Amidst crypto’s warring factions, Ankr has a unique place in the Web 3.0 movement. Our purpose is to serve numerous projects and blockchains with development, staking, and earning solutions. And our end goal is to satisfy the needs of all end-users and multiply the capabilities of open-source blockchains.
The crypto space currently mirrors the same political division of the systems it was created to replace, and this conflict disrupts the overall mission of this industry. Which is why this article aims to persuade the amazing communities in our industry to see beyond their favorite chain and start believing in a united approach to build a decentralized Web 3.0.
Where Conflict Arose
When the Bitcoin white paper was published in 2008, some people immediately understood Bitcoin’s financial and economic value. For others, it took much longer to see and accept this life-changing innovation. Slowly but surely, even the status quo came to recognize, express a distaste, and eventually fear bitcoin. Last week, for instance, Hillary Clinton claimed that Bitoin and other cryptocurrencies it inspired to have the power to destabilize nations (and the status quo) while undermining the U.S. dollar as the world’s reserve currency.
“You don’t change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.”
- Buckminster Fuller, American architect, systems theorist, inventor, and futurist.
Most of us can agree that Satoshi Nakamoto successfully built a new currency model from cryptography. This new model enables “Two willing parties to transact directly with each other without the need for a trusted third party.” Those who support Bitcoin and Bitcoin alone believe this was a near-perfect solution, and all future capabilities should simply be built on top of Bitcoin.
However, others wanted to explore more possibilities for Bitcoin and new cryptocurrencies. And since then, there have been endless arguments, fallouts, and forks over the best ways to do just that.
Bitcoin vs. Ethereum
Bitcoin had its problems like its large carbon footprint, inefficient Proof-of-Work mechanism, and sluggish transaction speeds. These could all be improved with a healthy prescription of time and developer power. However, new blockchains like Ethereum emerged with more expedient solutions.
Many Bitcoin enthusiasts were happy for new possibilities and use-cases these new projects represented. Still, others frowned on them as impure versions of Bitcoin looking to cash in on the latest crypto trend.
Ethereum vs. All Takers: Solana, Avalanche, Fantom, Etc.
Ethereum opened our eyes to smart contracts and all we can accomplish with DeFi, NFT’s, and more. But the network wasn’t quick enough to meet the insatiable demand for performance. Worse, to everyday crypto users, incredibly steep ETH gas fees must be avoided at all costs. This means avoiding DeFi platforms and making transactions based on Ethereum.
In 2021, Ethereum has a swarm of “competitors” or “ETH killers” gaining momentum by solving problems surrounding Ethereum’s weak points. Interest in big-name players like Solana, Avalanche, the Binance Smart Chain, and Fantom is at an all-time high, and many are losing their resolve in supporting Ethereum. It is hard for some to wait for ETH 2.0 upgrades to finally enjoy the scalability and adequately low gas fees.
However, to provide better solutions, new chains often have to sacrifice one pillar in the scalability trilemma: decentralization.
Instead of encouraging new chains to solve problems while bridging and creating new interoperability tools, Ethereum maximalists have become very defensive of their favorite network. Investors and developers alike often dismiss projects like Solana as centralized and doomed to failure instead of striving for interoperability.
Multi-Chain Provides the Most Powerful Solution
Many battles are being fought between blockchains that aim to provide common solutions. Typically, the more similar the chains are, the more they and their communities seem to dislike each other.
Conversely, Ankr does not choose a side in the battle of the blockchains because we serve a different purpose. Ankr provides “multichain” solutions, meaning we are a crypto-agnostic platform that supports the growth and utility of all blockchains. We understand that some chains suit the needs of developers better than others, and this depends on the developer’s experience and the project they want to build. This is why our purpose is to provide developers with the resources needed to build projects on numerous chains.
Ankr follows the wants and needs of multiple communities to best serve Web 3.0 as a holistic societal movement. Paying attention to developer and on-chain activity is critical in doing this, as this tweet emphasizes:
Even though it may not seem like it all the time, everyone in the crypto space is on the same team. This is why Ankr is passionate about uniting the crypto community and providing multichain solutions to benefit everyone. Chains, DEX,s, dApps, and all platforms should promote interoperability and cooperation to offer the most for their users. It is in their best interest to stay competitive, as Web 3.0 will reward products that mold into cooperative user solutions and forget those that stay isolated. This technology is young and just coming into its own, which allows us to shape this industry into a more ethical, inclusive, and empowering internet that allows all boats to rise.