What are the core strengths of Ethereum?

On October 27, the 6th Global Blockchain Summit hosted by Wanxiang Blockchain was held in Shanghai.

This can be regarded as the most grand conference in the blockchain industry this year, so not only are there many participants, but also many guests, and the guests gathered the heads of several major projects in the circle, including the founders of Ethereum, V God, Bo Card founder Gavin Wood, Filecoin founder Juan, etc.

At the meeting, these project leaders expressed their views on the development of the blockchain industry, and also detailed their views on their respective projects. Listening directly to the founder's description of the project can help you understand the project more intuitively.

Among these guests, I am most concerned about V God’s speech. There are two points in his speech that impressed me:

One is that Ethereum has now gradually become a real ecosystem, a self-sustaining ecosystem that can propose a solution every time a problem arises.

Second, the blockchain ecosystem is not a killer application, but a killer network.

To say that Ethereum has now become an ecosystem means that there are already various basic components, various technical architectures, and various token standards in the Ethereum system.

This is like a forest. It has fertile soil and breeds various plants. These plants attract various herbivores, and the herbivores attract carnivores. After the animals decompose naturally, they nourish a large number of microorganisms, and the microorganisms promote the fertility of the soil.

Such a positive cycle of ecology continues to develop, and the formation of a virtuous cycle will make this ecology more and more vibrant and dynamic. If we look at any one of them alone, we feel that it is inconspicuous, but when they are combined, they will form a powerful aura.

The ecology of Ethereum is like this. Its token standards (ERC-20, 721, 1155, etc.), its second-layer extensions (state channel, Rollup), its DeFi, and its oracle machines are its rich ecology. various components. These components are intertwined, and while developing themselves, new components will be born.

When we compare other public chain ecology with Ethereum, we will always find the following two phenomena:

Almost all new applications and signs are first created in Ethereum. After they develop to a certain scale in Ethereum and form the prototype of a new ecology, other public chains can imitate them in their own ecology.

Sometimes even if new applications and new signs emerge in other public chains, it just cannot continue to grow and cannot form a scale.

The recent DeFi is a typical example. During this period of time, DeFi projects seem to have been completely cold. DeFi projects in other public chain ecosystems have basically been out of reach. However, we can see that the amount of locked positions in DeFi projects in the Ethereum ecosystem continues It has risen, and some new projects that have attracted much attention have emerged. This is the most typical manifestation of the continuous ecological vitality of Ethereum.

why? Because other public chains do not have the soil and conditions for these projects to continue to grow, let alone the conditions to breed original projects. Therefore, the ecology of other public chains always seems to be missing something, and it always seems that it can only copy Ethereum but cannot catch up with Ethereum.

Many top projects in the ecosystem of Ethereum have open-source code, uncomplicated business logic, and no great mystery in technology, but why are the imitations of these projects always lukewarm in other public chains? fire? This is probably what Vitalik said that "the blockchain ecosystem is not a killer application, but a killer network" --- the Ethereum network has allowed some projects to create market effects.

Many readers often ask me how some other public chains are. I don’t quite understand why I say that Ethereum is the king of public chains. The fundamental reason is that I don’t understand the strength of the Ethereum ecosystem. This powerful ecology is the core of Ethereum's standing and surviving many death tests.