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.