Will Etherium Fail due to its Scaling Issue?
Ethereum which current value is around $31.8 billion, is struggling to deal with scaling issues despite its lack of actual user base (Cryptocoinsnews, 2017). Over the past few months, Ethereum co-founder Vitalik Buterin emphasized that the vast majority of decentralized applications are either coded poorly or in a manner which unnecessarily bloats the size of smart contracts (Ibid). Importantly, its huge success (as is the case of some top altcoins ) has been based on speculations and very good media coverage .
Source: https://cointelegraph.com/news/ethereum-gains-mainstream-exposure-on-popular-tv-show-silicon-valley
Moreover, according to Vitalik Buterin , the rapid increase in the average fee of Ethereum transactions is a direct result of the explosive growth of the ICO market which is very volatile. For example, an investor in the BAT ICO included a $2,220 transaction fee in order to secure his investment in the project. Hence, Buterin noted that the average transaction fee is not an accurate measure to describe the scaling issues Ethereum is going through. Worringly, the issue escalated when Etherium investor made an untrue indication about its scalability superiority to Bitcoin eventhough , various bitcoin trading platforms -for example, Coinbase and BTC-E halted trading due to the unstable operations of the Ethereum network.
Why is etherium strugglind with scaling despte of lack of actual user base?
We should note that the Ethereum network is still not very successful in commercially widely utilized applications and if the network starts to see a huge rise of actual users, its scaling problem will worsen.
On the other hand, to its credit Etherium network targets a more complex problems than bitcoin´s value transfer, which is a good advantage and thus leading to its success.
Source: https://coinmarketcap.com/currencies/ethereum/#charts
Do you trust that Etherium will survive in the long run? and if yes, will it do better than Bitcoin? send in your comments, resteem , upvote and follow me in order to stay in touch
Also read: The fears in Crypto currencies : Etherium downfall to 0.10 USD : https://steemit.com/steem/@charles1/the-fears-in-crypto-currencies-etherium-plunge
Reference:
https://www.cryptocoinsnews.com/ethereum-struggling-scaling-despite-lack-actual-user-base/
I think this is the right time to buy etherium.
Good point however look at Litecoin too
I think litecoin going to fall a little bit more, but this price is also good to buy litecoin.
Yes, I agree
We can do daily trade, or even long term hold the litecoin
I will go for long term hold
That's a good idea buddy
you think its a long hold?
You never know, see my other post about Etherium
Not yet. It should fall a little more.
I think Eth has faced lots of problem for scaling . But there are some solutions for solving it. For example, the first smart token Bancorp protocol come up, which is boned to Eth and can exchange instantly . So think one of the solution can be purposing the smart token for scaling up Eth：）
Good point..thanks for sharing
The solutions for solving the scaling issues won't come from the smart tokens. The dev team already have the solutions on the roadmap by the way of Metropolis, Casper, Proof of Stake and Sharding.
Good post! I'm quite sure ETH will scale but the race is on! Too many altcoins if you ask me! Followed you, keep in touch!
The same here buddy, too many altcoins leading to fierce competition and the strong will eliminate the weak soon. We will then have a clear option to chose..Steem will be the top in the future
Hard to say what Ether and Bitcoin will look like but I believe they will be around for awhile.
Nice article my friend.
You are welcome and thanks for your comment. I think as time goes, they will become better. Lets see what will happen to bitcoin on August
Agreed, let's see what happens to bitcoin over the next few weeks.
Thanks for your response. I only hope all will go well. However thank goodness that we are in a stable platform, isnt it?
I indicated here Why Steemit will disrupt social media and make socializing profitable again : https://steemit.com/steem/@charles1/why-steemit-will-disrupt-social-media-and-make-socializing-profitable-again
Steemit certainly looks stable. The Graphene Blockchain is continuing to show its merits.
Good article - Steemit is making socializing profitable.
Stable? haha .. Have you seen the free fall in all cryptos today? see https://steemit.com/cryptocurrency/@charles1/the-fears-in-crypto-currencies-big-losses-in-steem-etherium-bitcoin-et-al
steem fall is huge..feel free to share with others after reading
A bump in the road.
Yes..time to get more steem isnt it?
I tried to invest in an ICO last week. Bittrex shut down their Ether transfers due to the network being clogged. "No problem I'll use a different wallet", I tell myself. AN HOUR AND A HALF LATER my transaction went through and I missed the ICO. Then I had to wait for my Ether to be returned.
Instead of Ether blaming ICO's, they need to use the ICO's as test cases for (hopefully) regular usage in the future of cryptos. There are a little over 3, 600,000 Ether Accounts. That's barely over 1% of the United States Population. What happens if a half of percent of the world decides to use Ether? We'll never see it if Ether can't even handle congestion from a few ICO's.
Good point, doing great
Have you seen the free fall in all cryptos today? see https://steemit.com/cryptocurrency/@charles1/the-fears-in-crypto-currencies-big-losses-in-steem-etherium-bitcoin-et-al
Yeah, today has been an interesting day. I'll check it out dude.
Great , hope you take advantage and get some steem power
Oh yeah you better believe it.
Haha , good one.
I think that's an unfair assesment of the network, ICOs would put pressure on any network because so many people try and get it the network is essentially suffers a DDOS attack. ETH is also fairly young but has the future mapped out. You can't expect technology to jump to the end goal instantly, it has to grow in a stable manner. So of course it's going to be clogged by the ridiculous number of ICOs at the moment, wait 6 months and once the releases have come it will be different.
I don't think it's an unfair assessment. It's not like the ICO's are not known. Many businesses fail because they don't properly plan for expansion. When their businesses start to grow massively they can't keep up with order demands or provide the customer service that customers demand. This is the same exact scenario here. While you and I may understand the growing pains of technology, the average tech user does not care about this. They want a properly working product and they want it now or they will go find a product that does work properly.
That may be the case, but no crypto can scale currently. Those that claim they can don't have the appeal to be tested. Plus, I don't think anyone expected the ICOs to be this 'successful', it just isn't logical. I understand the drive behind some, others are pure rubbish with a whitepaper.
Although I get your point regarding they must meet customer demands I think the market vast majority of the market (in terms of $$$) understand the issues and appreciate the attempts to solve them.
Good point
@charles1
I really enjoy reading your news on crypto... for me etherium will bounce back as such now is very good time to buy and have it stocked up for future sales...what do you think?
nice article...upvoted as always
Thanks
maybe yes maybe no ! Haha ! Good night to tired to think LOL! Upped !😴😂👍
Hahah..need some of them....yummy before you go to bed...hungry!!! thanks
your welcome !
Sleep good and bless you.
Pick up a few here and there 😬🙌🏼
Haha, keep up the success boddy..haha
I think it's a false price and it's about to have a lot of competition.
Thanks for the article - Interesting read - Upvoted
Good point, thanks a lot.
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Thanks bot..keep it real
etherium is the will not fall.it is going to build more millionaires just like bitcoin
I think so too. However nothing is 100% secure. See my former post on Etherium