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Even the Ethereum gas price concept is obsolete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 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.