- The growth of Ethereum Layer 2 blockchains including Optimism and Arbiturm is one of the biggest trends in crypto.
- Steven Goldfeder said that competing with Ethereum doesn’t make sense as the technology is a complete winner.
Steven Goldfeder, the CEO of crypto believes that competing with Ethereum is completely senseless as the technology is a complete winner in terms of security, decentralization, and ecosystem. The growth of layer 2s blockchain including Optimism and Arbitrum filled a spark in the crypto market. The difference between layers 1s and layer 2s of the ETH blockchain represents the effectiveness of the blockchain in the marketplace. ETH blockchain’s layer 1s is competitive and layer 2s is complementary.
Ethereum is not a computing platform
History represents the competitiveness and popularity of the ETH blockchain in the crypto marketplace. ETH blockchain is considered one of the most effective and influential technologies in the crypto market since its launch in 2015. ETH token remained the second-largest digital asset by market cap. Continuous development and evolution of the technology helped Etherem sustain a strong and competitive positioning in the marketplace. Revolutionary Web3 innovations, NFTs, Decentralized Applications (dApps), and smart contracts helped the ETH blockchain gain popularity in the crypto market.
“I believe in security, decentralization, and innovation and ETH is capable enough to offer all these features”, stated Steven. For an individual looking for core technology that guarantees security and decentralization, ETH is the best option to select. Looking towards the need of individuals for ecosystem and interest, ETH has the potential to fulfill the same in a more efficient manner.
The comparison of the Ethereum blockchain’s Layer 1s and Layer 2s by Steven Goldfeder proved that competing with ETH is a bad idea. Layer 2s and Arbitum are the part of ETH blockchain and are not competitive with ETH whereas layer 1s is generally competitive. Layer 1s is a base blockchain protocol that contributes to making varied trade-offs when it comes to features like decentralization, security, and scalability. Layer 2s on the other hand, helps scaling without compromising decentralization and security. There are various layer 2s blockchains that make interaction with ETH cheaper and faster.
The upcoming development in layer 2s and Arbitrum also boosted the positioning of the ETH blockchain in the crypto marketplace. Integration of Rust, C, and C++ programming languages boosting the growth chances of Layer 2s in the crypto market.
Unlike ETH killers, layer 2s blockchains are developed on top of Ethereum and focus on making the blockchain more convenient to individuals. The main products in the layer 2s are Arbitrum, Polygon, and Optimism. The continuous growth and progress in the layer 2s scaling solution will add ETH blockchain to remain competitive in the crypto marketplace.
There are chances that ETH may lose its market share with the arrival of new competitors, but it still has the potential to lead the smart contract space. Also, the Layer 2s made it easy for users to interact with Ethereum without paying exorbitant fees.
Conclusion
The Crypto CEO, Steven Goldfeder stated that competing with the Ethereum blockchain is not good as it is a complete winner in terms of security, decentralization, and ecosystem. The difference between layer 1s and layer 2s strengthens the ETH blockchain. ETH blockchain’s layer 1s is competitive and layer 2s is complementary.
