Was at Coinbase in 2017 - am now waiting for more dev tooling to come out before jumping back in to the industry. The existing infrastructure is abysmal - equivalent of programming at the network layer.
Google and Amazon were built 2 decades after the invention of the internet. No need to FOMO in when the first programmable blockchain (Ethereum) is only 6 years old.
Then there's only 1000 validators right now, and 130 of them are losing money.
So it seems like their validation is very oligarchal. Which kinda defeats the purpose right?
Venmo or Visa can have superfast and supercheap transactions... but who cares.
So for smaller transactions where you don't care about global immutability that much, you just let it get done on an L3 and then your gas fee is much much lower. Creates kind of a tree structure.
Again i don't know sh!t, but basically having a globally immutable decentralized blockchain that works for tons of transactions seems impossbile
This is exactly what's happening. One of the biggest trends of the last 1-2 years in crypto has been alternative approaches to smartchains. You can find many of them in the top 50 projects list.
So they have to keep hyping up the 'web3' narrative with Ethereum having to power it despite it still being expensive and useless for basic use-cases as more apps built on it begin to implement very complex features.
The best part is they know Ethereum can't scale, hence the intensity of the hype squad pushing and pumping it. There are better alternative blockchain ecosystems (not 'tokens') which solve Ethereum's shortcomings and aim to supersede it.
For same reasons that many startups tried to compete with craigslist for years and failed because they didn't account for network effects.