Topic: Is Ethereum a monopoly? (Read 329 times)

All activities that involve transactions must be monopolized, both systemically and directly, but the difference is that ethereum applies a space of freedom for people not to resemble, meaning that they can work together but are systemically binding, so it is difficult for people to manipulate, which attracts taxes paid by development, although all of that is taken based on the transactions that people do, that's what I call a monopoly system, not direct.

Yes, it's true, the biggest competitor for ERC-20 is BSC, but the community that uses ERC-20 is still very large for now, even though gas costs are still so high, it's possible that if ERC-20 doesn't change gas costs that are so high, users will switch completely to BSC, today the community that uses BSC is more and more large, this is a special concern for the ERC-20 network if you don't want to be left behind.

Good point. There's nothing stopping other projects from copying ETH's model due to the way it was designed. Everything in the crypto/Blockchain space is open-sourced these days, so adopting ETH's EVM would be more beneficial than harmful for the original project's long-term sustainability. It's all a matter of improving existing technologies to help make crypto/Blockchain land a better place. With so many projects using the EVM as their backbone, it looks like Ethereum's Solidity programming language will become the standard of Web 3.0. I'm fine with that as long as decentralization wins in the long run. Who knows what will be of Ethereum in the future? Just my thoughts

Ethereum is not a monopoly, competitors using EVM doesn't mean that they fully rely on Ethereum. It's just like saying because some of Apple's iPhone components are made by Samsung so Samsung is a monopoly.
If something is working and there are no better alternatives, there's nothing wrong in building in it. So far could you say that EOS and Cardano have been successfully built a platform that is better than EVM, I don't think so.

I think it should also be realistic that ethereum is still the best so far, although that doesn't cover the fact that high cost constraints still haunt many people who are allergic to using ethereum based networks,
but existing competitors are also using the same.
so I guess it's still mostly tied to ethereum and can't untie it.
if there is anything else, because it is clear that coin support is not as expensive as ethereum which is certain if you experience something like ethereum which is already expensive it will happen too.
It's only natural that until now ethereum has continued to survive and be the best in altcoins, because the support continues.

Definitely not.

There are a ton of forks of ETH because it is open source, and they are doing very well with billions of dollars in market cap.

The fees on the ETH network means that it's actually not that feasible to use for DeFi or NFTs unless you have hundreds of thousands of dollars just lying around. Which gives rise to other solutions like FTM, BSC, etc.

Actually a competitor from ERC-20 already exists, namely the BSC network, which offers very cheap gas costs during transactions. and also I think if the fees of the eth network don't change, then I'm sure users will use the bsc network in their overall transaction activities

Using the same EVM and being the same blockchain are different things. Some projects might use ETH's EVM but they are not related at all. It is like saying "every project that uses phyton are smashed together and will fail if one fails", which we all know is not like that. There could be this program that they all use, but they could all add or remove anything in there, and that is why I believe that projects which are different will always be better pathways for ETH itself as well.

I am not saying that ETH is not a monopoly, all I am saying is that it is not a monopoly because of this reason, there are other reasons for sure but this one is not the main one. I believe that ETH being able to still get projects even with 100+ dollar gas fee for many new stuff to just start is the scary thing, whereas there are other networks which costs less than 1 dollar to start, and yet projects still prefer ETH, that is the real scary thing.

I have to admit that tokens that use ERC-20 dominate the marketcap, in my opinion expert analysts around 65% of marketcap are ethereum and tokens that use ethereum transaction fees, but with so many new projects of course becoming competitors for ethereum so that doesn't happen.

There may be other chains on this "field", but most of them use Ethereum's EVM for the deployment and execution of smart contracts. How can alternative platforms compete with ETH if they're using its underlying framework for dApps? Again, it's like saying Microsoft Edge will compete with Chrome when it's using Chrome's underlying web engine (dubbed Chromium). As long as the majority uses the Ethereum EVM, ETH's position on the market will remain untouched.

At least, there are a few smart contract platforms with their proprietary programming languages. Cardano, EOS, and even Zilliqa use their own VM for decentralized applications. We need more originality in the smart contracts space in order to reduce the risks of a single point of failure. More innovation = faster adoption of Web 3.0 in the mainstream world. As long as everything remains open sourced and decentralized, nothing else matters. Just my opinion

IMO probably in general Ethereum is the most difficult Monopoly to avoid when the market always makes it uncompetitive with other altcoin prices. The existence of Ethereum seems difficult to find a worthy competitor. There may be other speculations from Solana/Polygon but it's still easy and also lacking in terms of market takeover. Ethereum has a number of issues but that doesn't make it any less reputable in the eyes of traders and investors alike. The reason is because of the quality that Ethereum offers and the altcoins on their network seem to be considered elite altcoins.

