Freddy Zwanzger, Blockdaemon’s ETH ecosystem leader believes that Ethereum will continue to be the dominant crypto ecosystem player in the next few years because of its utility as a smart-contract platform and the upgrades to the network after the Merge.
Zwanzger spoke to Cointelegraph this week during the Ethereum Community Conference (EthCC).
It will continue to be a leader. It’s the most important smart contract platform and it won’t change.”
Blockdaemon, a blockchain infrastructure platform for institutions of high quality, offers node operations as well as infrastructure tooling to support blockchain projects.
Blockdaemon employees also took aim at “Ethereum killers”, competing Layer 1 blockchains that have attempted to overthrow Ethereum’s leadership position, but failed.
“All the Ethereum-killers from back then didn’t succeed, so I don’t think they will succeed.”
Some crypto projects have been called “Ethereum-killers,” including Polkadot and Cardano. These blockchains promise faster transactions and lower fees, but they have fewer developers and place less emphasis on decentralization.
None have yet to challenge Ethereum for the number 2 spot in terms market cap. According to Coinmarketcap, Solana and Cardano currently sit in eighth and ninth place, respectively. Polkadot and Tezos are ranked 11, respectively.
Zwanzger believes the Merge will propel Ethereum forwards and upwards in terms technology and price.
“There are so many good things in there, like environmentally-friendliness, [and] all sorts of things that are beneficial to a lot of people. He said that stakes will be more appealing.
“It’s a sign of strength and dedication that the roadmap is coming to fruition.”
The Ethereum Merge is a transition from the energy-intensive proof of work (PoW), mining consensus to a proof,of-stake model. It has been tentatively scheduled for rolled out around September 19.
Zwanzger however admitted that the biggest challenge for Ethereum in the future will be scaling.
“The original Ethereum roadmap focused on sharding. But that’s no longer the case.” We now have a rollup-centric roadmap that allows for scaling via layer 2.
According to Blockchair data, the current “proof-of work” consensus model allows the Blockchain to process between 15 and 20 transactions per second (TPS).
When the Ethereum network introduces Sharding, a quantum leap in transactions per second will be possible in 2023.
Sharding is a multiphase upgrade that improves Ethereum’s scalability, capacity and splits the entire network into multiple parts to increase network capacity.
To “supercharge” the network’s scalability, Sharding will be used in conjunction with layer 2 solutions.
Vitalik Buterin, the cofounder of the network, has stated that it will be capable transaction speeds of up to 100,000 transactions per second after sharding.