- Binance’s CEO has suggested that Ethereum’s success could be its own killer
- He compares Ethereum to MySpace, which failed after failing to handle the load due to demand
- ETH2.0 is years away and this could be the ultimate Ethereum killer
- CZ continued to defend the Binance smart chain by saying it was not Ethereum’s killer
Binance CEO Changpeng Zhao gave his insight into the real killer of Ethereum. According to CZ, Ethereum’s success could be the reason for its eventual “death”, similar to how Myspace got too popular and couldn’t handle the load.
CZ’s detailed comments on Ethereum can be found below.
Vitalik once said (and there is a video of it somewhere) that ETH killer is ETH. Ironically, I think he’s right. ETH is mostly successful. But his success (not other coins) can also be his own killer.
Perhaps the best example is social media. Friendster, MySpace was hugely popular, couldn’t handle the load, couldn’t keep up with user / demand growth. Path. Plenty of other examples if you are old enough to remember the beginnings of the internet.
Ethereum gave us smart contracts, but ETH2.0’s delay will be its killer
CZ continued to commend Ethereum for giving us smart contracts that opened the doors to ICOs, DeFi, and NFTs. However, the current scaling solutions such as rollups are not user-friendly. Furthermore, ETH2.0 is years away and could eventually be Ethereum’s killer. CZ explained this as follows.
Ethereum created the smart contracts market that led to ICOs, DeFi, NFTs, etc. Demand is growing exponentially, but ETH’s performance is not. ETH 2.0 is still years away. Rollup is not user-friendly (jury has not yet been filled). This is the ETH killer.
Binance Smart Chain is not the Ethereum killer
In conclusion, CZ reiterated that the Binance Smart Chain is not Ethereum’s killer. In addition, BSC was built from the “Insights of Ethereum” and tried to solve the problems of high fees.
BSC is not an ETH killer. It is based on the findings of the ETH and tries to solve a central problem: high fees. It wasn’t designed that way, or at least wasn’t presented as such. (I was / am not involved in the design.)
I just shimmer #BSC and #BNB.