Ethereum slowly move to the Bitcoin Trap?
Updated: Sep 9, 2020
What Ethereum seems to learn from the reality of high gas prices and how this will bring back the nature of a system that has been just an outcoming of the age. Will Eth ready to stay for good?
Strong wind is blowing in the community of Ethereum and its believers. Said to say that for most of the outside watchers the time has come where ETH will struggle over the same discussion again, BTC solved more reliable with Lightning. As the DeFi business grows and gets more attention, Etherum runs on high gas. Fees are increasing. Miners of Ethereum earned in 1 day $500,000
This lets us be thoughtful if even Ethereum becomes only a support tool for rich companies who can afford the gas or not. Meanwhile, Vitalik Buterin made some controversial statements. In a reddit forum, he mentions that the community has to accept a high gas price for a reason for the attractive technology ethereum will bring.
On the other hand, he proposed that Ethereum has a second-layer have solution for giving 2500+ tx but no one uses this direct payment. He complains people has to start accepting. A reason why it is not used may be in a complicated realization. The reason why only a few people no about zksync/loopring/OMG has been stated by developers who complain about the difficulty of setup. Vitalik countered this is only because people not willed to learn and it is easy enough you do not have to know a lot.
“They all have a UI on a website that you can go just used; no need to go personally install a new wallet or understand command lines or ZK rollup cryptography or whatever,” said by Vitalik. Ethereum runs on high boiled water and seems to have a breakdown. As the news announced, for example, Binance start his Smart Chain project. An Ethereum compatible DLT which uses ETH as a virtual machine. That allows developers on Solidity to change nearly without friction. Binance offered his systems with a block time of 3 seconds, transaction fees of 1ct up to 3ct. It is based on Delegated Proof of Work (DPOS) renamed by them into Proof of Stake Authority (POSA). The more BNB holds the more voting power the user has.
If this is the future and people will move on? If we see hundreds of thousands of transactions and a hundred million an in the blockchain at all,... a transaction fee driven technology can't provide the future essentials of a connected world. It is still too expansive.
AS we have seen the power off switch has been in Crypto Kittys when people went crazy securing their gaming cards over an ethereum blockchain transaction and move ownership extensively use smart contracts. The ICO bubble was another shot on ETh and now the DeFi bubble creates the same. Does the long-awaited switch to ETH 2.0 provides the solution? There are serious doubts. The solution for the future in scalability and wide range ops lays in sidechain usage. We have to avoid limiting ourselves by using a close ring technology in the meaning it should overcome the problems by his own genius. Sidechains and layer2 solutions are the best way to update the core system without losing the features in it.
Read the full article here.