We have never taken the view that one ledger will rule them all or even that a few ledgers will win it all. The Web 3 opportunity is so vast and includes the existing Web plus industries that are still early in the digitization journey like healthcare and education, as well as totally new markets like the machine-to-machine economy. Ethereum is a general-purpose decentralized application platform. We have always believed there will be a need for general purpose solutions like Ethereum, but also for application-specific or market-specific solutions. Bitcoin is designed specifically for peer-to-peer electronic money. IOTA is designed for machine transactions. Sovrin is designed specifically to support an identity network. Fetch.ai for autonomous agent activity. The list goes on. All projects need to balance efficiency with flexibility. Bitcoin, Sovrin, Fetch.ai, IOTA, etc are optimized for efficiency in their chosen market/use cases. 

Ethereum is designed as a general platform for decentralized applications. There are lots of applications for which Ethereum has the required functionality, but there are also lots of applications for which it doesn’t, at least today. Today, if you need privacy or high performance then you look elsewhere. But Ethereum has one thing that every open-source project or startup would kill for: developers. Not just developers: evangelists. Those evangelical developers are a powerful resource that are not only building Ethereum 2.0 but we have Aztec Protocol bringing private transactions, Aragon making it easy to deploy decentralized autonomous organisations (DAOs), MakerDAO and the rest of the DeFi scene making it easy to create, issue and exchange financial assets. Every single application that builds on Ethereum drives network effects making the entire ecosystem stronger. There is a non-trivial chance that Ethereum is unable to deliver Ethereum 2.0 and developers are forced to use other platforms to build their web3 applications, but for the moment, we believe Ethereum is the most likely project to deliver a general-purpose decentralized application platform.