During the Token2049 conference in Dubai, blockchain experts convened to discuss the prevailing issues faced by the Ethereum blockchain and potential avenues for improvement.
The panelists, representing various sectors of the blockchain industry, engaged in a dialogue focused on exploring the latest innovations and development opportunities within the ecosystem.
One of the primary concerns highlighted by the experts was Ethereum’s scalability problems, stemming from its low transaction throughput, resulting in elevated gas fees and network congestion. The discussion underscored the urgent need for solutions to enhance Ethereum’s scalability and transaction speeds, with new blockchains emerging as potential alternatives.
While acknowledging Ethereum’s first-mover advantage and widespread adoption among developers, panelists emphasized the need for improvement to meet the demands of evolving use cases. Raj Gokal, co-founder of Solana, pointed out Solana’s growing transaction volume, surpassing Ethereum’s metrics, signaling the increasing competitiveness in the blockchain space.
Emin Gun Sirer, founder and CEO of Ava Labs, clarified that the Avalanche blockchain was never positioned as an “Ethereum killer,” highlighting Ethereum’s unique advantages, such as its ability to create blockchains according to developers’ rules. However, he also emphasized the limitations of Ethereum in this regard, suggesting room for improvement.
In conclusion, Keone Hon of Monad emphasized the imperative for Ethereum to achieve significantly better performance to cater to hundreds of millions of users effectively. The discussion concluded with insights into Ethereum co-founder Vitalik Buterin’s plans to redesign the network, addressing performance issues and enhancing staking mechanisms.
The discourse at Token2049 shed light on the multifaceted challenges facing Ethereum and the pressing need for innovation and improvement to ensure its continued relevance and competitiveness in the blockchain landscape.
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