I can’t say that this is an undeniable leader, any leader can lose. Remember Nokia phones at the turn of the 00s, and where they are now, so is Canon in the field of photography, or Kodak. So everything, as always, will be decided by time and whether the developers will be able to keep the level of ideas and their implementation. You can lose, but at the moment it's definitely not.

in the past maybe yes eth monopolized the market but not now , there are many smart contract projects that are just as good in the market today and provide the same service or can be considered better than eth ,  problem in  eth still dominates in this aspect , maybe due to being the project's first smart contract gave it that edge, or some developers preferred the network, however, the power shifted to other smart contract projects. can be given an example BNB is currently the toughest rival of ETH in my opinion

Monopoly is when there is a sole platform in the market, and I don't think ethereum is, presently we have other platforms although they are the most prominent. And since they are the most prominent relying on ETH EVM is not a bad idea. They win and ethereum win, it is a win win for the both platforms.

I am sure what are the new features like new innovations that etehreum will bring, other platforms will simply copy and again compete with ethereum itself. This is what exactly happening around ethereum as in open-source environment, unable to patent the new things, will reduce the chances of remaining monopoly for sure.

Eventually it is not a monopoly, I think that the ETH network is not the leader in project networks for the simple fact of having very high Fees, if we start to review the number of projects that there are on the ETH network there are many despite , the competition lies in the NFTs, NFT games and the metaverses, it is not known if the problem of the ETH network will be solved with the ETH2.0 which is quite long and difficult to develop, this due to the congestion that exists, makes Some months I had to pay an exaggerated fee to make a withdrawal, the truth is that I didn't really want to.

Even if most of others similar smart contract platform are using EVM doesn’t mean that ETH have controls over them, it's still a separate blockchain and EVM is just a way for them to build their chain without reinventing the wheel.
I think these newly formed smart contracts platform always have good reasoning behind the screen and they are just trying to be efficient as possible and maybe it's because smart contract platform that are similar to ethereum is easier to use because
most of the people are already getting used to having the same interface as ethereum.

Ethereum play a important role after the place of bitcoin.When the price of bitcoin crosses the 10k mark,it was huge difference in the price of bitcoin.Later come project is Eth with less amount of the fees.When the market pump happened in the Ethereum,the new form of Binance Smart Chain.Waiting for the new platform over rich the BSC.

I think that Ethereum was a monopoly in its economic niche until 2020.

In fact, ETH is the only top-rated coin that runs as a Virtual Machine for smart contracts written in the Solidity language and is currently based on the Proof-of-Work algorithm. ETC is also a PoW coin, but it is too weak.

It should be noted that cryptocurrencies are trusted because their developers publish the source code so that people can inspect all the functions and compile the executable themselves on their own computers. This means that anyone can download the source code and create his/her own coin.

As far as I remember, in 2018, the Binance team created their Binance Chain, but it did not attract much investors. In 2020, the team downloaded the Ethereum source code, modified it slightly, and created the Binance Smart Chain that relies on the Proof-of-Staked-Authority consensus. After that, investors pumped the BNB coin because BSC uses a long-established infrastructure for decentralized applications.

MATIC, AVAX and other similar coins have followed suit with BNB. They simply chose a new number for the ChainId field in the ETH transaction.

Thus, today Ethereum is not a monopoly in the global cryptocurrency market, but alternative chains are not a bad idea because their platforms complement the entire ecosystem.

That's the point. So many alternative blockchains using Ethereum's EVM gives the second-largest cryptocurrency in the world a huge advantage on the market. They're no different than ETH other than being highly-scalable blockchain networks. If ETH scales with PoS and Sharding, then these alternative chains will be no more. Or if they survive, mainstream adoption will be at its lowest.

