Porting network effects to Eth2.0

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#1

I don’t know if this is the place to post this question so if I’m in the wrong place please redirect me to the right place:)

Eth2.0 comes with some drastic changes and it seems to me that it’s going to be a complete overhaul. In the latest Into The Ether podcast I heard @econoar saying that we should port the network effect Ethereum has to the practically new blockchain Ethereum 2.0.

My concern is how Ethereum is able to maintain this network effect if the new chain is completely different from Ethereum as it is today. A developer/company building on Ethereum now have to rewrite their contracts thoroughly, so why would they choose Ethereum? Doesn’t the overhaul level the playing field between Ethereum and its competitors? Especially if competitors are delivering quicker than eth 2.0. To exaggerate: why would people wait 3 years for eth 2.0 to arrive with mostly unknown specifics if there’s a competitor which has more clear specifics earlier on.

Of course the community is bonded by more than the technicalities, but it’s a challenge nonetheless, right?

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#2

I suppose that depends on how portable the network effects end up being from a UX standpoint.

Arguably a lot of the competitors to Ethereum that have emerged in the last 12 months suffer from the design tradeoffs they made about the Scalability Trillema (Security <> Speed <> Decentralization). Many of them sacrificed Decentralization for Speed. ETH 2.0 is poised to be the only player on the market that has solved for all 3 (or at least approximates for doing so via the use of all of the ETH 2.0 functionality like POS + Sharding + Plasma).

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#3

Valid concern. I know I had my :grimacing: reaction after learning ETH 2.0 would be a new chain and require contract re-writes.

I’m not sure if you were around during TheDAO fiasco, but thinking back to that time has eased some of my concern. As qualitative as this is, I think a lot of the teams building on Ethereum are doing so because of the ethos of the community and the composability of the technology. My sense is that most dev teams understand the scalability trilemma and aren’t looking for cop-out EOS/Tezos type solutions.

Similarly to how after TheDAO the community rallied around the core dev group, I think we’ll see a very high rate of migration to ETH 2.0 even if (when) that requires additional work. So much of the value that Ethereum brings rests in the collaborative approach the community takes at a very base level. Everyone is building on everyone else, and that’s the kind of thing that is extremely difficult to replicate.

From a network effects standpoint, Ethereum is the Bitcoin of smart contracting platforms.