Ethereum: a big failure? Some might believe so

In reply to Mow’s tweet Vitalik Buterin, the creator of Ethereum said that Ethereum is as “almost full” as bitcoin’s network implying that the platform is not …

According to a Bloomberg report, Ethereum’s network utilization reached 90%. The platform has failed to address the scalability issues leading many to think that this might be it for the Ethereum. Blockstream, Chief Strategic Officer, Samson Mow, supported Bloomberg’s report by saying that Ethereum is a technological dead end and the more it is used faster it will end.

Stablecoin Tether is the primary reason for the network’s almost “full capacity,” and many believe that it may lead to higher transaction fees on the blockchain. And this could potentially cause developers and users to move to other chains.

In reply to Mow’s tweet Vitalik Buterin, the creator of Ethereum said that Ethereum is as “almost full” as bitcoin’s network implying that the platform is not unique to scalability issues as major blockchain networks have also failed to address the same.

Ethereum is a technological dead end. The more it’s used, the faster it dies. Fortunately, USDt is also available on the #LiquidNetwork which is more scalable and later will allow Lightning Networks to be created for assets like Tether. 🌊⚡️ https://t.co/Fn5owRSRk0

— Samson Mow (@Excellion) August 27, 2019

Ethereum 2.0 the last chance

Many developers and users believe that the newer version of the blockchain can solve the current scalability issues, but talks of the Etherum2.0 has been going on for years, and no one knows when it will be implemented. In the recent Hard Fork Istanbul, the blockchain core developers announced some changes that include updating of Six Codes on the network. However, the changes will be available to users from early next year.

If Ethereum fails to take correct technical measures, consequences could be drastic for the network as most developers and users will leave the platform.

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Parity Delays Ethereum Network Hardfork over Implementation of EIPs

Parity, a blockchain infrastructure company that runs the core of the Ethereum network, is delaying the Ethereum core devs’ planned hardfork until …

Parity, a blockchain infrastructure company that runs the core of the Ethereum network, is delaying the Ethereum core devs’ planned hardfork until Sept. 6.

Waiting on Parity

EtherWorld founder Pooja Ranjan provided notes from Ethereum Core Devs Meeting 69 via GitHub on Aug. 24 — a day after the dev meeting occurred. According to Parity core developer Wei Tang, the organization needs two more weeks before devs can proceed in selecting a block number for the Istanbul fork. According to Ranjan’s notes, Tang said that Parity will need until Sept. 6 for its implementation:

“We need time till 6th September to finish the implementation. Not only because we accepted EIPs late but right now we just happened to be a large code base refactoring and we probably want to merge them first before merging Istanbul EIP.”

One of the upshots of the meeting is that block number for the hardfork will occur after Parity’s implementation is complete. The devs decided on Sept. 6 as the deadline for the groups to implement their Ethereum Improvement Proposals, or EIPs. Additionally, they decided that a mainnet hardfork will only occur after a testnet block number is picked, and that the mainnet fork may be delayed.

Wei also cited concerns pertaining to gas issues, cautioning that it would be best to resolve them before implementing a hardfork. According to Wei, it’s preferable to fix these gas issues before launching a mainnet hardfork, since it will be more complicated to change course once the fork has already occurred. This, in turn, he argued, may actually delay the mainnet’s launch even more.

The Ethereum blockchain is filling up

As previously reported by Cointelegraph, Ethereum co-founder Vitalik Buterin recently said that the Ethereum blockchain is nearly full. This reportedly deters new adoption by potential Ethereum contributors. Buterin explained:

“Scalability is a big bottleneck because the Ethereum blockchain is almost full. If you’re a bigger organization, the calculus is that if we join, it will not only be more full but we will be competing with everyone for transaction space. It’s already expensive and it will be even five times more expensive because of us. There is pressure keeping people from joining.”

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Ethereum Classic (ETC) Suddenly Rockets 30% in a Week But Why?