As I've said before, only a small number of smart contract platforms have their own proprietary language and virtual machine for the deployment and execution of decentralized applications. If the number of new projects built from scratch increases, then ETH's position as a monopoly will diminish. Otherwise, not. Imagine what'll happen if ETH disappears all of the sudden (which is highly unlikely at the moment). It will be complete chaos in the smart contracts space. At least, everything is decentralized and open source. As long as projects work together to help improve Blockchain tech, there should be nothing to worry about. Just my thoughts

Of course, the ethereum network is not exclusive when using smart contracts. We can see this even now, when in case of difficulties with high transaction fees in this network, many users began to switch to other platforms, including those using the same EVM for smart contracts. For market participants, this opportunity is an escape from high transaction costs, so I don’t see anything wrong with other platforms using EVM ETH. If there was no such possibility, we would now have to work very hard with cryptocurrency.

Now the ERC20 network has few users, including project developers, so that delays will not occur again even though the problem of expensive transaction fees still occurs on the network which makes some people start avoiding the ERC20 network.

You have a valid point even I don't have much technical knowledge about blockchains. If I trust your words I would also say Ethereum is a monopoly and it will keep dominating the market but generally, I believe miners are making good money from the Ethereum otherwise a small trader avoid Ethereum to make a transaction due to the high gas fee on the other hand if compare the gas fee we have better options like BSC, Tron, Cardano, and Polygon network, etc. 

IMHO, I guess it's not like that, Ethereum monopoly was over when some other crypto platforms have offered that same service, like smart contracts, but we must accept the fact that Ethereum as a pioneering smart contract service provider has a popularity that is not easy to replace and surprisingly until the expensive gas fees have become a burden to many ordinary users that paving the rise of BSC, Solana, Polygon and some other platforms. so in reality Ethereum is not a sole player anymore. 

Why would there be a need to beat ETH in order for it to be not a monopoly? I mean McDonalds is probably world's largest hamburger chain, but there are also others like burger king and arbys and tons of other local ones as well, just because Mcdonalds is the biggest one doesn't mean that it is the only one. So that is basically the reason why I believe that we should not be considering ETH monopoly neither.

It is the biggest in its sector, but not a monopoly at all. Other coins who have smart contracts also get attention, look at how BSC is rising, in fact it went up and now not getting attention as much as it used to, it literally had a whole cycle. So, I agree that ETH is the biggest coin with smart contract, but I deny that it is a monopoly, in order to be monopoly you should be the only one and so big that you ruin everyone else who tries to get in, which ETH is not doing.

There must be a reason why the competitors are using the same network which is ethereum it's probably because creating the product under this EVM are best, there must be doing research before initiate and launch the product. So it's not the monopoly at all but it's all about quality, the best quality product ofcourse will rule the market and if there is another better network than ethereum in the future, i'm sure it will have more marketcap than ethereum because investors are smarter right now, they will buy something that valueable rather than just a hype

Well, I think ethereum has successfully linked big projects mimicking their technology, if everyone knew this, and ethereum had been upgraded to a lighter version with cheap gas, it looks like the alternative network will be quiet again, because until now although ethereum remains used by the rich, there may also be a bit of a monopoly from developers with ethereum.

You can check this out https://coinmarketcap.com/charts/

The dominance of ethereum in crypto market is slowly decreasing and how is it possible ethereum is doing monopoly to the market? even bitcoin dominance was also going down. People are very familiar with ethereum virtual engine. that's why the developers of new blockchain was looking for a new idea to make people will not feel different by using a new blockchain with different mechanism and sha. So far this thing is working very good as dominance of L2 blockchain and L1 blockchain with capability to be compliant with EVM is increasing a lot. I will not call this as monopoly and that's quite differen than what you think about that.
EVM was open source.

And by means of monopoly as the biggest and controlling the market, does Ethereum could be applicable by that definition? in what sense does Ethereum control the market?

As far as I am concerned, The whole thing/idea of EVM is not being licensed in any way. And the Solidity is also licensed as GPLv3, so anyone can do whatever they want that is applicable as the licensed code.

Just because another platform is creating a briged to be compliant with EVM and it doesn't mean ethereum is dominating everything. Creating a EVM compliant platform has become a new trend in crypto. Another platform that was using EVM compliant blockchain was not also pegged with EVM and how is it possible to call ethereum is dominating everything? that doesn't make sense at all. I personally think that if that's a way for new blockchain to get instant demand. People will not easily moving from one to the another blockchain because they need to adapt with the new environtment. There are so many failed blockchain in the market and this looks like a part of strategy. It's difficult to get demand these days.

