Popular Blockchain Terra’s After its crash earlier this month, the debate over first-layer blockchains has reignited. Terra in terms of total value once locked within decentralized finance protocols Ethereum’s It was the second largest blockchain after
“Ethereum Will Take Over Everything”
Paul Brody, the global blockchain leader of Ernst & Young Global, has claimed that Ethereum will “take over everything” eventually, although it is currently battling rivals like Solana, Avalanche, Cardano, and Algorand.
While ETH critics complained that the network’s transactions are slow and expensive, Brody said that the Ethereum ecosystem is the most reliable blockchain for development:
“At Ernst & Young, we are very selective about which ecosystem we work in. We audit many ecosystems, but only develop on the Ethereum ecosystem.”
The firm uses Polygon, an Ethereum scaling platform, for its corporate operations to reduce transaction costs.
Brody continued his words about ETH as follows:
“Ethereum is the biggest ecosystem right now, right? If you’re going to be good at only one thing, you have to be good at what has the biggest market.”
Brody also added that Ethereum has “a lot of institutional maturity.”
“The Multi-Chain Future is Perceived as a Necessity”
Brody said he doesn’t expect to see a multi-chain future where different blockchains coexist and all contribute to the ecosystem:
“People talk about multi-chain as if it were some kind of imperative, as if we’re all heading towards a multi-chain future. This is really weird. Similarly, we don’t have a multi-network internet, we only have TCP/IP over Ethernet.”
The expert continued his views on the fact that he does not see a multi-chain future:
“The tech industry loves standards. EVM is a standard, right? TCP/IP is a standard. Windows is a standard. It’s very rare for you to have truly heterogeneous ecosystems because that adds a lot of overhead.”
Ernst & Young Spokesperson Also Talked About Bitcoin
When it comes to Bitcoin, Brody is the biggest cryptocurrency He said he was unsure of what his future would hold, as he did not offer a convincing justification for using it as a hedge against inflation. “More importantly, Bitcoin is not a developer ecosystem,” Brody said.
Brody also highlighted the importance of stablecoins and called for a “good regulatory model”:
“The truth is that the vast majority of people really want to trade in dollars. While ETH tokens will be spent on transaction fees on the ETH Blockchain, businesses in particular will do most of their transactions with stablecoins, which are stablecoins.”
*Not investment advice.