Bitwise CEO Hunter Horsley has presented a new vision of Ethereum's role in the crypto world, stating that its main competition happens not with Bitcoin but with Web2 platforms.
Ethereum as a Competitor to Web2
Hunter Horsley argues that Ethereum is not 'the runner-up' to Bitcoin; instead, it competes with systems like PayPal and Google Cloud. He emphasizes that Ethereum is building a foundation for decentralized apps and finance, seeking to replace or improve services provided by centralized tech and financial giants.
Transition from CoinMarketCap to Real-World Applications
Horsley believes the crypto industry is moving out of the 'CoinMarketCap era,' where success was measured primarily by token prices. He notes that Ethereum is increasingly seen as a tool for creating real-world applications, as segments like NFT marketplaces and DeFi platforms develop from it, allowing developers to create flexible solutions.
Future: Utility-Driven Evaluation
Horsley emphasizes that as the crypto industry matures, it becomes clear that each blockchain serves distinct needs. Ethereum should not be evaluated by the same criteria as Bitcoin; it offers a decentralized alternative to Web2 systems, supporting both decentralized exchanges and Web3 social networks.
Therefore, Ethereum is opening new horizons in blockchain technology by providing solutions for decentralized applications and finance that can evolve independently of traditional platforms.
