Reddit Posts
DBS Singapore Will Focus on Institutional Crypto Before Looking at Retail Trading Desk
DBS Bank Chief Favors Regulating Crypto
Southeast Asia's Largest Bank DBS to Launch Crypto Trading for Retail Investors
Biggest bank Southeast Asia will launch crypto trading this year
DBS Bank, the largest bank in Southeast Asia by assets, is planning to launch cryptocurrency trading services for retail clients this year, expanding into the space following its launch of an institutional digital asset trading desk in late 2021.
Singapore’s largest bank, DBS looks to bring crypto to the masses
DBS, Singapore's Largest Bank, Could Offer Retail Crypto Trading Soon
DBS, Singapore's Largest Bank, Could Offer Retail Crypto Trading Soon
Analysts turn bullish as banking giant DBS prepares to open the floodgates to crypto
Singapore’s DBS bank Plans To Launch a Retail Crypto Trading Desk
DBS Plans to Launch Retail Digital Assets Trading Desk by Year End
Singaporean megabank DBS works on expanding Bitcoin trading to retail
DBS Plans to Launch Retail Digital Assets Trading Desk by Year End
Crypto Trading Volume Revs Up at Singapore's DBS Bank
Crypto Trading Volume Revs Up at Singapore's DBS Bank
2 Singapore banks OCBC, DBS could go head-to-head in crypto jobs battle
DBS plans 'broader retail offering' on crypto exchange; Q3 profit up 31%
Singapore bank DBS joins Hedera Hashgraph (HBAR) as a council member
DBS Becomes First Southeast Asian Bank to Join Hedera Governing Council
Singapore's DBS Bank has become the first Southeast Asian Bank to join Hedera's governing council comprising 39 other technology, corporate and non-profit heavyweights.
DBS Bank to Join Hedera Governing Council
Largest bank in Southeast Asia DBS joins Hedera governing council
DBS and Australian exchange, Independent Reserve Receives Crypto Licenses From Singapore
Money Authority Singapore grants crypto licences to DBS unit and Australian exchange; more licences expected to be issued
Singapore finance authority grants licenses to Independent Reserve and DBS
Singapore finance authority grants licenses to Independent Reserve and DBS
[News] Singapore Gives Crypto License to DBS Unit, Aussie Exchange
MAS grants crypto licences to DBS unit and Australian exchange; more licences expected to be issued
DBS sees growing demand for cryptocurrency trading on digital exchange
PSA: DBS, which is the largest bank in Singapore (and consequentially South East Asia) has just offered Crypto services to its Wealth Clients (think minimum threshold is USD 1buck). Adoption is real!
DBS Vickers Receives In-Principle Crypto Approval in Singapore
DBS bank gets approval to offer crypto services in Singapore
Southeast Asia’s Largest Bank DBS Expands Crypto Business to Meet 'Growing Demand'
DBS Bank Gets Approval from the Monetary Authority of Singapore to Provide Crypto Payment Services
Singapore’s DBS Bank receives regulatory approval to provide digital payment token services as a payment institution. From August 16, it will allow institutional investors in the country to use its crypto exchange to trade Bitcoin.
DBS Bank's Brokerage Arm Greenlighted to Provide Cryptocurrency Services
DBS wins regulatory approval in Singapore for crypto payment services
DBS wins regulatory approval in Singapore for crypto payment services
Confirmed: DBS bank gets go ahead from Singapore authorities to provide crypto services
DBS Bank today receives approval from Monetary Authority of Singapore for Crypto trading services
DBS Bank Gets Greenlight From Singapore Regulator to Provide Crypto Services
DiamondBalls launched today! Hold your💎 Diamond 💎balls and earn BNB every day!
DiamondBalls is launching 1:30 EST! Hold your💎 Diamond 💎balls and get BNB// Team AMA at launch// hurry in there!
💎$Diamondballs💎Presale sold out in seconds// PCS is launching in less than 24 hours! Partnership already locked in// 1000x potential
💎$Diamondballs💎PCS is launching Sunday! Presale sold out in seconds// Hold your diamond balls and get BNB //100X gem
Top Asia bank DBS suffers from duplicate card transactions (double spending). Any decent cryptocurrency can eliminate this problem!
💎$Diamondballs💎Presale today! PCS launch on Sunday// Hold your diamond balls and get BNB rewards// 1000X potential
💎$Diamondballs💎Presale is launching today! PCS launch this Sunday// Hold your diamond balls and get BNB rewards// 500X potential
💎$Diamondballs💎Presale tomorrow! PCS launch on Sunday// Hold your diamond balls and get BNB rewards// 1000X potential
Analysis: Which Countries are working on their own Cryptocurrency?
