Ethereum’s idea is to give users the control rather than letting one organisation have control over the user’s data on an app or transaction and it works on blockchain based platform.
Though the idea may seem good following are reasons why Ethereum is dropping down in the market:
1) Projects better than Ethereum – QTUM
It is also a blockchain based project and works on blockchain platform. While it may have few similar ideas as to Ethereum it still shows better operation than Ethereum in terms of having a robust environment as feature offering. Their decentralized and open-source smart contracts show significant value. It has a DGP controlled and maintained blockchain thus allowing the users or participants to vote for a change in certain parameters controlling the network.
2) Projects better than Ethereum – NEO
It is a little similar to Ethereum but unlike Ethereum, NEO has complete support and back up from the government of china making it even more famous. It is also better known for the value it provides. It uses a mechanism technique called decentralised Byzantium Fault Tolerant which makes the operation much faster thus allowing the transaction per second to be faster too unlike Ethereum which is slower.
3) Unanswered technical aspects
Ethereum has a lot of bugs and issues which are not looked into even after a lot of complaints and issues had been raised. Many concerns have been raised as a concern for its privacy and security issues on smart contracts. The prominent proof for this was visible to the world from the issue found with CryptoKitties where the functions which are considered as normal even had problems and issues to operation on the network properly.
4) Price
The technical has been of the most important reasons for Ethereum to drop down from the market in terms of usage and price too. Another reason for price decline would be because of the promises that Ethereum had given but still undelivered them delaying it more and more. The visibility of Ethereum trying to survive hard with other competitors and projects by itself making user start losing the confidence and trust on Ethereum and thus as a result declining its price even more.
Ethereum price was changing often as was unpredictable making users have a fear that it is insecure. Builders focused on the business aspect of it but not taking the time to have a look at the consequences it had on the price.
5) Downtime
The downtime of Ethereum seemed to be a bit higher than other such projects and it always took a lot of time to get a response for them and even more it took more time, where Ethereum they almost never fixed it.
6) Ethereum getting mentioned
The number of times Ethereum got mentioned across different kinds of online platform is 3x times lower than most other such projects when it comes to reddit users and a few x times lower mentions in press or media. the interest rate for Ethereum over time got featured visibly in a very good way showing results such that Ethereum was already dropping way to low comparatively.
7) Smart contracts
They were started to be seen as more trouble than what they are actually worth taking risk for. Due to insufficient tools availability for tracking or debugging makes its look insecure and makes its look like they are focused on only delivering the feature but not maintaining it. There is something called the gas limit which means the amount of money you pay for executing your transaction and your transaction depends upon the code of lines you execute and as the amount of gas limit is limited you can process transaction only to an extent which is almost an unnecessary feature. This makes it more of an issue more than a helping feature.
8) Centralised
For an idea where Ethereum wanted to decentralized computer its started working on more centralized manner making it riskier with many controllers. The system started going down often making it more unreliable and making users loose trust more and more with the usage of Ethereum each time.
9) Struggling to survive
With new technologies more, companies get into similar kinds of business making competition rates higher and higher every time. This keeps proving that it attracts user for adopt and change but it doesn’t focus on making them stay.
10) Better projects
There are many other upcoming new projects that are better and that allows scheduling of gas at better limits, low gas price, better block times and especially faster transaction speeds.
Projects many get started new at any point of time for various reasons and ideas. What matters is that how far the project is willing to maintain and keep up the promises made.
