A popular Youtube analyst talked about altcoin projects gaining strength against Bitcoin (BTC). In his analysis, the leader cites an important turning point that will challenge the dominance of crypto.
If that happens, altcoin projects will challenge Bitcoin
The host of the Youtube channel InvestAnswers said that the first project with millions of users will dominate the market. Their analysis is based on Metcalfe’s Law, which determines the success of a communication network in user numbers. Based on this thesis, the crypto researcher updates his market analysis as follows:
It all stems from the Metcalfe Law and its adoption. As a result, the faster the development takes place, the more value is created. The more value created, the more users there will be. The more users, the more valuable the Blockchain itself.
According to Metcalfe’s Law, the value of a network is proportional to the number of users it has. Based on this, the analyst suggests that altcoin projects are more novelty than Bitcoin:
Other networks have many more developers than Bitcoin. As a result, I believe more value can be built into other chains beyond just stores of value and payments to do various things.
Blockchains need to reach 1 billion users
Specifically, the analyst says that reaching one billion users is the goal of achieving dominance in the crypto market. This is also the same goal Solana (SOL) set at its first launch.
The winning tier one or any Blockchain will now be the first to accept a billion users. I’ve been thinking about this for a while. Many blockchain leaders are starting to embrace the same narrative. This is always derived from Solana’s original target. Vitalik Buterin is talking about a billion users now. Thus the race began. Which Blockchain will be the first to reach one billion users?
The analyst also covered the differences between Bitcoin and Solana during the video. He says Solana is far superior in terms of transaction fees and speed. Today Solana is one of the fastest growing cryptocurrencies on the market with nearly 100 billion transactions to date. The average cost of a transaction on the platform is $0.00025. This makes it one of the most affordable altcoins in the crypto market. It claims to be one of the most secure Blockchain networks with 1,850 validators as a result. But Solana has been on the decline since FTX’s bankruptcy, despite its superior blockchain capabilities.
cryptocoin.com As we reported, Solana (SOL) was one of the altcoin projects directly affected by the FTX bankruptcy. The Alameda-backed altcoin has been criticized for being a centralized blockchain alongside the above features. While the server of InvestAnswers does not feature Solana as the cryptocurrency that will surpass Bitcoin, he says that whoever does this should exceed ‘1 billion users’.
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