Understanding the future scenario of the Ethereum network:

Opening thoughts

Ether along with many other cryptocurrencies like Bitcoin, Bitcoin cash, litecoin, Monero without cash have been providing. Ether is highly fluctuating in nature, and therefore, nothing can be expected when it comes to the price prediction. The Ethereum coin highly been popular, and in particular, when compared to the Bitcoin, the Ethereum network has experienced an exponential popularity, whereas Bitcoin remains under the scope of linear popularity itself. With over thousands of cryptocurrencies to choose from, Ethereum and Bitcoin have been the most prominent ones that can be opted for long-term investments. But when it comes to higher transaction fees, there is no comparison to Ripple.

What is Ethereum?

Ethereum is also very well known as the Queen of cryptocurrencies, as it has enabled the developers throughout the world in order to initiate their own cryptocurrency based projects, based on the standard provided by the Ethereum network which is the ERC-20 protocol. Also, the smart contract functionality has enabled the developers, for the development of various Decentralized Autonomous Organisations which independently run based on the Ethereum network. ETH or Ether is the cryptocurrency token which is effectively made use of by the environment. Also, a separate ether gas is required by the network for its maintenance.

Ethereum has a dark future

It has been predicted that the ethereum network is going to experience a downfall as the network itself might come to a standstill. The actual value proposition of the ethereum network is absolutely null as it has been checked practically, that there is no need of the cryptocurrency token Ether, and even the concept of gas price is absolutely ambiguous. However, the accusations are not accepted by the official Ethereum community and they have come up with their own set of defenses. They claim that both Ether as well as the gas price which are supposed to be utilized to run the Ethereum based smart contracts are highly essential for their sustainment.

Is Ether gas really needed?

Also, the Ether gas prices are worth nothing as there is no hardwired requirement of Ether gases in order to run the Ethereum network. The reason why it is currently being incorporated is that the developers at the Ethereum, have inherently designed them in such a manner. There is absolutely no need for the usage of the gas, to initiate the transactions at the fundamental level. One might argue that this particular gas price is required to pay the rewards to the miners of the block.  This contradiction can be disproved. Instead of paying the fee to the miners in the form of gas price, a certain amount of value which is being sent during a transaction might be deducted and automatically be sent to the miner’s address, instead of using the Ether gas.

Technical implications of Ether on the network

Inherently we all know that the native cryptocurrency token of the Ethereum network is Ether and is very much dissimilar to the ERC 20 powered cryptocurrency tokens. therefore there are a lot of software implications which had to be incorporated in various accounts as well as the cryptocurrency wallets in order to support both of them. Therefore, eradication of Ether would result in energy optimization on an overall basis. In fact, it is certainly very vague to assume that many cryptocurrency professionals in the Ethereum community and predominantly Vitalik Buterin considers adding complexities to the network is not a better way to achieve economic abstraction and the ecosystem gains.

Closing thoughts

The allegations have been imposed on one of the fastest cryptocurrency Blockchain platform, Ripple, that it is a centralized cryptocurrency and hence must be debarred from the list of cryptocurrencies. Now even Ethereum network seems to have joined the bandwagon, as the future conditions of the network don’t seem to be optimistic due to the allegations as well as scalability issues of the network. However, considering the current situation about the market, Ethereum is highly incorporated in order to commercialize and democratize usage of smart contracts. Nevertheless, the future of Ethereum cannot be predicted as any an unexpected event might change the opinion.