Sirwin
Sirwin
Ethereum and Internet Computer illustration by CryptoSlate

Why ICP Shouldn't be Considered an ETH Killer


Although the majority of the traditional world perceives bitcoin as the single base layer for cryptocurrency and blockchain technology, it's evident that we need more than one or two main blockchains for financial applications. The Ethereum network holds a majority of crypto projects, but this is a temporary situation. The market already understands Ethereum’s scalability limitations and growing fees are too burdensome on its end users. Over the past 2 years, the blockchain world has been shifting to other platforms or seeing the launch of numerous side chains. 

So why did all these projects decide to base themselves on Ethereum in the first place? The answer is simple: it was easy to build on top of the Ethereum blockchain. Using Solidity, developers were able to write auto-enforcing smart contracts that existed on the Ethereum Virtual Machine (EVM). On top of this, there exists a collection of programming language libraries that allow developers to interface with the blockchain in their preferred language.

There is a common belief that the blockchains that can attract the most users will win the smart contract platform wars. This is a gross oversimplification of the situation. The number of users on a blockchain is not necessarily indicative of its success. A better metric to measure would be how many developers are building applications on top of those networks or how many active dApps there are on each network.

When it comes to who will win and lose in this space, there are two main things to consider: what applications are being built on the platform and how easy it is for developers to build on the network. 

These factors will determine which networks will stand out and survive, but it's also important to remember that there is not just one winner-take-all network. In fact, there will be multiple winners (and losers), with each offering differentiated services and technological components that can complement existing platforms.

We often overlook the cross-chain synergies that could pop up along the way. It's very possible that the platform wars are not a zero-sum game. In some ways, platforms that offer differentiated services or technological components can complement existing networks. 

Ethereum is the base layer that supports other applications being built on top of it. Developers who create such applications will want them to interact with each other seamlessly, which means they need some kind of base layer or protocol where they can operate together. 

This is where Internet Computer benefits the builders using Ethereum. They are different by design but very complementary.  For instance, Ethereum-based DeFi applications can host the front ends on the Internet Computer as opposed to AWS. This is something that has been top of mind from the DFINITY team as illustrated in some of Dominic Williams’ blog posts.

He states in one blog post: 

"The Internet Computer network we see emerging today would not exist without the inspiration that Ethereum provided, which introduced the concept of a “World Computer” and “smart contracts”, for which everyone involved with DFINITY is immensely grateful. We stand on the shoulders of giants, and are friends of Ethereum, and always have been." 

And goes on to say: 

"The Internet Computer is not, and was never intended to be, nor has ever been sold as, an “Ethereum Killer”, which is a frustrating misconception I battle against even today."

When the market gets hot, a new opportunity arrives and this attracts new users, developers, and community members that are really going to help grow the crypto industry. The ultimate goal is to grow the entire industry. That's going to require an influx of new people in every market cycle. It's during that time when we are going to start to see a lot of new ideas and pieces of infrastructure get built that can help the next stage of applications development. 

Vitalik Buterin calls The Internet Computer the sister chain to Etheruem. Most alts are basically trying to be ETH but more efficiently. L1's are all competing with one another but there are no direct competitors to ICP, which is integrating the internet & the blockchain.

Dominic Williams states, "Nothing will bring me greater pleasure than to see the two networks integrated, in a manner that will add enormous value to both, and rejoin the starting point of DFINITY— and that is exactly what we are going to do."

 

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Internet Computer_Keno
Internet Computer_Keno

Web3 Marketer and evangelist for the Internet Computer protocol that's bringing smart contracts to Bitcoin.


Internet Computer
Internet Computer

Reimagine Everything Using Smart Contracts at Internet Scale: The Internet Computer is a public blockchain that hosts smart contracts that run at web speed, can serve web from cyberspace, run efficiently, and can scale within an environment that has unbounded capacity.

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