Last but not least, the Ethereum Classic event is also going to take place in the first week of October, and generally, the price of a token rises when …
Ethereum ClassicEthereum Classic

While Ethereum has been in the middle of a bit of flux due to the halving and other associated factors, Ethereum Classic has been surging. The coin jumped by as much as 30% over the past week and much of the gains have been due to the slew of positive news that has come about with relation to Ethereum Classic.

The coin started off the past week at $5.50, and today it has climbed to as much as $7.20 as more and more investors piled onto it. Here is a look at some of the reasons why it rose by that much.

Key Drivers

One of the biggest reasons for optimism with regards to Ethereum Classic is the upcoming Atlantis Fork that is going to take place on September 13 next week. It is believed that the fork event is going to improve security considerably on the blockchain, and that has become a source of excitement for many investors. In addition to that, the Atlantis Fork is also expected to lead to better compatibility with Ethereum as well.

Ethereum Classic Labs, which has been a center of research and development, has also made an important announcement. In a new development, it has emerged that North Block Capital, an investment group based out of London, has joined the Studio Program.

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The association with North Block Capital could prove to be a hugely important event since the investment group is going to help sell the token in Asia. As everyone knows, Asia remains one of the most important markets for cryptocurrencies. As far as crypto usage and development are concerned, the continent is lightyears ahead of many other regions.

Last but not least, the Ethereum Classic event is also going to take place in the first week of October, and generally, the price of a token rises when such an event takes place.

Featured image: DepositPhotos © zentilia

‘Great Dictator’ Not Involved in Approving EIPs for Ethereum’s Istanbul Hard Fork

Recently, Ethereum’s core developers finalized the list of code changes for the Istanbul hard fork. Ethereum co-founder Vitalik Buterin says that “this …

Recently, Ethereum’s core developers finalized the list of code changes for the Istanbul hard fork. Ethereum co-founder Vitalik Buterin says that “this happened with *zero* involvement from The Great Dictator™.”

Vitalik made this comment on Twitter in relation to an article about the confirmation of code changes in Istanbul, Ethereum’s next major system-wide upgrade:

Reminder that this happened with *zero* involvement from The Great Dictator™

Much-needed gas repricings that add significant sustainability gains and open the door to ZKP/rollup L2 innovation.

Great work @peter_szilagyi and cohttps://t.co/I2ZKnwHVd9

— Vitalik Non-giver of Ether (@VitalikButerin) August 20, 2019

To understand why Vitalik is sarcastically referring to himself as “The Great Dictator”, we need to remember that he has often been accused by critics of Ethereum of being “in charge” of Ethereum’s development, thereby making the project far less decentralized than it might at first appear.

Perhaps, the best example of this type of attack came on 8 October 2018 when economist Dr. Nouriel Roubini referred to Vitalik as a “dictator for life” in the following tweet:

Decentralization in crypto is a myth. It is a system more centralized than North Korea: miners are centralized, exchanges are centralized, developers are centralized dictators (Buterin is “dictator for life” ) & the Gini inequality coefficient of bitcoin is worse than North Korea

— Nouriel Roubini (@Nouriel) October 8, 2018

A few days earlier, someone had asked Vitalik this question on Twitter: “@VitalklButerin any thoughts on how you will eventually detach yourself from the project?”

This is how Vitalik replied on 5 October 2018:

  • “Already in progress; watch the repos, even much of the research is being done [email protected], @drakefjustin, @icebearhww and others.”
  • “I think ethereum can absolutely survive me spontaneously combusting tomorrow at this point.”
  • “To be clear, ‘detaching”‘ meant detaching from *needing* to participate. No actual plans to disappear any time soon.”

And true to his word, possibly to avoid giving ammunition to critics of Ethereum’s governance process, Vitalik has, in the past couple of years, been mostly focusing on the research for Ethereum 2.0 (“Serenity”), which will introduce “Sharding, Proof of Stake, a new virtual machine (eWASM) and more.”