Singapore Bank DBS Issues $11.3 Million in Blockchain Bonds
Singapore Bank DBS Issues $11.3 Million in Blockchain Bonds
Singapore Bank DBS Issues $11.3 Million in Blockchain Bonds
DBS Bank Issues Digital Bonds in First Security Token Offering
Singapore’s DBS Bank launches digital bond security token
Singapore Bank DBS Issues $11.3 Million in Blockchain Bonds
DBS became the first bank in Asia to expand digital exchange offerings and first bank-backed trust offering for dominant cryptocurrency, Bitcoin.
DBS Bank Issues $15M Digital Bonds through DBS Digital Exchange
DBS Issues $15M Digital Bond in First Security Token Offering
Tokenization to transform financial system, DBS Bank CEO says
At least some countries and banks understand .......
DBS Says Bitcoin Affects Stock Markets, Is ‘No Longer Fringe Asset’
DBS Says Bitcoin Affects Stock Markets. No Longer Fringe Asset. TLDR The best line is the last... "Bitcoin is no longer the fringe asset that it once was," and suggested market participants should monitor developments in the bitcoin market when conducting risk and sentiment monitoring."
Singapore-based Bank DBS to launch full-service digital exchange - providing tokenisation, trading and custody ecosystem for digital assets
Singapore's biggest bank DBS: Bitcoin is ‘potentially a better store of value’ than the dollar
Singapore's DBS Banks says no investment bank can omit Bitcoin
Singapore's DBS Bank on investing in Bitcoin for portfolio diversification
DBS bank Singapore launches Asia's first direct crypto offering to clients
DBS Bank Singapore Launches Asia's First Direct Crypto Offering To Clients🤑🤑🤑
Southeast Asia's Largest Bank DBS Launches Trust Service for Cryptocurrencies
DBS Private Bank Launches Asia’s First Bank-Backed Crypto Trust
DBS Bank rolls out crypto estate planning for the ultra-rich
DBS private launches Asia's first bank-backed bitcoin trust services
DBS Private Launches Asia's First Bank-Backed Bitcoin Trust Services
Coinbase Ethereum Staking Live! - Samsung Crypto Ledger - DBS Bank BTC, ETH, XRP & Polysign Cowen
Southeast Asia’s top bank DBS launches Bitcoin trust services
DBS Bank rolls out crypto estate planning for the ultra-rich
Asia's DBS Bank Launches Bitcoin Custody Service
Singapore’s Largest Bank DBS Launches Cryptocurrency Trust in Asia First
Sinapore's biggest bank,DBS, Starts Asia’s First Bank-Backed Crypto Trust Service
Southeast Asia's Largest Bank DBS Says Trading Volumes on Its Cryptocurrency Exchange Have Increased 10 Times
Southeast Asia's Largest Bank DBS Says Trading Volumes on Its Cryptocurrency Exchange Have Increased 10 Times
JPMorgan, DBS Bank and Temasek partner on ‘game-changer’ blockchain for payments
DBS, JP Morgan, Temasek to Launch Blockchain Interbank Payments Platform
DBS, JPMorgan and Temasek to Create Blockchain-Based Payments Joint Venture
JPMorgan, DBS, and Temasek form new blockchain firm to improve cross-border payments -- do you think blockchain adoption by financial powers will cut into the demand for crypto?
DBS, JPMorgan and Temasek to Create Blockchain-Based Payments Joint Venture
JPMorgan Chase and Singapore DBS to digitise M1 commercial bank money
JPMorgan and DBS to launch blockchain cross-border payment platform
DBS Investment Chief Says Bitcoin No Different From ‘A Lottery Ticket’
Mentions
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.
#Ethereum Pro-Arguments Below is an argument written by MrMoustacheMan which won 1st place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Copying from my [previous entry](https://np.reddit.com/r/CryptoCurrency/comments/og1is6/rcryptocurrency_cointest_top_10_category_ethereum/h4j6uap/). Per the [Cointest rules](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy#wiki_rules), this is my third and last time presenting the argument. > > *Disclosure - I currently hold a position in ETH, ~53% of my current portfolio value* > > #`Part 1/2` > > #**What is Ethereum even** > > - The digital gold narrative of Bitcoin is easy to grok - it's scarce like gold, gold is valuable, BTC is valuable > > - The value proposition for Ethereum is a bit harder to wrap one's head around. It has often been described as a 'world computer' given [the tagline](https://ethereum.org/en/whitepaper/) of a "[smart contract](https://academy.binance.com/en/articles/what-are-smart-contracts) and [decentralized application](https://academy.binance.com/en/glossary/decentralized-application) platform" > > - But as [narratives shift](https://miro.medium.com/1*ZpdeufZXonF4IXP3NI9ssg.png), it may make more sense to now consider Ethereum as a *world economy* vs. a world computer - an economy with ETH as its native currency. > > - [JP Morgan recently described ETH as "the backbone of the crypto-native economy"](https://twitter.com/santiagoroel/status/1387417522777956354/photo/1) > > > - Ethereum has also been described as the "[foundation for building an alternative Internet-based financial system](https://newsletter.thedefiant.io/p/ether-is-the-best-model-for-money)" > > - In 2020, [Ethereum processed $874 billion worth of dollar payments](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy), rivaling major consumer-facing systems like Zelle ($307 billion) and Paypal ($963 billion). In [Q1 2021 Ethereum settled $1.5 trillion in