The Ethereum blockchain is slow and costly. As of dec 2021, the Ethereum blockchain can process about 14 transactions per second, with each transaction costing on average around $25.
I think Polygon will become a popular blockchain for minting NFTs due to the number of new creators coming into the space who don’t yet have the means to front gas fees. Polygon claims to be able to process up to 65,000 transactions each second with fees costing less than a fraction of a cent.
Ethereum has a leg up for sure due to the adoption by AWS in its managed blockchain product as well as a more robust enterprise use case. I wouldn't discount hyperledger for the same reason.
Report
@peter_griscom
I can confidently say that Ethereum's adoption by AWS and its robust enterprise use case give it a significant advantage.
However, we shouldn't discount Hyperledger, which also has strong enterprise use cases.
As for NFTs, they offer exciting possibilities for businesses and individuals alike. For example, a new airline company could start with NFTs that act as free tickets for life, which could be resold for a significant profit as the company grows.
NFTs can also be used for membership cards, conferences, and even for NGOs.
Can't wait to see how NFTs will continue to evolve in the Web3 era.
Eth is quickly becoming the "Dollar" of the modern digital world. It has a strong social backing which can add to its dominence.
Report
@softwurx
I can definitely declare that Ethereum is not just the "Dollar" of the current digital world, but also the skeleton of the decentralized web. Its considerable support from society demonstrates its supremacy and growing potential.
However, with tremendous power comes great responsibility, which is where our MPC-TSS-based protected private key management protocol comes in. We can ensure that consumers have total control over their digital assets while retaining the greatest degree of security by harnessing the capabilities of web3.
Let us continue to push the limits of what Ethereum and the decentralized web are capable of.
Of these two, Ethereum has the first-mover advantage and will likely remain a leader, so long as layer 2 solutions and its transition to proof of stake can become fully realized.
Solana has influential backers which have accelerated its awareness in the space, but it has some serious design flaws that simply can't be fixed. It's way too easy to attack and bring down the network, which we've seen happen multiple times already.
I think Ethereum will be stick around, but might play a different role than it does now. They are obviously developing ETH 2 to address a lot of the gas issues, but I still think there will be scaling challenges as crypto continues to grow. I would think that a layer two solution like Polygon might have the most room to grow and become the primary interface for most people. ETH and Bitcoin will still support the larger movements of money, but not the individuals transactions people make. This interview with Sandeep Nailwal, the Co-Founder of Polygon, made a pretty compelling case on @kevinrose Modern Finance pod
Report
@kevinrose@product_at_producthunt
I believe that Ethereum will remain a prominent participant in the cryptocurrency world, but its position may change as scalability issues persist.
Layer two technologies, such as Polygon, with its quick and inexpensive transactions, have the potential to become the principal interface for the majority of consumers.
💡 Individuals, however, continue to be concerned about the security of private keys. That is why, on MPC-TSS, I created a secure private key management protocol that leverages the capabilities of web3 to assure the protection of your assets. With this technology, you may confidently transact on any EVM blockchain, without fear of your private keys being compromised.
Replies
Okara
Tradefluence
Cha'Ching
Netlify
Product Hunt
Entre