Willy Woo, a popular on-chain analyst, has recently acknowledged that Ethereum, the largest smart contracts platform, is a hotbed of innovation.
In a recent interview with London Real, Willy Woo said the scam and Ponzi scheme perpetrated by con artists on the Ethereum blockchain cannot be enough reason to downplay the huge success of the ecosystem.
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According to him, the Ethereum ecosystem, being a hotbed of innovation, drew the attention of malicious actors in the crypto space. He compared the current state of the Ethereum ecosystem to that of the World Wide Web in the 1990s.
In the course of the interview, Woo highlighted the innovation created by Ethereum projects, noting that many altcoins in the market are built on top of the Ethereum blockchain.
He further stated that it’s necessary for the blockchain to focus on enhancing its security and scalability in order to maintain its position as the largest smart contracts platform.
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Willy Woo noted:
“I think it’s been a hotbed of innovation. The flip view of the maxis will say that it’s been a hotbed of creating scams and Ponzi schemes.
It has made it very easy for many teams to build something and raise lots of money on very flimsy sort of offerings and to make money grabs, I think that’s the downside of that.
“If you look in the 1990s of the World Wide Web, there was the famous elevator pitch. In 30 seconds while riding the elevator, you could come out with a few million dollars to back your idea.
“It was very similar to what was happening in 2017 with a white paper raised, ‘here’s an idea, let’s put on a white sheet of paper and raise tens, hundreds of millions on it…
“We look at that in the Bitcoin world as like a hotbed of scams, but actually if you look at the web, out came Amazon.com and some very substantial startups that did build key infrastructure for the world and I think it’s valid to say that is happening on Ethereum.
“Out of 10,000 coins out there, a big chunk of them sit on the Ethereum network and many of them are total crap, but there are some really great innovations.”
