Co-founder of Ethereum (ETH) scaling solution Polygon (MATIC) Sandeep Nailwal is optimistic that ETH will rule the third generation of the internet.
In a new interview with crypto channel host Scott Melker, Nailwal says that Ethereum could overwhelmingly dominate Web 3.0, a version of the internet where platforms are decentralized and users control their own data.
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“Our thesis of Web 3.0 is that the whole space is going to evolve in a way where Ethereum or one particular layer-1, and we strongly believe that 99.9999% it’s Ethereum with its network effects.
And the way Ethereum, ETH, as an asset has evolved. How the Ethereum network has evolved as a decentralized protocol. How the Ethereum community has evolved so that people like us are fighting for Ethereum like it is our own protocol.
Ethereum has a very big advantage and we don’t see any other layer-1 becoming that.”
The Polygon (MATIC) co-founder says that while Ethereum may suffer from speed and cost limitations, it has managed to remain decentralized, unlike its competitors.
Citing the Scalability Trilemma which was first coined by Ethereum co-founder Vitalik Buterin, the Nailwal says that the second-largest crypto asset by market cap has prioritized security and decentralization over scalability.
The Scalability Trilemma asserts that raising the scalability of a blockchain comes at the cost of either security or decentralization.
“Scalability, security and decentralization – you can only choose two of them, right. And you can’t not choose security – you need to have security. So then either scalability or decentralization, you have to choose one.
And then any layer-1 which is saying that they are slightly more scalable than Ethereum – they end up choosing scale over decentralization. And any layer-1 which is trying to do let’s say a larger amount of transactions on layer-1 – they are either not able to fulfill that promise. Or they are extremely centralized.
Or at least they are built in a way which will make sure that they will never get decentralized enough.”
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Featured Image: Shutterstock/Tithi Luadthong
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