transactions](https://twitter.com/RyanWatkins_/status/1384676842045681664). > > - The gravitational pull of this 'Ethereum economy' is now attracting traditional/legacy financial actors: > > - [Visa rolls out settlement in USDC via the Ethereum blockchain](https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html) > > - [The European Investment Bank issues a digital bond on the Ethereum blockchain](https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain) > > - [DBS, J.P. Morgan and Temasek establish a platform to transform interbank value movements](https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform) > > #**Ethereum as the Internet of Value** > > - Well it's great that the Ethereum blockchain is processing transactions and moving value around, but why would that make ETH itself attractive or valuable? Isn't that what the existing financial system does already? > > - As a programmable blockchain, "[Ethereum is for more than payments. It's a marketplace of financial services, games and apps that can't steal your data or censor you](https://ethereum.org/en/what-is-ethereum/)" > > - If we think about the Internet, it relies on [different layers and protocols to function](https://cdn.substack.com/image/fetch/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fceb85f7f-b5ed-4b6f-a0ee-5fb62b536c6d_2304x1288.png). However - for the end user - the *application layer* is the most meaningful for adding value to our day to day lives. > > - [In a similar fashion](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1e44105-0aec-403a-b88f-ed0fae50b0a7_1910x1284.png), the ecosystem of [dApps](https://ethereum.org/en/dapps/), [DeFi protocols](https://defipulse.com/), [DAOs](https://open-orgs.info/), and [NFTs](https://dappradar.com/nft/marketplaces) that are [underpinned by Ethereum](https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9ccd86ce-9180-4cf7-ab25-566147eb34bb_1250x856.png) hold tremendous value. > > - To take one example, [DeFi](https://academy.binance.com/en/articles/the-complete-beginners-guide-to-decentralized-finance-defi) seeks to increase "[the efficiency, transparency, and accessibility of the financial infrastructure. Moreover, the system's composability allows anyone to combine multiple applications and protocols, thereby creating new and exciting services](https://research.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets)". The value of these new and exciting services are clear, with [over $100B locked](https://defipulse.com/) at the time of writing and increasing rapidly. > > - Another crucial aspect of Ethereum as an 'Internet of Value' is the blockchain's usage as a settlement layer for *other* assets besides ETH > > - “Tokenization” and the [ERC20 standard](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20) lets anyone create an asset with digital scarcity. > > - The absolute number of tokens built on Ethereum and their combined marketcap [far outpace any other blockchain](https://files.stlouisfed.org/files/htdocs/publications/images/uploads/2021/Sch21Q2Table1_20210205034434.jpg). The total market cap of the biggest ERC-20 tokens issued on top of the Ethereum blockchain rose [to more than $250 billion in March 2021](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - As of February 2021, the total value of [stablecoins](https://ethereum.org/en/stablecoins/) on the Ethereum blockchain [surpassed $30 billion](https://www.coinbase.com/learn/market-updates/deep-dive-ethereum-economy) > > - Even other assets like BTC can be deployed on Ethereum - currently [$11.9B worth of BTC 'lives' on Ethereum > ](https://btconethereum.com/) > > #**Enterprise adoption** > > - Given it's functionality as a programmable blockchain, it's no surprise that there's substantial corporate interest from organizations looking to build on Ethereum. > > - For example, companies that have joined the [Ethereum Enterprise Alliance](https://entethalliance.org/) include: AMD, NY Mellon, Santander, Dell, Ernst & Young, Fedex, Intel, JP Morgan Chase Bank, Microsoft, Pacific Gas & Electric, and SAP. > > - [Microsoft won a Gartner Supply Chain Breakthrough of the Year award in 2021 for their e2e item traceability solution built on Ethereum](https://www.gartner.com/en/newsroom/press-releases/2021-03-18-gartner-announces-supply-chain-winners-of-the-2021-power-of-the-profession-award) > > - [JP Morgan is experimenting with blockchain payments in space](https://www.jpmorgan.com/onyx/payments-in-space.htm) > > - [EY's Baseline protocol uses the Ethereum mainnet to automate business processes](https://docs.baseline-protocol.org/) across companies with private ledgers and databases > > > - Meanwhile the city of [Miami is exploring ways to utilize Ethereum to optimize city services](https://www.theblockcrypto.com/post/100647/miami-ethereum-city-services-blockchain) > > - Even [Reddit partnered with the Ethereum Foundation](https://www.np.com/r/ethereum/comments/l6c3kx/reddit_announces_partnership_with_the_ethereum/) to develop [community points](https://www.kraken.com/en-us/learn/what-is-reddit-moon) (like those [moons we know and love](https://np.reddit.com/r/CryptoCurrency/wiki/moons_wiki)) ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz43zr/rcc_cointest_top_10_ethereum_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.