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Topic Summary

Posted by: Administrator
« on: July 12, 2021, 08:47:56 AM »

Here are the Problems and QuestionsWill the expected update for Ethereum (ETH) be enough to fix the issues? So, can the Ethereum Foundation go beyond promises? All critical questions and issues of Ethereum👇

Everyone thinks that the ETH 2.0 update will make a big contribution to the biggest altcoin and have positive effects on the price. However, this update for Ethereum may not produce as much benefit as expected. So there is a possibility that my network will not cause mainstream adoption. So the main reason? What issues are triggering this or is this update being overrated?

✅Chronic Problems of the Ethereum Network
Vitalik Buterin has been working with his team for this update for a long time. Although the new version is promising, there are those who think that the network is not strong enough to eliminate its chronic problems.

The Ethereum blockchain runs at around 15 transactions per second, twice the speed of Bitcoin. The system is still based on the PoS algorithm and gas fees are still high. Of course, this negatively affects the costs of developers using the network, and Ethereum loses its appeal. Data published by Dune Analytics says that DEX projects using the Ethereum network average close to 3% of failed transactions. The reason for this is of course based on problems such as insufficient gas payment.

Another problem is that the platform does not care enough about the user experience (UX Design). That's why users avoid using the network for issues such as NFT, DApp. The interface needs to be developed in a user-friendly way and detailed features need to be embroidered into the system design.

People do not have enough knowledge about using the network. For example, how many Ethereum investors know that transfers can be made from two separate wallets to a single wallet at the same time and there will be no nonces problem? Recent research shows that 25% of Americans do not know how to invest in cryptocurrencies. Of course, this is not just Ethereum's problem, but it shouldn't be too hard to contribute to educating people, having more detailed information will definitely benefit the ecosystem.

✅Ethereum 2.0 Update
ETH2 has been active for a while and continues to be used. The most important update will be the Proof-of-Stake algorithm, which consumes 99% less energy, instead of the PoW algorithm, which will be in the network algorithm, which consumes a lot of energy. The Ethereum Foundation previously said that this update will arrive by the end of 2021. However, the Ethereum Foundation has said much more about energy use. In the new block article published recently, it is mentioned that there is no change in the amount of energy requirement in the tests of the PoS algorithm. It seems that the continuation of the old network and the simultaneous continuation of Ethereum 2.0 will cause the energy problem to continue.

The new upcoming update is supposed to increase the energy efficiency by 99% as said before. Otherwise, carbon emissions FUDs will remain a scourge for years to come.

Another technical detail of the update concerns the developers. When the update is completed, a compiler is planned, which will facilitate the work of developers using C++ or Rust, and also allow code to be written "through the browser". Moreover, it will be possible to code in a simpler language. It could be C# or Python, any next generation programming language. This update detail is expected to allow more developers to produce projects on the network.

✅Ethereum (ETH) Shouldn't Ignore Issues
Solving the energy problem with ETH 2.0 and increasing the processing speed still do not eliminate the user-friendly interface problem. Moreover, this problem negatively affects projects such as BSC and Polygon that use EVM (Ethereum Virtual Computer) protocols. EVM-based chains need to offer easy trading to the average user.

Approval times and transaction costs definitely need to be eliminated with this update. If we believe that cryptocurrencies will be used in the field of e-commerce in the near future, we should not wait for hours and pay high costs to pay for a product. Moreover, e-commerce models have already produced delivery concepts in 15 minutes.

The promises part of the Ethereum upgrade is great, but it is extremely important that they will be fulfilled, the Ethereum Foundation's recent statements seem to fail the promises. That's why network upgrades need to be followed very closely, and test reports and foundation articles need to be scrutinized. Otherwise, you will have waited in vain with great expectation. Ethereum is aware of its problems and is taking good steps to eliminate it, we hope the promises come true By the middle of 2023, which is the final deadline they say, these problems will be eliminated. Strong mainstream adoption will only be possible with tangible developments.