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Ethereum is NOT a protocol, you know things like TCP/IP and HTTP.
The crypto world is in a mass psychosis. VC funds have blossomed on the thesis that L1s are “protocols” for finance.
Nope, these are language and compute environments.
ETH was the first language to gain popularity for DeFi apps. But it was created before we knew what DeFi needs were.
We have seen this before… COBOL, Fortran, Lisp, C, JS, Rust. Each language builds from learnings of the past and upon the needs of new domains.
Old languages continue to be used, but many wane, while new languages come and gain adoption.
ETH’s Solidity is like COBOL, early and unlikely to be matched for future needs.
To be clear:
- a PROTOCOL is a simple standard for MESSAGING
- a LANGUAGE is a complex standard for COMPUTE
The former has longer and stronger network effects, while the latter tends to fade over time to new challengers.
Bitcoin is more of the former while Ethereum is more like the latter.
Like COBOL it’s quite unlikely Solidity will be what we build DeFi apps on in say 10+ years. If you think it will evolve over time to compete, remember blockchains are very hard to upgrade.
In other words, don't believe the VC hype that these are protocols like TCP/IP that has long term winners, expect stiff competition in L1 networks, it's unlikely they will gain long term increasing dominance over the long arc.
The crypto world is in a mass psychosis. VC funds have blossomed on the thesis that L1s are “protocols” for finance.
Nope, these are language and compute environments.
ETH was the first language to gain popularity for DeFi apps. But it was created before we knew what DeFi needs were.
We have seen this before… COBOL, Fortran, Lisp, C, JS, Rust. Each language builds from learnings of the past and upon the needs of new domains.
Old languages continue to be used, but many wane, while new languages come and gain adoption.
ETH’s Solidity is like COBOL, early and unlikely to be matched for future needs.
To be clear:
- a PROTOCOL is a simple standard for MESSAGING
- a LANGUAGE is a complex standard for COMPUTE
The former has longer and stronger network effects, while the latter tends to fade over time to new challengers.
Bitcoin is more of the former while Ethereum is more like the latter.
Like COBOL it’s quite unlikely Solidity will be what we build DeFi apps on in say 10+ years. If you think it will evolve over time to compete, remember blockchains are very hard to upgrade.
In other words, don't believe the VC hype that these are protocols like TCP/IP that has long term winners, expect stiff competition in L1 networks, it's unlikely they will gain long term increasing dominance over the long arc.
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