Ethereum could ‘take over everything’, and there won't be a multi-chain future, says EY's blockchain leader - Aliens: AI Crypto News & Markets Updates
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Ethereum could ‘take over everything’, and there won't be a multi-chain future, says EY's blockchain leader

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MarketWatch

Thu, May 26, 2022

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Bitcoin BTCUSD went down 1% over the past seven days, trading at around $29,529 on Thursday, according to CoinDesk data.

Paul Brody, global blockchain leader at Ernst & Young Global, said he expects Ethereum to eventually “take over everything,” though it has been facing competitions from other smart contract blockchains such as Solana SOLUSD, Avalanche AVAXUSD, Cardano ADAUSD and Algorand ALGOUSD.

Ethereum is the most reliable blockchain for development, according to Brody, though critics complained that the blockchain can be slow and expensive for transactions.

We audit across many ecosystems, but we only do development in the Ethereum ecosystem,” Brody told Distributed Ledger in an interview.

Brody said he does not expect to see a multichain future, where different blockchains co-exist and all contribute to the ecosystem.

That’s really strange,” Brody said.

“We don’t have a multi-network Internet, we have TCP/IP over Ethernet.” “Technology industry loves standards,” Brody said.

It’s very rare that you have truly heterogeneous ecosystems, because that imposes a lot of overhead.” In terms of bitcoin, Brody said he is unclear of what the future of the largest crypto is, as it hasn’t provided a compelling case to be used as a hedge against inflation.

“More importantly, Bitcoin isn’t a developer ecosystem,” Brody said.

Brody also highlighted the importance of stablecoins and called for a “good regulatory model.” “The truth is that the vast majority of people really want to transact in dollars,” Brody said.

While ether will be used for covering transaction fees on the Ethereum blockchain, “for enterprises especially, the vast majority of transactions are going to be done in fiat currency-based stable coins,” according to Brody.

The problem with crypto is that most coins are “junk” or “garbage,” according to Minerd.

Although he believes that both bitcoin and ethereum will ultimately survive the downturn, Minerd said crypto likely hasn’t found the right “prototype” yet to help drive more widespread adoption.

Read more: Guggenheim’s Minerd believes fine art, real estate will outperform stocks, sees bitcoin bottoming at $8,000 Shares of Coinbase Global Inc. COIN gained 3.2% to $69.28 on Thursday, and they were up 2.9% over the past five trading sessions.

Mining company Riot Blockchain Inc. RIOT shares were up 5.8% to $6.80, while it was down 4.7% over the past five days.

Shares of Marathon Digital Holdings Inc. MARA gained 4.9% to $9.72, with a 6.1% loss over the past five days.

NVDA shares rose 6.4% to $180.61, looking at a 5.5% gain over the past five trading days.

Advanced Micro Devices Inc. AMD shares were up 7.7% to $99.80 on Thursday, while it was up 3.2% from five trading days ago.

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