During its starting days, Ethereum used to be one of the most popular platforms in crypto space. It has a huge number of users and was on peek in the related field. However, technology evolved with time, new alternative projects in the crypto space emerged with more features. The competition began between several similar projects. Since the features of Ethereum were not up to the latest expectation and imaginations in the blockchain technology, people started moving away from this platform.
There are various limitations of this platform which lead us to predict that Ethereum has no future at all. Let us have a glance at the factors which enable us to think of a dark future for Ethereum.
1. The old-fashioned concept of Ethereum Gas:
In the Ethereum platform, when you initiate to buy order in perspective of the coin, you have to pay a transaction amount for the same. But the main reason is, this transaction fee is paid in Ethereum gas. Not only this fee, but the selection of transaction by the miner is also done on the basis of the gas price. You can’t pay this transaction fee along with the transaction. This is a major drawback of this platform. This process enhances a kind of dependency on the gas which may lead to conflict in the network of Ethereum. These kind of features are troublesome and lead to think of other alternatives to this platform.
2. The poor speed of transaction:
Scalability has been a major concern for the crypto space for a long time. While some of the organizations have fastened their speed of transactions. While in the case of Ethereum, the no of transactions per unit time is not so good. It is not as efficient seen as other faster alternatives. Why would someone use a platform with such slow scalability if the other options have a high speed of transactions? Many trades have suffered from this disadvantage and there does not seem any improvisation in the same by Ehereum leading the traders to think of its depletion from the crypto space in future.
3. The transition from POW to POS:
Ethereum is undergoing a transition from the existing consensus protocol known as proof of work (POW) to a complete new consensus protocol known as proof of stake (POS). However, some severe issues in the architecture can be caused if this change does not go smoothly. Eventually, this may lead to cause a crash of the system. And crashing in an intermediate state could lead to the security breach, loss of coins and lead to vulnerabilities to the network which any investor would never wish to. Also, some traders predict that proof of stake (POS) is a destructive algorithm for crypto space, so, even if the transition goes smoothly, there is no guarantee that using POS would lead Ethereum to be at the same level of facilities as provided by its alternatives.
4. Lack of proper documentation:
When it comes to the worst quality of documentation, no other platform can beat Ethereum. It has the worst documentation among all other alternatives. Good quality of documentation helps the users to become developers. The available content on the website is outdated and not helpful at all. They don’t even match the basics requirements for development. The absence of proper documentation stops developers to enhance new technological skills to the Ethereum.
5. No option for offline transactions:
Ethereum is a completely online supported platform. You require internet for using this platform. If you wouldn’t have access to the internet, eventually, you wouldn’t have access to Ethereum. While, there are alternatives who can run offline also, why people will use only online mode supported platform.
6. The high cost of writing data on storage:
The cost of writing data on storage on this platform is very high which is not preferable not all. Although, any amount of data can be stored on the blockchain, due to the high cost of writing, storing process is not feasible for a very large data. However, there are alternatives available which sort out this limitation of this platform. In the world completely surrounded with large data, if there are possible options which allow writing data on a relatively low cost, obviously people will tend towards the cheaper options. Since Ethereum has no plan to reduce this cost, the future of this platform could not be said secure.
7. High Emerging Competition:
Continuously, the competition is increasing in the market. The competitors are growing and noticing the limitation of current existing platforms at the micro level. They are using the latest technologies and most importantly, learning from the flaws that are still in the market and are reported to be improved by the users. They are using these shortcomings to boost their features and are coming with the products that are relatively better in term of performance, cost as well as security. Now, if Ethereum’s drawbacks and new features will be present in new alternatives, the platform will lose its audience and hence the future of Ethereum seems to be diminished and on the verge of extinction.
Ethereum ruled the crypto space for a very long time. But it is facing a huge competition and severe issue in the present time. It has already lost a huge section of its users to other available alternatives in the same domain. If the platform doesn’t come with a quick and efficient solution to these issues, the days are not far when a sentence like ‘Ethereum was once used to be a platform in crypto space’ will be addressed. Surely, as per the current scenario, the future of Ethereum looks diminishing day by day.