Thread by @ConorSvensson

So I’ve been writing a weekly 1000 odd word newsletter on #Web3 since the start of the year. I’ve been meaning to see how one of them looks summarised as a tweet 🧵. Please ❤️ + RT. Here goes… 👇👇👇

1/ TLDR; if you do want to move away from #Ethereum or one of its layer 2 networks, make sure you pick an alternative that is #EVM compatible.

2/ In earlier years enterprises would spin up their own permissioned #blockchain network using technologies such as @ConsenSysQuorum or @Cordablockchain. However, the creation of these networks move slowly as far as onboarding participants is concerned.

3/ For much of 2020 and going into 2021 this narrative of public versus private blockchain or @baselineproto were the dominant schools of thought. Things started to change in 2021.

4/ We saw the explosion of #cryptocurrency prices, #NFTs which led to all-time high demands on the #Ethereum network.

5/ This perceived congestion on #Ethereum, coupled with the emergence of other third-generation platforms, has led many to question which Web3 platforms they should be building on.

6/ We saw a surge of interest in @solana, @avalancheavax, @terra_money, @Polkadot and many others which have provided platforms for DeFi and NFT projects to launch without the same costs and capacity limitations that they'd experience on Ethereum.

7/ They've also had large numbers of people investing in their tokens with the hope that they'll become the next #Ethereum. However, each of these projects comes with their own trade-offs associated with them

8/ In some instances this may be centralisation or higher barriers to entry for those running the nodes software on their networks.

9/ Fortunately, there is one constant that is starting to emerge which I believe will make it a lot easier to help standardise efforts when building DApps, and that is #Ethereum's Virtual Machine (#EVM).

10/ #Ethereum has the benefit of first-mover advantage as a #DApp platform, and the largest developer community. It is also the platform where #NFTs first emerged as well as many parts of #DeFi including decentralised exchanges (#DEXs), lending and yield farming.

11/ Competing protocols are acutely aware of the need to provide as seamless a transition as possible for users, hence many are now targeting the #EVM as a platform to provide a straightforward transition for developers onto them.

12/ I view the #EVM as being analogous to the Hypertext Transfer Protocol (#HTTP) with the World Wide Web. HTTP provided a common protocol for computers to request and retrieve data from.

13/ With #Web3, the #EVM is the common execution environment that can be used to define smart contracts that underpin the DApps which are the core building blocks of Web3 used for applications such as tokens, #NFTs, #DAOs and #DeFi.

14/ Whilst it is of course possible that a blockchain's execution layer could displace #Ethereum, I see it as highly unlikely, especially when you consider the broad base of support for the #EVM by almost all of the major protocols.

15/ Hence, I would argue that the safest bet right now is ensure whatever you do, ensure you remain compatible with the #EVM to future proof your project as much as possible.

16/ Like this thread? Sign up to my weekly newsletter where I publish my latest thoughts on #Web3 and where we’re headed getrevue.co/profile/conors…