The Future of Layer1 Blockchains: A prediction by Emin Gün Sirer

According to reports, Emin G ü n Sirer, founder and CEO of Ava Labs, said in an interview that in recent years, many Layer1 blockchains have emerged in the crypto ecosystem, but within three to five years from now, a large number of Layer1 blockchains will be eliminated. I think we already have too many Layer1 players, who are basically copying other people’s scripts, and in many cases, they have brought things to the market that the market does not need. In addition, Avalanche regards basic technology as a key driver for attracting developers’ attention, and we have decided to propose our own extension architecture. Currently, no one else seems to be promoting it.

Founder of Ava Labs: Within three to five years from now, a large number of Layer1 blockchains will be eliminated

In a recent interview, Emin Gün Sirer, the founder and CEO of Ava Labs, shared his insight on the emergence of Layer1 blockchains in the crypto ecosystem. He predicts that within the next three to five years, a significant number of Layer1 blockchains will be eliminated from the market. Sirer believes that there are already too many Layer1 players who are copying other people’s scripts and bringing unnecessary products to the market. In this article, we will discuss Sirer’s prediction in more detail and explore the significance of basic technology for attracting developers’ attention in the crypto market.

The Overcrowded Market of Layer1 Blockchains

According to Sirer, the crypto space has seen a surge in the number of Layer1 blockchains in recent years. However, the market is starting to become overcrowded with players that are not contributing anything new. Many of these players are simply copying other people’s scripts and bringing products to the market that are not needed. Therefore, Sirer predicts that within the next three to five years, a large number of these Layer1 blockchains will be eliminated as the market consolidates around the most innovative and useful products.

The Significance of Basic Technology

Avalanche, the blockchain platform developed by Sirer’s team at Ava Labs, focuses on using basic technology as a key driver for attracting developer attention. This approach involves taking a closer look at the basic building blocks that make up a blockchain and improving them. By doing this, Avalanche aims to develop a superior platform that can offer more reliable and efficient services to developers and users in the crypto space.

Deferred Transactions and Extension Architecture

One of the unique features of Avalanche is its Deferred Transactions, which allow users to send transactions without paying fees upfront. This system is designed to save users time and money, as they only pay fees once their transactions are confirmed. Additionally, Avalanche is promoting an extension architecture that is not being used by other platforms. This architecture is believed to support more complex transactions while reducing the overall burden on a network’s bandwidth.

Conclusion

Based on Sirer’s prediction, the future of Layer1 blockchains looks uncertain. The crypto market is overcrowded with many players that are not contributing anything new, making consolidation inevitable. Sirer advocates for the use of basic technology to build a superior platform, which is the approach his team at Ava Labs is using to develop Avalanche. The inclusion of Deferred Transactions and extension architecture indicates that Avalanche is committed to offering more efficient and reliable services to users in the crypto space.

FAQs

#Q1. What is a Layer1 blockchain?

A1. A Layer1 blockchain is a blockchain protocol that operates at the base layer of a network. This layer is responsible for validating transactions and securing the network against attacks.

#Q2. What is the significance of basic technology in the crypto market?

A2. Basic technology plays a crucial role in the crypto market as it acts as the foundation upon which other products and services are built. By improving basic technology, platforms can offer more reliable and efficient services to users.

#Q3. What is Avalanche’s approach to attracting developers’ attention?

A3. Avalanche’s approach involves using basic technology as a key driver for attracting developer attention. This approach focuses on improving the basic building blocks of a blockchain platform to develop a superior platform that can offer more efficient and reliable services to developers and users in the crypto space.