I am not that heavy tech savvy but I could tell if it is the same with Ethereum programming or not. I don't like to think Ethereum as a monopoly where all the new projects are just taking their base from it. But I do like the fact that there are still projects that are aiming for something new.
The support is what lacks that is why they are not taking the spotlight just yet. Most investors are just waiting for the Ethereum update and while they are being worked out they will just use the other one that looks like it. I guess that's the perks of being old in the industry.

nothing wrong with this. although they have the same code (EVM) but they have their respective advantages. this is what distinguishes it from ethereum. after all so far it hasn't looked as monopoly as you might think. The competition is still very fierce, and this will last for quite a while.

Absolutely not! Ethereum is facing insane competition from not just bitcoin (which will eventually deploy smart contracts) but also emerging "Ethereum killers" such as Cardano, Polkadot, Algorand, Solana, and Avalanche. Actually, Ethereum is in danger of falling behind, but for now has a comfortable lead with a massive network effect that includes legions of developers.

Ethereum is a long-term hold along with bitcoin. I think it's here to stay, but calling it a monopoly is a major reach.

no, because the current competition is still good. there is no monopoly in the smart contract industry, ethereum is not that strong or even currently its position is faltering.



yes you are right, this is just one of the strategies of ethereum competitors to get users to switch to their platform. and this is evident, many ethereum users are starting to switch to other networks and new project developers are also getting interested in the new network.

that's their strategy, don't you see that people slowly moving from EVM to the L2 blockchain like BSC and matic? They are creating a brdige to the EVM to make people will be more easier to search for an alternative blockchain for ethereum. this is their strategy to get instant demand from ethereum as we know that majority of people are using ethereum right now.
I would like to call that building the ecosystem rather than doing a monopoly to the market. Relying with EVM didn't mean if that's a bad idea. The main purpose for this thing to make people can bridge their asset easily coz people more familiar with ethereum ecosystem.

I would call ETH one of the important players (monopolists). That is, setting the tone in the crypto space. They are equal to it and with the help of it new projects are created. But other platforms are developing and offering new developments. But in order to catch up, and even more so to overtake it, you need to try very hard. Which is unlikely.

Not anymore, maybe in the initial stage but now there are equally good smart contract projects in the market that provide same service or could be considered better than eth, the only problem is eth still dominate in this aspect, probably because being the first smart contract project gives it that edge, or some devs prefer that network more, however, the power is shifting to other smart contract projects.

No it doesn't mean that.

Monopoly means being the biggest in the market and controlling the markets. Visa&MasterCard is a duopoly. There are other alternatives too, like AOL but V&MC control the market, not AOL.

So, ETH is pretty much a monopoly for now. The other platforms nearly non-existent when compared to ETH.

Its not at all monopoly, its not at all competition.

Its like comparing apples and oranges.

The example which you gave about the chrome and Microsoft edge was pretty fair. However it was not completely correct. You should be saying that it's like using the Chrome which is installed on a computer running with base layer of Intel Core / A1 bionic chip etc.

Chrome is just product or service being ran on those core techs.

I see ERC20 as the pathway for the products and thus ETH being the core tech which is simply irreplaceable. Others are just browsers to take advantage of different services / offerings.

Monopoly means being the only player in the market unfortunately, there's a lot of good players and competitor now so I don't think ETH is a monopoly. Its hard to beat ETH honestly, many tried this already but they failed though they can still go ahead of ETH even if they are using the base system made by ETH only if they offer a better technology. I can't still see any altcoins that can beat ETH in long term, they should innovate first.

Ever since Ethereum launched a couple of years ago, smart contract platforms have been on the rise. There are many competitors on the market with their own unique features, aiming to take the crypto world by storm. While there are a wide variety of blockchain networks with smart contract functionalities, most of them use Ethereum's EVM as their base layer. If you do a little research, you'll see that the vast majority of alternative smart contract platforms use Solidity as the programming language for smart contracts. Coins like Avalanche, Polkadot, TRON, and even Polygon (MATIC) use Ethereum's EVM for the deployment and execution of decentralized applications. Only a small minority of smart contract platforms (eg: Cardano, EOS) have their own programming language and virtual machine (VM).

How would competitors "beat" Ethereum if they use the same EVM for smart contracts? It's like saying Microsoft's Edge browser will beat Chrome when it's based on Chrome's underlying engine (Chromium). If this keeps up, I'd imagine ETH keeping its position as the dominant force of Web 3.0 for a long time.

Do you think Ethereum is a monopoly? If not, why? Do you think alternative chains relying on ETH's EVM is a bad idea? Your input will be greatly appreciated. Thank you.