Just like memeCoins, smart contract blockchains are arguably the most popular projects in the crypto space. About 30% of the top 100 cryptocurrency projects are layer1 smart contract solutions; each possessing and uncanny resemblance to the ethereum blockchain. ‘crosschains’ is the common word used to describe these ‘solutions’ which are basically a copy of the ethereum blockchain with cheaper custom tokens and a relatively less-used blockchain.
Personally, I do call them ‘copy chains’. To be frank, that’s very unfair when you consider the amount of works developers and marketers have devoted into bringing these alternatives to life. But still, it is no lie that they are very much like the ‘problematic’ smart contract originator. Your crosschain wallet is exactly same as your ethereum address and each transaction still cost an overage of 0.01 tokens. That’s about $28 when using ethereum blockchain and about $0.02 when your crosschains’ token is valued at sub $2.
It’s safe to say that ethereum’s issues steams from ether’s value and the fact that it is one of the busiest blockchains around. These crosschains record a tangible peak in transaction fees when the blockchain gets busier. Transaction speed goes down too. But that’s by the way; I made a frank Comparison of ethereum blockchain and crosschains, consider reading further.
Even if it doesn’t go down as the most innovative blockchain project ever, ethereum ecosystem will go down as the most copied ecosystem ever. Tons of innovative project sprouting out from Vitalik’s brain child; Fantom, avalanche, Binance smart chain; these copy chains have gained much relevance since they forked the ethereum blockchain with cheaper custom tokens. Reaching billions of dollars, they have since become relevant projects in the space, each claiming a spot in the top 100 ranks in a very short time.
One thing remains peculiar about them; the need to imitate the ethereum blockchain. You’d wonder, each of these ecosystems are basically the same. Just a different theme, team and name. Swaps, aggregators, NFT marketplace. Personally, I love FTM opera chain’s PaintSwap, but the fact remains that majority of the projects on these copy chains are basically a copy of prototypes on ethereum blockchain and a copy of themselves too. Many ‘Swap’ platforms on Binance smart chain still have PancakeSwap’s notification sounds. Edited user interfaces, same codes; the copy chains could do better…I know.
Andre Cronje keeps setting the pace on FTM opera chain, but his products on ethereum blockchain keeps getting copied by projects on other chains. It will be dumb to oppose ‘copying codes’; as long as these other projects do will to improve on existing solutions, there’s nothing to oppose. This is rarely the case though.
Copy chains are copies in the right sense. Even though the custom tokens are unique and they are relatively improved in the right sense they are just a copy of ethereum blockchain doing basically the same thing in the same way…reinventing the wheel.
Not just the main chain, projects in these ecosystems are basically structured in a similar manner; meme, swaps, NFTs. Just the same thing built over and over again with basically the same strategy. Copy, edit, market; not bad if you ask me, not progressive too. Projects getting literally duplicated.
Cryptocurrency’s success is a product of constant development of existing and new solutions, a trend that have grown the space into a globally recognized sector. The wave of a similar trend being repeated over an alarming number of times might as well plunge the whole sector in a joke. Yeah, a joke in its right sense. Tens of smart contract project with ecosystems harboring basically the same kind of projects, pouring hundreds of new tokens into the space; each of them extremely volatile…negatively.
With ethereum’s layer 2 gaining steam, we could see another wave of new projects building the same solutions on the alternative layer. Well, instead of being static, rebuilding the same thing is preferable, yeah.
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