Money serves three purpose - unit of accounting, a medium of exchange, and a store of value. Cryptocurrencies have been compared to Programmable Money. Anything programmable requires an experimentation platform for iterations and improvement. Bitcoin seems to have won the “store of value” battle. Ethereum has the developer mindshare and is the preferred experimentation platform. Multiple cryptocurrencies are still fighting the battle to be the medium of exchange.

The amusing part is that every cryptocurrency startup envies Ethereum’s developer ecosystem and is trying to attract developers. But there isn’t any real value capture being the experimentation platform. A successful product has a high chance of leaving Ethereum and migrating users to its chain. The real battle, I believe, remains in becoming the medium of exchange, being the programmable Visa & Mastercard equivalent.