconds of getting on the elevator, you can come out with a few million dollars to support your idea. It was very similar to a white paper that came out in 2017, ‘here’s an idea, let’s put it on a white paper and collect ten, hundreds of millions.’”
He says there are innovative Ethereum projects, just like the valuable companies that emerged from the “dot-com” bubble.
“We also look at the Bitcoin world as a hotbed of fraud, but if you actually look at the Web, there have been many different startups that have built important infrastructures for Amazon.com or the world, and we can say that for this space, the same is happening with Ethereum. Over 10,000 tokens currently active Ethereum networkand a lot of it is complete bullshit, but there are some really cool projects as well.”
Woo noted that the leading smart contracts platform has disadvantages in terms of security and scalability, but provides learning experiences that allow developers to build better networks.
“We have 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 are like much more protection against booing. For example, if you’re writing financial code, you need to create it 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.”
https://www.youtube.com/watch?v=Ba7PcqiEBZA
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