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Why Ethereum has no future and why ETH will never rise again

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Why would Ethereum never be a mainstream network for the Dapps ever again?

 

Citing various inefficiencies of Ethereum

Ethereum, as a cryptocurrency blockchain platform was very popular during its initial days, but has a number of cryptocurrency enthusiasts have opted for the platform in order to develop their decentralized applications or simply invest in the project have realized the bottlenecks in the blockchain project and have constantly been switching to other better counterparts ethereum counterparts. There are many reasons why Ethereum has to distance itself from mass adoption. Below are some of my personal opinions in this matter, which clearly breaks down the inefficiencies of the project.  

 

Many DApps have been switching to other platforms from Ethereum

In July 2018, the EOSBet DApp shifted to the EOS blockchain platform, due to its more full spectrum of facilities, contrary to Ethereum. Billionaire Token, tixico, Medipedia, Insights Network, Wax and many other decentralized applications have followed the trend. Why would so many Decentralized applications migrate to the EOS blockchain platform? It is inevitable that the customers would have experienced some or the other kind of bottleneck with Ethereum network, which in this case, was predominantly its speed and no vision for future sustainability. Most of the prominent figures of these Decentralized applications have quoted the Ethereum’s ecosystem didn’t suit their current requirements.

 

Even the Ethereum gas price concept is obsolete

As started here. Let us assume that a new ERC20 power cryptocurrency token has been developed. Now to initiate buying orders for the coin, the users need to pay the transaction fees in gas. Even the miners choose the transaction based on the gas price. Therefore, this creates an artificial dependency of the new XYZ coin on the existing Ether. Which, indirectly results in an instability in the Ethereum network. The concept of gas price can be eliminated, as instead, the users can pay the transaction fee from a part of their transaction. Therefore, unnecessary complexities can be reduced, which are being adopted by the current Ethereum network.

 

The rise of other better options for the decentralized applications and smart contracts

 

The EOS blockchain platform is the only one of its kind, in the cryptocurrency domain, which is giving a head to head competition to the Ethereum Blockchain

The EOS blockchain platform is the only one of its kind, in the cryptocurrency domain, which is giving a head to head competition to the Ethereum Blockchain

 

The cryptocurrency blockchain projects such as Tron or EOS are slowly overtaking the mainstream market of the Ethereum network. The scalability provided by the EOS blockchain platform is unmatched as blocks are developed every 0.5 seconds. It has also be designed in a way to expand with the future demands up to millions of transactions. Therefore, when better options are already available, then why the client base would choose an underperforming platform? Tron has also put forth figures which clearly explains the current situation.  

 

Even Ethereum Futures has no future

Referring to this news. In the recent days, many proposals submitted to the Securities and Exchange Commission by various financial organizations, to avail permission to trade Bitcoin futures. On similar lines, even the Ethereum community has come forward to initiate the Ethereum futures. But one must have basic sense in mind, that when the Ethereum network itself on a constitutional basis, is not capable enough to sustain itself, then adding on a significant trading asset pegged to Ethereum will do no good, other than adding complexities to the network.

 

Even Vitalik Buterin accepts the fact

In an article, published on the website techcrunch.com which discusses various inabilities of Ethereum network. Interestingly, the inefficiencies mentioned in the article were agreed upon by the founder of the Ethereum project, through Reddit. Vitalik Buterin himself agreed that, if necessary changes were not implemented immediately then the downfall of Ethereum is not far. He even mentioned that the team members are looking forward to, two possible methods of saving the Ethereum network from the destruction.

 

 

Future of Ethereum protocol

In brief, the Ethereum network was highly popular during its initial days, only because of the sole reason that it had introduced smart contracts to the Crypto world. But as better options are available now, the network has become obsolete, and no further price surges may be expected. If the network is unable to implement its Plasma or Casper models to scale the Ethereum network with the current requirements as soon as possible, the network would be on the state of extinction.