Péter Szilágyi, the core developer who is the team leader at Ethereum Foundation, had this to say about Vitalik having had zero involvement with the decisions concerning which EIPs (Ethereum Improvement Proposals) should be included in Istanbul:

I’d like to remind everyone, that “zero involvement from The Great Dictator” is not a feature. V has a brilliant mind and I’d much rather have him pinch in on ideas than keep him away due to politics. Just my 2c. https://t.co/CwBt5s9uim

— Péter Szilágyi (@peter_szilagyi) August 21, 2019

As for the Istanbul hard fork itself, according to a report by Coindesk, Ethereum’s core developers finalized the list of EIPs at a meeting held on August 15.

As per previous meetings of the group, which comprises a diverse set of Ethereum stakeholders, the plan is for Istanbul to be executed in two phases:

  • phase 1:  this consists of six EIPs; estimated to go live on the Ethereum mainnet in October;
  • phase 2: this consists of those EIPs, such as the proposal to make Ethereum more ASIC-resistant by moving to a Programmatic Proof-of-Work (ProgPOW) consensus algorithm, that need “further testing and deliberation from core developers.”

At the August 15th meeting, Szilágyi said that activation of Istanbul phase one on Ethereum testnet Ropsten, which some people wanted to happen on September 4, may need to be moved further out in the future to give the teams working on Ethereum clients (such as Parity) sufficient time to test their implementation of the agreed six EIPs before the these changes are rolled out to the testnet.

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Insufficient Volume Support for the Recovery of Cryptocurrency

The 3-day bearish candlestick pattern as well supports the price decline. … The Atlantis Fork of Ethereum Classic is scheduled for September 2019.

There is insufficient volumesupport for the recovery of the Bitcoin from $9,755 through $10,255, and thisrecovery is likely to be short-lived.

The rising-wedge breakdown on thehourly chart supports the decline. The3-day bearish candlestick pattern as well supports the price decline.

The 4-hour chart showing therising wedge breakdown, supports a drop down to $9,467. The bearish pressure will weaken if theprices close past the bearish lower high at $10,956. For a bullish revival, aweekly close above $12,000 is required.

The 100-day moving average iswidely followed for Bitcoin, and it shows average support at $9,900, and itrebounded to a high of $10,255 earlier today.

Ethereum Classic is soaring up by40% this week. The Atlantis Fork ofEthereum Classic is scheduled for September 2019. It might happen on September 13, 2019. The developers and members agree on the hardfork happening at block 8,772,000.

The Atlantis fork is focused onimproving the security of the blockchain after considering the concerns of thecommunity. The compatibility of ETC withEthereum will also be taken care of in the update.

The network experienced a 51%attack, and the current team is focused on improving the stability andfunctionality of ETC.

Terry Culver, CEO of EthereumClassic Labs, considers North Block Capital as a leader when it comes toblockchain initiatives.

The annual Ethereum Classic, ETCSummit will be held during October 3, 2019, through October 4, 2019, inVancouver, Canada. The conference willbe focusing on spanning development, market dynamics, IoT, cross-chaininteroperability, smart contracts, and social issues surrounding blockchain andmore.

XRP continues to be the third inthe cryptocurrency market. This isdespite the $3 billion loss in its market capitalization during the year 2019.

Kyle Samani, the co-founder ofcrypto hedge fund Multicoin Capital, stated, “The company has been steadilyincreasing their sales of XRP over the previous three quarters, likelyinflicting downward price pressure on XRP.”

However, there continues to be anincreasing concern about regulators perceiving XRP to be unregistered securityand therefore putting an end to its trading.

Eric Turner, director of researchat Messari, stated, “I don’t expect them to stop selling any time soon. Ifsomeone gave you a printing press that spits out hundreds of millions ofdollars a quarter, would you stop using it?”

TRON registered an unexpected turnin price. The price of the coin was at$0.0183. The currency currently holdsthe 13th rank in the cryptocurrency market place.