Vitalik Buterin: Ethereum was not ready for mass adoption
Ethereum (ETH) has long been considered the second cryptocurrency, which, of course, speaks volumes about its popularity. This digital asset is also the basis of many DeFi applications and other blockchain-based technologies. Finally, most NFTs are Ethereum-based, and so far ETH remains unrivalled.
However, even such a crypto market giant faces a bunch of different problems. After all, “Ethereum killers” are touted so for a reason: they were all created as a better alternative to the second cryptocurrency.
Vitalik Buterin addresses ETH’s scalability issues
The other day, Ethereum’s creator Vitalik Buterin decided to address the issues the second cryptocurrency has been faced with recently. Buterin stated that the altcoin wasn’t ready for day-to-day transactions and needed new scaling solutions to lower the transaction fees in order to finally be ready for mass adoption.
Speaking of mass adoption, Ethereum’s creator noted that the second cryptocurrency was not ready for this in its original form, since it was not designed for everyday transactions.
The crypto community criticises Ethereum
The crypto community has been discussing Ethereum-related issues for a very long time. According to experts, high transaction fees aren’t just a huge disadvantage of the cryptocurrency (especially considering its competitors who managed to get rid of them successfully), but also the main reason for Ethereum’s unpopularity among newcomers to the market. As a result of poor scalability, inexperienced crypto investors have almost no chance to make money from their investments, with all their income immediately eaten up by the system.
Nevertheless, it’s worth noting that the NFT market still successfully ensures ETH’s success to this day. Moreover, at the beginning of this year, the popularity of this sector increased dramatically, leading to increased activity on the Ethereum network. As a result, the count of ERC-721 transfers on Ethereum crossed 247,000, breaking the record established in 2021.
Still, the situation may change over time, because some of Ethereum’s competitors have already managed to acquire their own NFT platforms, which continue to gain popularity.
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Trends are temporary. The blockchain isn’t a trend; it’s the future. I want to help as many people as possible understand it in a simple, clear and interesting way.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.