The world is on the cusp of the next internet revolution. Web 3.0 is already here and while it may still be in its infancy, it is definitely the internet of the future.
In the years since the emergence of World Wide Web, the internet has evolved from web 1.0 (the era of slow dial up modems and static webpages) to web 2.0 (the current era of faster internet speed, facilitating interactive content and Social Media) and now internet 3.0, the big idea of the future that is already here with us.
Internet 3.0 will run on blockchain technology — and according to many experts, on the ethereum platform in particular.
Launched in 2015, ethereum is highly suited for building decentralized applications (DApps). Unlike bitcoin, its more popular predecessor, it has the added advantage of a smart contract feature and experts believe it is in pole position to become the foundation for web 3.0.
Web 3.0 will create a truly decentralized web that would take power out of the control of government and today’s internet behemoths and put it back in the hands of the user.
Here are on Digital Coin News, we will underline 5 reasons why ethereum will underpin the internet of the future.
- It is Completely Decentralized
Several new blockchain platforms claim to be better and smarter than Ethereum. A number of them even claim to have millions of transactions per second (TPS), zero transaction fees and near-instant confirmation times.
The truth however is that nearly all of these platforms have simply traded-off the characteristic decentralization of an ideal blockchain for increased scalability or speed. A move that would prove costly to such platforms and the users down the line.
- Number of Developers on the Platform
Ethereum currently has the most developers building real-world applications and it will dominate the internet of the future because of these sheer number of developers.
In a post on Medium, James Martins Duffy explains how the effect of this is exponential in the long run. “The number of developers building on top of Ethereum is not only growing — it’s accelerating,” he says.
“It’s Metcalfe’s law applied to developer infrastructure. The more developers building useful stuff, the easier (and more enjoyable) it becomes for new developers to build, and the effect compounds on itself.”
According to Duffy, a blockchain platform, no matter how many transactions it can handle per second, is no use if developers are not adopting it.
- Ethereum has the Best Tools for Developers
Hundreds of different developer teams around the world have devoted thousands of hours into building and refining the tools and infrastructure for DApp development, on the ethereum platform. This tools are free to use for any developer who wants to build a DApp on ethereum.
Duffy believes that any blockchain platform that seeks to replace Ethereum, would need to build equivalent versions of all of these tools/infrastructure in order to stand a chance to compete with Ethereum’s ease-of-use for developers.
- Multiple Scalability Options
The ethereum platform provides multiple scalability options. This is important because no single blockchain would be able to provide the infrastructure to handle all the world’s decentralized applications especially after widespread adoption. Additional layers would be required to provide higher scalability.
On the ethereum platform, these layers would serve as a sidechain. They would provide the needed speed of transaction while maintaining the decentralization and security of the ethereum platform.
- Ethereum has the Advantage of a Head Start
Ethereum was launched in 2015. It has been around for more than 3 years and it has the unique advantage of a massive head start. Also, in the 3 years since its launch, there has been no successful breach of its main security features. This has earned it the confidence and widespread adoption by the leading DApp developers.
Indeed, ethereum is so well positioned it is hard to see why and how any developer would think of competing with it instead of just adopting it.