can anyone ELI5 why a technology like Phala doesn't make Ethereum and most other blockchains irrelevant?

felixwatts
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can anyone ELI5 why a technology like Phala doesn't make Ethereum and most other blockchains irrelevant?

I'm talking about systems that use trusted execution environments (TEEs) as a basis for building a smart contract platform.

As far as I understand it, Phala (for example) has everything everyone's always wanted but never got from a smart contract platform:

  • Privacy: Smart contract data and call parameters are hidden from everyone except the contract.
  • Scalability: smart contracts run at native speeds and transactions only need to be executed on a single node (which somewhat solves scalability although transactions that write data are still subject to global ordering which presumably is still subject to some kind of consensus mechanism with all the slowness that entails.)
  • Practicality: You can make web calls from within a smart contract, which makes oracles redundant.
  • Developer experience: smart contracts written in Rust, a proper programming language.

It's not perfect but it just seems to be much better than anything else out there.

Am I missing something? Why are people still building on Ethereum?