'Warm, friendly, community-centric Ethereum may not be far from becoming a global digital commerce monopolist. Ethereum is already much more valuable than any other blockchain ecosystem and has the most developers and users,' writes pbrody. Opinion.
Paul Brody is Global Blockchain Leader for EY . Under his leadership, EY is established a global presence in the blockchain space with a particular focus on public blockchains, assurance, and business application development in the Ethereum ecosystem.As I never tire of pointing out in meetings, there’s nothing you can do with a blockchain that you can’t also do faster and cheaper with a traditional centralized computing infrastructure.
Though the world of Web2 is still new, this isn’t a new problem and we’ve solved it before, not with decentralization but with regulation. In 1895, there were an estimated 6,000 local phone companies in the United States. Each company could set its own rates and had to reach agreements with each other for interconnection. Just like today’s so-called digital monopolies, the big got bigger.
There are some big attractions for this kind of approach. The most important is that, in many ways, it can produce a much more competitive and dynamic marketplace. Centralized private blockchain operators would compete with each other to be the best. The downside is that the nature of that competition is limited. For a token or smart contract to be interconnected from one private chain to another, they have to be fundamentally the same or so similar as to be indistinguishable for most purposes.
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