Ethereum (ETH): Talks of Scam Still Bandied About

By October 11, 2019 Ethereum
Click here to view original web page at cryptovest.com

Ethereum (ETH) is instrumental to the crypto ecosystem in 2019. The coin, surviving the worst drop under $100 at the start of the year, now trades at $186.91, with volumes above $9 billion in 24 hours.

But years after ETH was created and sold in an ICO event, the discussion whether the network fulfilled its promises is still on the table. The accusations held that Ethereum was partly fraudulent, hiding its limitations with promises it would scale and turn into a world computer. Others defended the network as being a starting technology, with tweaks possible in the future.

https://twitter.com/brucefenton/status/1182229126301790208

Critics continue to believe that Ethereum is inherently dishonest, helping to expand unfounded cryptocurrency and token claims.

https://twitter.com/peterktodd/status/1182300096563679232

Granted, the Ethereum team only made limited statements and made the network speak for itself. But the thousands of token-based projects sprung from Ethereum during the ICO craze went on to overhype the capabilities of the network, generating a much wider wave of possibly fraudulent claims.

The Ethereum network has renewed its transition to ETH 2.0, which will be a complete proof-of-stake network. While the switch will happen in 2019, it may take years before mining is phased out. This time, the mining ice age, or a growth of difficulty that will make mining non-viable, will not be delayed anymore. ETH 2.0 will be an entirely proof-of-stake network, and there will be no hard fork or a double chain.

https://twitter.com/VitalikButerin/status/1182106088985903104

The Ethereum transition will start this November, as the Istanbul hard fork is already being tested on the Ropsten testnet. The hard fork created a potential problem, where the testnet split into two chains. At this point, it seems like the Ethereum developers will prevail over miners and move on with the shift to a new type of network.

Leave a Reply