On-chain analyst Willy Woo claims that Ethereum and its ecosystem has been “a hotbed of innovation”, despite the number of scams and ponzi schemes taking place.

Speaking in a recent interview with London Real on February 1, Woo downplayed the number of scams taking place on the Ethereum network and its offshoot applications. Woo called Ethereum’s ecosystem a “hotbed” of innovation, which has also drawn the attention of malicious actors. 

As reported by The Daily Hodl, Woo said:

“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.’“

The on-chain analyst highlighted the innovation created by Ethereum projects, noting that many of the altcoins on the market are built upon Ethereum’s network:

“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.“

Woo argued that Ethereum’s focus moving forward should be on increasing security and scalability in order to handle the challenge from competing smart contract platforms. 

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