The Future of Layer1 Blockchains: Emin Gün Sirer’s Perspective

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, founder and CEO of Ava Labs, shared his insights on the current state and future of Layer1 blockchains in the crypto space. According to Sirer, though many Layer1 blockchains have emerged in recent years, not all of them will survive in the long run. In this article, we will explore Sirer’s perspective on the future of Layer1 blockchains and the role of basic technology in attracting developers’ attention.

Introduction

In the midst of the ongoing crypto revolution, the emergence of Layer1 blockchains has been one of the most significant developments. Layer1 blockchains are the fundamental building blocks of the crypto ecosystem and enable the creation and transfer of digital assets. However, with the growing number of Layer1 blockchains, there are concerns about their sustainability and the need to weed out the unnecessary players.

Why Many Layer1 Blockchains Will be Eliminated

Sirer believes that the future of Layer1 blockchains is not a matter of who has the most comprehensive feature set, but rather who has the most efficient and reliable infrastructure. He suggests that many Layer1 blockchains are essentially copying other people’s scripts, which creates a redundant market that does not need so many players. As such, according to Sirer, many Layer1 blockchains will soon be eliminated.

Basic Technology as a Key Driver for Attracting Developers’ Attention

Sirer also emphasizes the importance of basic technology in attracting developers’ attention. For Ava Labs, the basic technology is the key driver of its blockchain technology. The company has devised its own extension architecture, which sets it apart from other Layer1 blockchain solutions. Sirer argues that a blockchain’s basic technology determines its long-term viability and ability to scale.

The Role of Ava Labs

Ava Labs is one of the blockchain projects that are focusing on creating a scalable and efficient Layer1 blockchain solution. Its unique extension architecture enables developers to create, deploy, and customize subnets, which are independent blockchains that can interact with the main blockchain. Subnets can be customized to handle various use cases, such as dApps, governance mechanisms, or even other subnets.

Conclusion

The future of Layer1 blockchains in the crypto space remains uncertain. However, according to Emin Gün Sirer, the vast array of redundant players in the market and the lack of basic technology innovations are reasons that many of these projects will be eliminated in the coming three to five years. Investment in scalable and efficient infrastructure, along with development of basic technology, is key to the long-term success of any blockchain project.

FAQs

Q: What is a Layer1 blockchain?
A: A Layer1 blockchain is the fundamental building block of a blockchain system that enables creation and transfer of digital assets.
Q: What is Ava Labs’ extension architecture?
A: Ava Labs’ extension architecture is a unique solution that allows developers to create, deploy and customize subnets, which are independent blockchains that can interact with the main blockchain.
Q: What is the role of basic technology in attracting developers’ attention?
A: Basic technology is the determining factor of a blockchain’s long-term viability and scalability; solid infrastructure attracts developers’ attention and drives adoption.