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Ethereum 2.0 Serenity: All you need to know

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According to Ethereum Founder Vitalik Buterin, the Ethereum 2.0 Senerity is a realization of the research that ethereum is spending time on from 4 years.

Main Features of Ethereum 2.0

– Proof of Stake (Casper)
– Scalability (Sharding)
– VM Improvements (EWASM)
– Improvements to cross-contract logic
– Improvements to protocol economics

 

Serenity Begins

What is Serenity?

According to Ethereum Founder Vitalik Buterin, the Senerity is a realization of the research that ethereum is spending time on, over the last 4 years. Serenity is a new blockchain in the sense of being a data structure which will have to link to the existing proof of work chain. So the proof of stake chain will be aware of the block hashes over the proof to work chain and the users will be able to move ETH from the proof of work chain into the proof of stake chain.

 

Expected Phases of Ethereum 2.0

Phase 0: Beacon Chain Proof of Stake
Phase 1: Shards as data chains
Phase 2: Enabling state transitions
Phase 3: iterate, improve and adding technology

 

Expected Feature of Ethereum 2.0

– Pure proof of stake consensus
– Faster time to synchronous confirmation )only 8-16 seconds)
– Economic finality
– Fast Virtual Machine execution via EWASM
– 1000X higher scalability

 

Ethereum 2.0 Post Serenity Innovation

– Layer 2 execution engines
– Privacy
– Cross-shard transactions
– Semi-private chains
– Proof of stake improvements

 

However, Vitalik Buterin did not define the timeline as to when the Ethereum 2.0 will be released and the users will be able to see all these improvements.

One of the lead developers and researchers with the ethereum foundation Justin Drake said in an interview with CNBC that there have been mistakes by the ethereum community for overpromising which is mostly because of miscommunication and underestimating the complexity of things. In reality, the research on moving ethereum to a proof of stake consensus has been moving really fast in accordance to the blockchain space. He also told that the Ethereum 2.0 Phase 0 that is between the mainnet and the testnet will be released in 2019, the Phase 1 that is Sharding will be seen in 2020, the Phase 2 will be live in 2021.

Erik Voorhees, the CEO of Shapeshift wallet and exchange said in the Ethereum Devcon that he believes that Ethereum will be one of the main chains as it has the network effect and more developers than any other blockchain in the world. He also said that Vitalik does not personally control Ethereum and if Vitalik disappeared someday, the ethereum blockchain will still prevail forever despite that fact that the ETH market might crash for a month or so.

 

What is your take on Ethereum 2.0? Will it boost the price of ETH back to four figures? Tell us in the comments section below.

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Ethereum Updates: Proof of Stake, Zero Proof Prototype, JP Morgan and more

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The Ethereum Dev Con in Prague has just wrapped up in a flurry of news and announcements. Vitalik has made some tantalizing announcements about ethereum.

The Ethereum Devcon in Prague has just wrapped up in a flurry of news and announcements. Vitalik Buterin has made some tantalizing announcements about ethereum stating that Proof of Stake is not far away. The serenity updates will see Ethereum moving from a Proof of Work to a Proof of Stake system which will be exciting.

Estimates predict a possible 1000X increase in ethereum speed brings it up to 15000 transactions per second. The updates will also include improvements to the ethereum virtual machine, cross chain contract logic and much more.

 

Ernst & Young ETH Zero-Proof Prototype

Ernst & Young made an announcement on 30th October about the launch of EY Ops Chain Public Edition Prototype which is the first ZERO Knowledge Proof Technology on Ethereum Blockchain. According to sources, the prototype aims to improve the current barriers that prevail in the transactions.

– Company’s ability to conduct transactions on the Public Blockchain securely.
– Improving Blockchain Adoption
– Enabling a traceability trail of the private transactions.

The prototype is set to launch in 2019 and could prove to be highly significant for the upcoming security token industry.

