Ethereum could “take over everything” and a multichain future is untenable because the world loves standards for efficiency. This is a preview of the crypto scene by Paul Brody, the Global Leader at Ernst & Young Global, one of the top four audit firms, in a recent interview.
Ethereum Rides on its First Mover Advantage
Even though Ethereum critics say the network is slow and bogged by high trading fees, it is improbable that it would be dislodged as a go-to deployment network.
Ethereum is the first smart contracting platform that has, over the years, cemented itself as a preferred launching pad for ambitious crypto projects. It has successfully trudged on, leveraging its first-mover advantage to overcome stiff competition from “Ethereum killers” like Avalanche, Polkadot, and Solana.
Despite better alternatives promising high throughput, Ethereum remains the home of DeFi and NFTs. The network’s reliability and security stem from its satisfactory decentralization level and continuous enhancement, making it a choice for most developers.
At the same time, analysts have observed that ETH has a lot of institutional maturity, a distinction from other upcoming smart contracting networks.
Ernst & Young only Builds on Ethereum
These factors, Paul Brody explains, are variables that the audit firm uses to determine whether they can adopt a specific chain. Although Ernst & Young audits across many blockchain ecosystems, they are very particular about the network they build on.
In this case, they only develop on Ethereum. However, they also use Polygon, an Ethereum sidechain, to lower costs on its enterprise activities.
We’re very selective at EY about which ecosystem to work in. We audit across many ecosystems, but we only do development in the Ethereum ecosystem; Ethereum is just the largest ecosystem, right? If you’re going to be only good at one thing, you should be good at the one thing that has the biggest market.
A Multichain Future is Doubtful
During the same interview, Paul dismissed talk of a multichain future, adding that the technological world loves standard. At present, he says the Ethereum Virtual Machine (EVM) is providing a reliable standard in the smart contracting world.
Currently, most competing networks are bridging over to Ethereum because of its vibrant ecosystem, solidifying the crucial role of the EVM.
- ethereum feature image blockmagnates (1): Photo by Nenad Novaković on Unsplash