Ethereum Scaling Too Slowly? - My Response

in cryptocurrency •  6 months ago

A lot of people have been critical of Ethereum lately because of their perception that the project is scaling far too slowly.

I wanted to share my response to this sentiment.

Let me know what you think!

DISCLAIMER: This is NOT financial advice. I am just offering my opinions. I am not responsible for any investment decisions that you choose to make.

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I believe in this project they're the first smart contract blockchain and as bitcoin they're the leader on each topic it's just improve the velocity of transaction per second and try to have a more simple lenguage i mean they have their own programming language and that's something difficult to scaling in market. Regards

I am one of those that has been frustrated by Ethereum's lack of progress. Looking back I should have been more understanding given the complexities and importance of the issues at hand for Ethereum. My issue is that there is just too much noise, I would much prefer that we didn't hear anything from Vitalik and that he and Ethereum let the results speak for themselves, at the same time who am I to question him.

I have faith it will all work out in the end.

I don't think combining decentralization and scaling is that difficult achieve for DPoS chains. The problem is more of a political than technical nature. The distribution of stake is key. If the distribution of stake is not too concentrated and if the number of block producers (and nodes validating transactions) is sufficient, then adequate security can be attained by a DPoS chain. In fact, Ethereum is striving to become a DPoS chain. But it will take time for ETH to transition to PoS from PoW. Ethereum cannot have real use except as a platform for mostly dubious ICOs as a PoW platform until that. 21 block producers sounds quite small. In that sense, the Graphene-based Larimer-designed DPoS chains are not nearly as safe as the typical PoW chain. If there were 210 block producers spread across the globe under tens of different jurisdictions, then EOS, Steem and Bitshares could be safer.

You said you couldn't imagine a smaller team solving these issues unless they were absolute geniuses. However, even if this were to happen the open source nature of the blockchain would ensure these geniuses would help every other chain in the process.

I think almost every smart contract platform has it's place in the world. Ethereum will be the most trustworthy, EOS will be the most scalable, Tron might be the first to develop some killer apps, not sure what's up with Cardano/Neo but they'll likely find a niche as well. Steem is primed to create many apps with a built in community. Byteball's unique DAG system provides alternative technologies.

This is the nature of decentralization. Competition has been made obsolete.

You can't have your cake and eat it too, the old saying goes. In the cryptocurrency space, the big question is whether you can have decentralization and scale it too. I think ETH is still doing the best to balance these.

Ethereum is becoming a victim of its own success in that while creating network effects, it has left the concept of governance open to a more centralized approach being led by Vitalik. Given the broad stakeholders the network has, it will be difficult to reach consensus on key issues that impact the potential for scaling. As this continues to be delayed, it opens the door to other networks like EOS to step in and create alternatives to Ethereum.