2018 was definitely a forgetful year for Ethereum and Vitalik. Everything that could go wrong for the coin has gone wrong bringing the whole Ethereum Dapp ecosystem to a standstill like the situation with congestion and scalability issue. But with 2019 and Constantinople upgrade implemented, things seem to be returning to normal for the coin.
Is Ethereum inching up to regain its lost Dapp supremacy?
Ethereum was the one that introduced the world with the concept of smart contracts that laid the foundation and later expansion of dapps and formation of projects like Tron and EOS which now are competing and trying to take the crown away from Ethereum itself.
Vitalik had big plans for Ethereum in 2018, all seem to come crashing down. In January 2018, Vitalik had said in a statement to Tech Crunch that
“I expect 2018, at least within the Ethereum space that I’m best able to speak about, will be the year of action. It will be the year where all the ideas around scalability, Plasma, proof-of-stake, and privacy that we have painstakingly worked on and refined over the last four years will finally turn into real, live working code that you can play around in a highly mature form in some cases on testnets, and in some key cases even on the public mainnet. Everyone in the Ethereum space recognizes that the world is watching, and we are ready to deliver,” said Buterin.
But as the year progressed, the congestion and scalability issues increased and the whole Dapp ecosystem for Ethereum came to a freeze. Ethereum not only lost its market value but also a lot of Dapps with questions looming on its future.
After a yearlong struggle, now, with a solution for scaling their network along with Proof Of Stake, things seem to fell in place. These are initial steps which ultimately will cause creating Ethereum 2.0 with the ability to process up to 1 million transactions, which would send the crypto to the list of the fastest cryptos in oppose to its current ability to process around 15 Tx per second. These projects which are dubbed as Serenity and Casper are expected to bring Ethereum back in the game.
Ethereum seems to get its cards right but it will have to move things faster. Any more delays in upgrades and improvements would mean Ethereum losing more that it will be gaining.
Will Ethereum’s dev team deliver on its timelines and make Ethereum great again? Do let us know your views on the same.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.