4 Things For Ethereum To Overcome
It's no new news that Ethereum is struggling at the moment. In terms of holding on to its domination as the ICO, Dapps coin. There are a good deal of updates that also need to be made to the system before we go to the POS which so many have been waiting for.
However to get there, there are 4 key items in which are currently blocking this from happening.
- Lower then expected participation rates in validating
- Stake pooling becoming too popular (Just like pool mining for POW coins like bitcoin) POS pooling has become more popular however it centralizes it to one or a few major companies where there are being pooled at. It does allow someone with just a few or 1 ETH for example to still collect rewards instead of having to create the POS system themselves and run it.
- Sharding is turing out to be more complicated than expected
- Running nodes are becoming more expensive which leads back into #1-#2 issues
It does seem clear though that Ethereum and its developers are working night and day to get to the POS system and perhaps we will see some alterations to ETH POS system which might address some of these concerns and issues that have been showing up with existing POS coins.
Should read this thread on issues on POS governace:
Insight from some of the "big" names in Eth:
https://twitter.com/lrettig/status/1112073070460747777
https://twitter.com/lrettig/status/1112073077997953025
https://twitter.com/fubuloubu/status/1111991829946384384
https://twitter.com/MihailoBjelic/status/1111998217422557184
Good info but I think its not at that point just yet. Decentralized systems unfortunately wont ever work in my opinion because of the nature of people being greedy yet being lazy and not wanting to put in the work. It would lead to people voting on things who dont have a damn clue.
Indeed but shows how much POS itself doesn't matter what does matter it gives pesudo scaling.
Also the last two links talks about the hurdles and how POS is still not ready or if it should/could even be ready. Eth2.0 is competing with Eth1.0x
Until developers start to flee Ethereum based projects, they will be more than fine as it will create development and growth in the ecosystem which in turn attract capital to figure out the infrastructure. Scaling can still be secondary as the ecosystems are not ready for millions of users or transactions either.
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