Popular analyst Willy Woo says that Ethereum encourages innovation despite the number of scams on the network. Woo thinks Ethereum and its ecosystem will be a hotbed of innovation.
In a new interview, Woo said that the scams that took place on Ethereum are nothing new, as they also occurred in the early days of the internet.
"I think it's been a hotbed of innovation. It's made it very easy for many teams to build things and raise a lot of money and make money with very poor bids, I think that's the downside of it. But if you look at the 1990s of the World Wide Web, there were also such things back then. Within 30 seconds of getting on and off the elevator, you could have several million dollars to support your idea.”
Woo also stated that there are innovative Ethereum projects, just like valuable companies that emerged from the dot-com bubble.
“We look at it as a scam hotspot, but actually if you look at the web, there are some very important startups that have built important infrastructure for Amazon.com and the world, and I think it's fair to say that it's happening with Ethereum. It's a bigger than 10,000 tokens out there. part of it is on the Ethereum network and a lot of it is pure bullshit, but there are some really cool innovations as well.”
Wu says the leading smart contracts platform has disadvantages in terms of security and scalability, but provides learning experiences that allow developers to build better networks.
“We have learned a lot from this, and so there are competitors trying different things within smart contracts, scalability or not. I think of Ethereum as a very successful experimental platform. We've built some really great things on it. Tremendous commitment creaking under its weight, not much. It doesn't scale well, but we've learned an incredible number of lessons."