 

JP Morgan ‘big believers’ in Ethereum

Jamie Dimon, the CEO and Chairman of JP Morgan who had earlier said that he did not give a s**t about Bitcoin has recently endorsed Ethereum of having the abilities to provide practical applications to the financial world.
The JP Morgan team is developing a product named as ‘Quorum’ which is defined as an enterprise-focused version of Ethereum. A significant use of the product will be the tokenization of gold bars.

 

Bancor: Ethereum and EOS Cross-Chain DEX

BancorX, a new platform by the Bancor decentralized exchange is now live and enables the conversion between ethereum and EOS based tokens on the blockchain. Currently, it allows the conversion of more than 110 tokens on both Ethereum and EOS blockchain. The BancorX project was established in collaboration with LiquidEOS, an EOS block producer. The project uses BNT tokens (Bancor Tokens) for the transactions. The BNT Token works on both EOS and Ethereum blockchain.

The working: When you convert an Ethereum token into an EOS token, it is first converted into BNT Token. After this, the BNT Token is transfered to the EOS blockchain and gets converted into an EOS Token.

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10 Reasons why Ethereum price is never going to rise again

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Ethereum itself is falling behind in what it can offer its users. Since it is an ‘abandoning ship’ it is unlikely that the prices will upward movement.

Predictions of the end of ETH are gaining momentum. Apparently, such forecasts are stoked by the founder of the Ethereum himself, via latest admissions that the platform needs deep changes and without these new adaptations (say Casper or Plasma) the end could not be very far.  

Ethereum’s utility thus far has been its smart contracts. At a time when Bitcoin was the only thing around, the ‘smart’ technology of the new network caught everyone’s fancy. However, today this very ‘technology’ has seen vast advancements, and Ethereum itself is falling behind in what it can offer its users. Since it is an ‘abandoning ship’ it is unlikely that the prices will see any sort of upward movement.

 

The tirade against things at Ethereum is:  

1. Much of the initial phase of growth was due to “occult marketing.”  

 

2. The approach of the original devs is abandoned and many “trusts at governance level of ETH.”

 

3. Non-ethereum changes are introduced under the brand ship of ‘centralized’ trademark Consensus Systems Corporation.

 

4. Ethereum Futures shall not be in the same category as Bitcoin Futures because of the lack of sustainability on the Ethereum network. New assets which are pegged to Ethereum will also not be able to perform. Thus Futures cannot be an alternative plan to nurture the platform and revive it.

 

5. ERC20 power cryptocurrency token is a big challenge as users need to pay ‘gas prices’ and not use part of the transaction itself to pay the ‘trading’ fees.

 

6. ETH failed to scale

 

7. Forgot to secure contract authoring

 

8. Failed to be competitive

 

9. Public blockchain platforms have taken over from stable crypto assets which want to remain private. Hence, Ethereum is limited in what it can offer in the near future.

 

10. Proof-of-Stake is a dicey methodology over Proof-of-work which is common in bitcoin

 

While the above are some of the reasons which are driving the final nails into ETH obvious demise, there are several macro-level questions to the evolution of this ‘smart contract’ platform.

 

The Future

ETH issues are complicated – from software support issues to market pricing and non-token contracts and Point of Sales Ethereum, it currently is able to hold its own among the competition.

It is the future of ETH and it prices which are the question.

ETH inefficiencies dominate and is preventing mass adoption, despite the popularity of ETH.

The biggest crippling impact on Ethereum thus far has been the high attrition rates of decentralized applications or dApps.

Nearly all of the evolving and performing applications are moving to the EOS platform. These include the Tixico, Was, Insights Network and Medipedia. The EOS platform it appears is offering them a solution to the bottlenecks they face on Ethereum. The key factors which had seen rapid growth were – the blockchain’s own transaction speeds, but its biggest obstacle has been its inability to have a plan for sustainable growth. Eos platform allows blocks to be developed under 0.5 seconds, and also supports expansion up to millions of transactions.

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