Bitcoin block size and scaling issue can easily win the debate of the year award if there is anything of that sort. Now, the next best thing in the crypto industry is Ethereum. Ethereum is another crypto-platform for creating blockchain-based applications and smart contracts. Even though Ethereum was not originally designed to be a currency, it has become one due to an increase in its demand, causing its value to soar. Compared to Bitcoin, Ethereum is still in its early stages, but given the kind of interest among the crypto community, it stands a fair chance to grow big.
Bitcoin’s scaling issues are well-known. The blockchain is overloaded due to small block size and increased transaction rate. The community is still trying to come up with a mutually agreeable solution to scale the network. They have not had much luck in that department yet, due to lack of consensus among the community. We learn from the mistakes (both our own and those committed by others) so, it makes sense for Ethereum to start thinking along the lines of – “ How Not to Become Another Bitcoin ”. Ethereum Scaling
The crypto community has mixed views about the future of Ethereum. Some believe that Ethereum doesn’t stand a chance against bitcoin (but Ethereum is not competing with bitcoin). There are speculations of Ethereum facing challenges similar to the ones currently faced by bitcoin as the platform gets bigger. These speculations were further reinforced by a recent tweet by the well-known technologist and consultant in the Cryptocurrency circles – Andreas Antonopoulos . His tweet earlier today states that Ethereum will start exhibiting same scaling and governance problems as Bitcoin in the future. There is a ring of caution on it as he ends it stating that it is too early to know […]
