The entire ethereum network is to be mirrored for the first time by a new blockchain that claims to scale to thousands of transactions a second while allowing you to run it all on your laptop.
With ethereum fees reaching $20 and at times $100, just as defi dapps start gaining any traction, Avalanche couldn’t come at a better time.
We even suggested recently an Ethereum Defi fork, but that’s a very messy and a very temporary patch.
Athereum, which is basically the ethereum network but with Avalanche consensus, is a spoon rather than a fork.
It doesn’t split eth miners to create a new identical network, it just copies everything that is on eth to bootstrap ath so that they don’t have to build again the Uniswaps and the rest.
That also means it’s basically eth, but with a lot more capacity, and now rather than on phase two in 2022 at best.
That can potentially be a threat to eth, but after the spoon. Before then, after Uniswap this could be the best thing that happened to eth.
That’s because why would you hold bitcoin or any other coin than eth or its tokens before the snapshot?
Bitcoin maxis will probably come up with something eventually, but you get nothing in bitcoin while in eth you get free muneh in the form of this ATH token which can scale.
Imagine getting out of eth and into bitcoin before the BCH split for example on August 1st 2017. Suddenly you got a $2k coin which became a $20k one and a $50 BCH coin which became a $5,000 one.
All that while eth was just sitting at $300 and finally decided to almost 5x to $1,420 while BTC and BCH 10x-ed and 100x-ed.
Flashbacks. Because of the timing as well. Bitcoin 2016, eth 2020. So far eth has been an absolute mirror of bitcoin’s trajectory, although a bit speeded up, with this also easily fitting into that narrative that eth seems to be doing what bitcoin did.
Of course, the past doesn’t necessarily repeat, but it rhymes they say, albeit with differences. The BSV split for example was bad for BCH and the entire crypto space, but that was during the depth of the bear. BTC won in the end, but that’s probably because BCH didn’t quite have a competent dev team of sufficient size.
Then there’s that editorial we never got to. If Gregory Maxwell is Bill Gates and Vitalik Buterin is Steve Jobs, who is Linus Torvald? Emin Gun Sirer? Maybe. Or more correctly this Team Rock or whatever it is, Team Cornell in our mind.
What would that mean? Well it would mean on AVA you don’t have one MS or iOS operating system. You have all of these distros all running on Linux Kernel but all are kind of different.
In ethereum you code smart contracts within a virtual machine. In AVA you can copy this VM or you can write your own within the AVA kernel.
They call this generation three. Microsoft, Apple, Linux. Bitcoin, eth, ava? Maybe, this is too new and as with anything in this space just days old, we need the test of time to see what the results of the Nakamotos’ audit is.
But it’s the first blockchain of its kind in other ways too. It’s from academia. Although Sirer doesn’t bring ‘academic’ to mind as first thing, more hacker in the leet coder way, he is an academic at one of the most prestigious universities in the world, Cornell.
There have been other blockchains that have teamed up with universities, but this one is as native as something coming out from universities can be.
So with that comes attention. Were it some other team claiming all these things, it could easily be dismissed before the market decides whether it should have attention.
Here, it’s less relevant what the market claims and more relevant what others say in regards to their claims, because some of us did come to this space or stayed for certain things above the daily popcorn TV show of our own.
If this thing can really handle thousands of transactions a second in a decentralized and scalable way and we can run it as well as fork it from our own laptop, then why on earth wouldn’t everyone run to eth and/or its tokens to get the free ATH and the ATH mirror eth tokens?
A whole defi space, but with capacity no longer a worry. Genius? Or Nakamoto claiming the last word on the scalability debate?
All we know is the contest for this year’s Crypto Blockchain Person of the Year is the most intense since the bitcoin genesis block and as things currently stand, Nakamoto (the name) is not even a contender.