Etheriums Current and Future Functionality Called into Question

Etheriums Current and Future Functionality Called into Question

By Cje95 | Chronic Illness and Crypto | 1 Sep 2020


While we all await the rollout and transition to ETH 2.0 I could not help but look at the state of Ethereum right now and wonder if ETH 2.0 will roll out in time to help save the network. I am by NO means saying Ethereum is going to collapse, fall apart and die but one has to really look at the actual functionality of the network right now......

 

As most if not all reading this knows gas fees are out of this world high right now. Blockchain and Ethereum were created to in part help allow everyone to take part in the future of the monetary system and right now, in my opinion, this is in serious jeopardy. The cost between the cost of buying ETH and then the amount of ETH you have to use to facilitate the transaction most individuals are getting rapidly priced out. Where I once used to laugh at the idea of any blockchain becoming an Ethereum killer to me this is the perfect time for one of those blockchains to step up and truly rival Ethereum. While more and more ETH-20 tokens are being issued and distributed it is becoming harder and harder to move those tokens around with gas as it is. I wonder/worry that if the fees are not brought under control somehow soon that to many of the little people being pushed out will either give up on Ethereum or even worse blockchain overall. With the little people being forced out more and more this allows large players to acquire a larger and larger stake in the ETH pie and end up with a blockchain controlled by a large institution like players.

 

These factors I listed are only some of the issues currently with Ethereum and they allow one to ponder if this could really happen. Do I believe this could happen no not really as the other blockchains I have heard being mentioned as replacements are their own set of issues that I think prevents them from being able to take advantage of ETH issues right now. Tron, one of the ones I have heard of the most being able to fill in has an extremely decisive leader in Justin Sun. The way in which he runs/operates his crypto holdings could easily turn off newcomers to the crypto space. I have also heard a lot of talk about the Stellar blockchain but I do not know much about it at all and its coin price has not changed all that much this year given the huge runs on a lot of other cryptos. I do not know if this is due to a lack of development, adaptation, or possibly both however I find it puzzling that it hasn't moved all that much. 

 

How fast Ethereum can fix/alleviate this issue has yet to be seen however it is something to really watch out for. Possible damage to ETH image is becoming a more and more likely thing so fixing this could be a huge boost to the idea that ETH is really moving forward with ETH 2.0 and are taking care of the issues plaguing its adaptation. I expect something to change soon to help fix this issue but really when it could happen is anyone's guess at this point in time.


Cje95
Cje95

Just a college student who graduated during a pandemic. Loudest and proudest member of Texas A&M '17! Back to back neurosurgery survivor and sports fanatic!


Chronic Illness and Crypto
Chronic Illness and Crypto

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