Polygon Co-Founder Sandeep Nailwal: Ethereum Will Dominate Web3

Sandeep Nailwal, a Co-founder of Polygon, a scaling solution for Ethereum believes that Ethereum will dominate the next generation of the internet, web3.

Nailwal spoke with Scott Melker, opined that that Ethereum could dominate Web3, the next generation version of the internet where platforms are decentralized and users ideally would control their own data.

“Our thesis of Web 3.0 is that the whole space is going to evolve in a way where Ethereum or one particular layer-1, and we strongly believe that 99.9999% it’s Ethereum with its network effects.

And the way Ethereum, ETH, as an asset has evolved. How the Ethereum network has evolved as a decentralized protocol. How the Ethereum community has evolved so that people like us are fighting for Ethereum like it is our own protocol.

Ethereum has a very big advantage and we don’t see any other layer-1 becoming that.”

According to the Polygon co-founder, while Ethereum has its challenges such as slow speed and high cost, it has remained decentralized, unlike many of its competitors.

Citing the ‘Scalability Trilemma,’ a term first used by Ethereum co-founder Vitalik Buterin, Nailwal points out that Ethereum has prioritized security and decentralization over scalability.

The Scalability Trilemma refers to the issue that raising scalability of a blockchain comes at the cost of either security or decentralization.

“Scalability, security and decentralization – you can only choose two of them, right. And you can’t not choose security – you need to have security. So then either scalability or decentralization, you have to choose one.

And then any layer-1 which is saying that they are slightly more scalable than Ethereum – they end up choosing scale over decentralization. And any layer-1 which is trying to do let’s say a larger amount of transactions on layer-1 – they are either not able to fulfill that promise. Or they are extremely centralized.

Or at least they are built in a way which will make sure that they will never get decentralized enough.”