Samson Mow, the CSO of Blockstream recently tweeted in Ethereum’s opposition. He attacked Ethereum’s scalability issue and proposed its ‘slow death’. Vitalik responded to the Mow sarcastically for proposing the Liquid Network in place of Ethereum.
Recently, Vitalik Buterin, the Co-Founder of Ethereum, had himself accepted that Ethereum network is getting clogged up. Soon the fees for transactions might become higher, and the block confirmations could take longer.
Numerous blockchains are running on Ethereum. Tether is one of the tokens, and due to its large market capitalization, and transaction volume is evidently increasing the network load. Hence, some experts are proposing a delay in development on Dapps on Ethereum. To this, Vitalik told the media
“The Ethereum blockchain has been ‘almost full for years, I think it’s still good to develop apps, but anything substantial should be developed with scalability techniques in mind…”
Ethereum is due for a significant update – Serenity, in 2020. While the exact timeline on the transition to Ethereum 2.0 is still not clear. The new protocol for Ethereum is expected to fix all scalability issues.
However, Samson Mow suggested otherwise. According to him, it is a “technological dead end.” He also proposed a shift for USDT to the Liquid Network being developed by Blockstream. Blockstream is one of the largest crypto research firms and contributors to the Bitcoin core developing group.
Liquid Network is an inter-exchange settlement platform allowing for a new way to operate financial exchanges. It is expected to comply with the new FATF travel rule.
Ethereum is a technological dead end. The more it’s used, the faster it dies. Fortunately, USDt is also available on the #LiquidNetwork which is more scalable and later will allow Lightning Networks to be created for assets like Tether. 🌊⚡️ https://t.co/Fn5owRSRk0
— Samson Mow (@Excellion) August 27, 2019
However, Vitalik did not take like the interpretation that Mow took from his statements. He refuted Mow’s claims by attacking his stand on ‘Bitcoin maximalism.’ Since Bitcoin is also facing scalability issues at the moment, Vitalik said,
You do realize that Bitcoin is also “almost full” in exactly the same way ethereum is, right?
I’m sure @ofnumbers will be glad to hear about your support of permissioned consortium chains!
Clearmatics is working on the similar proposed design of Liquid Network since 2015. It provides for blockchain-based architecture for member-owned and governed networks to exchange value.
Public, permissionless blockchain networks are supposed to run like an open-source program. Vitalik also seemed to take a jibe on the fact that the ‘consortium’ would not adhere to the spirit of decentralized control.
Moreover, Mow has been criticized in the past for investing in an ERC-20 token. Hence, the whole issue raises more questions on his stand on Ethereum.
Furthermore, both Bitcoin and Ethereum are expecting an up-gradation in the future. The success and failure of these projects will depend a lot of their adoption. While Blockstream is a leading Research firm that is transforming the crypto space with Bitcoin at its helm, Ethereum intends to maintain its position as well.
Do you think that Ethereum would eventually give up dominance on Dapps and smart contracts to new projects? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com