At the Token2049 conference, blockchain experts debated the Ethereum chain’s current problems.
At the Token2049 conference in Dubai, an engaging panel talk took place among professionals from the blockchain sector. They shared insights on the most recent advancements and potential growth areas within this field.
The conversation among the speakers included mention of Ethereum’s blockchain, known as the go-to platform for smart contracts. However, they pointed out Ethereum’s challenges with scalability, resulting in slow transaction processing and expensive gas fees, causing network overload. To address these issues, new blockchains are being developed to enhance transaction speeds and improve overall system capability.
Experts have noted that developers are drawn to Ethereum’s early lead and strong brand name in the blockchain world. Yet, there are opinions that other layer 1 platforms may be more suitable for specific applications than Ethereum at present.
According to Raj Gokal, the co-founder of Solana, many developers and Ethereum users now hold Solana wallets. Furthermore, Solana has experienced a faster increase in transaction volume compared to Ethereum.
“We’re doing well, but Ethereum is not.”
Raj Gokal, Solana Co-Founder
Emin Gun Sirer, the founder and CEO of Ava Labs, made it clear that Avalanche was not intended to be a rival to Ethereum, labeled as an “Ethereum killer.” Nonetheless, Ethereum holds some distinct advantages. For instance, developers have the freedom to create their own blockchains according to their specific rules on Ethereum.
“Other people are free to create their own blockchains with distinct governance, which Ethereum unfortunately cannot support by its very nature.”
Emin Gun Sirer, founder and CEO of Ava Labs
To summarize, Keone Hon from Monad pointed out that Ethereum must significantly improve its performance in order to attract hundreds of millions of users.
In November last year, Vitalik Buterin, a Co-Founder of Ethereum, shared his plans for revamping the Ethereum (ETH) network. He detailed a plan to enhance Ethereum’s staking feature and tackle longstanding issues with address performance. This issue has been a significant challenge for the network in recent times.
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2024-04-18 19:09