Is Ethereum a monopoly?

[Abiky]

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.

[Johnyz]

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.

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.

[so98nn]

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.

[mindrust]

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.

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.

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.

[Anonylz]

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.

[fvb]

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.

[JeffBrad12]

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.

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.

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.

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.

[sulis sudibyo]

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.

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.

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.

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.

[pushups44]

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.

[aprilnot]

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.

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.

[danherbias07]

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.

[Teraboy]

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.

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.

[vv181]

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.

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.

No it doesn't mean that.

Monopoly means being the biggest in the market and controlling the markets. ~snip~

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

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.

[bitkanu]

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.

[Blowon]

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.

[sirminesalot]

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

[justdimin]

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?

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.

[masterrex]

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. 

[gurunanakji777]

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. 

[susuberuang]

There is some discussion on letting erc20 tokens pay for their own transactions, however I believe it would be up to stakers to choose whether to accept those so perhaps your transaction might go slower if paid in a token stakers don't want.

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.