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Crypto isn’t new for us because we have experienced the market through its ups and downs. Many firms have conducted research on blockchain mechanisms performing at various crypto startups. Jill Gunter is one of the professionals investing in crypto since 2011. She worked in the typical finance environment at Goldman Sachs when Bitcoin was at the top of the blockchain.

Gunter also experienced 3 different crypto development phases within the industry. These 3 phases led to more extreme competition between various established blockchains with entering new protocols in the industry. She called the first phase the era of altcoins. Many protocols such as Dogecoin, ZCash, and Litecoin were also established in this era.

Block Size and the System’s Capability

However, developers desired to twist the Bitcoin protocol in specific manners. They need to alter the block size to reform the capability of the system. Gunter also said now there are a lot of blockchains and various tokens with many similar Bitcoin properties. The 2nd phase of crypto development came with the creation of new blockchains in 2015, such as Ethereum.

Point to be noted that Ethereum brought a massive change in terms of performance by presenting a programmability blockchain concept. The modern layer-one blockchains are considered a period of developers looking to twist the feature sets. These are programmable blockchains to overcome some of the problems with Ethereum.

Developers need Powerful Privacy Features

Moreover, many developers are looking to decrease fees, usability enhancement, and powerful privacy features to applications on blockchains. Keep in mind that the layer-one Ethereum blockchain itself doesn’t have such features. The high transition costs and low-level performance have continued to break the network with problems and vexing users.

Meanwhile, Yuga Labs’ recent metaverse land sale grasped headlines last week. People looking to buy NFTs were found experiencing excessive gas fees but failed transactions with the popularity decline. Other alternative blockchains like Avalanche and Solana are offering lower prices with much faster transition processing than Ethereum.

Ethereum is Most Powerful than other Blockchains

These other blockchains were not involved in a complete test that Ethereum has done. The major reason was that they don’t have the ability to process as many users at once as Ethereum. Gunter also said that these new blockchains have centralized something in other ways. However, these elements have on their roadmaps to continue decentralizing over time.

But we still have to experience those put to the examination. We still need to find other decentralization ways that really matter to users in terms of building designs of these elements. Most of these blockchains have the potential to compete and attract developers to their ecosystems. Gunter was also a co-founder of top-player blockchain Espresso Systems.

New Systems are More Decentralized and Accessible

Gunter knows how challenging it is to attract professionals to invest their time in developing projects on a specific chain. She said it is excellent to just wave around a white paper. We are basically becoming more decentralized and more accessible than any other thing. People need to have entirely discriminated features compared to the existing ones.

She added that no one is more perfect without the other. People need to make a case about how your system is supposed to become the most powerful and most famous. Meanwhile, the entire projects of layer-one are providing the perfect outputs, but still, need to get involved in tests. The winners and losers in the battle between the layer-one blockchains could rapidly separate from industry expectations.