You better shape up, if you need to see progress and fast. Yes, we are talking to you Ethereum. You better work smart.
Ethereum has undoubtedly been a great contribution to the crypto world after bitcoin. Ethereum added a whole new spectrum to cryptocurrencies. It was the best amalgamation of blockchain technology and cryptocurrency. The best crossover of this decade. Better than Priyanka and Nick getting married. Yeap. We have said it!
But things seem to have slowed down for our pal there. It met with success it had not dreamed of and quite frankly was not prepared for. What can we say? The crypto world operates faster than you can blink!
With people madly flocking towards Ethereum and creating DApps one after the other, it got hard for Ethereum to keep up. It had to scale so it could work smoothly but it wasn’t as easy as it sounds.
The point of cryptocurrency was to eliminate the waiting period and get transactions to speed up. It had to be faster and quicker because otherwise what was the point of cryptocurrency? If the transaction was still going to take 3-4 days then I’d much rather use the traditional system, at least I wouldn’t have to go through the entire hassle of buying cryptocurrency with my fiat currency first.
The reason it is not fun and games is because scaling is indeed difficult.
Ethereum and bitcoin both use a combination of technical tricks to ensure that they accurately record everything happening on the blockchain without a central authority. And the problem arises when this balance has to be maintained along with the growing number of users.
Now some of you will jump and say that they could just increase the block!
Well, if they keep doing that, the size of the node will increase as well. If each node grows large enough then only a few large companies will have the resources to run them.
Currently, decentralization and scalability are both at odds and developers are trying to find their way around this.
How long till they find a solution?
For now, things have been slow at their end and to find a definitive deadline for this problem is far from reality. There is still a lot of experimentation going on and as Vitalik Buterin said;
the long-term goal is for the platform to be able to process transactions at “Visa-scale transaction levels” or beyond.
But people no longer want to be fooled by big words. The boy does indeed have high hopes and we hope that he is able to achieve this in the coming year!
Lets see how Ethereum really surprises us with this year.