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Tuesday, October 4, 2022

Will Tezos Outcompete Ethereum?

Ethereum is suffering from their own popularity in terms of prohibitively high gas costs, and lots of developers are looking for alternatives. What do you think Tezos can do to capture some of that mindshare and avoid some of the scalability issues of Ethereum? Well, you know, Tezos isn’t a sentient being. I think it requires a general community around the Tezos ecosystem, which means doing things like addressing your own gas costs.

A lot of the Tezos platform is still very much oriented towards being conservative in its performance and things like this. So, there is a proposal period that would benefit from addressing some of these issues that Tezos has in its own right. And then also more broadly in the community could also pick up the mantle of making Tezos more accessible to people.

And I think a lot of great strides have been made, so I don’t mean to discount the work that’s been done. I think getting things like Truffle to support Tezos has been a huge coup, for example, and also things like SmartPy, and all the great work that you guys are doing over at TQ has been fantastic.

So I think we’re very much on the way of becoming very appealing to people who’ve seen Ethereum as a great way to prototype. I don’t look at anything in the Ethereum suite of projects that are out there and think like, “Oh man, I wish they could be on Tezos.”

Everything’s pretty immature at this point, and I think like it’s still very much early days for the entire space and I kind of hope that as space matures and we get more insight into how this De-Fi stuff works out — because there’s still follies and weird things that have happened in that space.

Well, there’s a huge second-mover advantage there, right? There’s a huge benefit to being the second mover. But anyway. The early bird gets the worm but the second mouse gets the cheese, and I’ve said this many, many times in the history of Tezos.

I very much feel like we’re making a lot of strides as an ecosystem in attracting people who cut their teeth on Ethereum and maybe see the virtues of Tezos because of that. But also, there has been a lot of knowledge that has come from seeing consensus operate for the last few years and seeing the projects that have come out that have actually gotten really great adoption and trying to replicate that.

We’ve seen that with the version of Metamask for Tezos, right? Or a type of Metamask for Tezos. We have a few things that thrived in the Ethereum ecosystem that has been replicated to go on Tezos, and then we’ve taken some things one step further and come up with their own riffs and versions of things.

So, I think it’s been really healthy so far in being an attractive option. But yeah, Ethereum has the first-mover advantage and it’s going to be a little while before that either fails or is eclipsed.

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