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10 May 2021

Interoperability May Be The Single Biggest Threat to Ethereum’s Dominance – Op-Ed Bitcoin News

Interoperability May Be The Single Biggest Threat to Ethereum’s Dominance – Op-Ed Bitcoin News


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Ethereum tokens are effectively locked on the blockchain through this protocol before a “wrapped” version is created on the corresponding network, in this case, Tezos.

This new protocol’s “bridge” will empower token holders to move freely between the two ecosystems with minimal switching costs, providing a greater abundance of choice while granting users the opportunity to vote with their feet.

Given that Tezos now boasts a much more affordable ecosystem for developers and users relative to Ethereum, thanks to its proof-of-stake consensus, this newfound ability to seamlessly migrate between chains represents a severe threat.

Moreover, the self-upgradeable nature of Tezos means that future adjustments to the network to are much easier to implement relative to Ethereum’s drawn-out upgrade process.

Though talks of Ethereum’s imminent demise will proliferate, WRAP Protocol is still a serious shot across the bow that might have short-term consequences for the network, even with Ethereum’s forward-looking potential?

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