Etheruem : Is it a victim of its own success?
We see this notice sent out of shapeshift ... some ethereum assets are delayed as much as 10 hoours due to the overwhelming traffic on the ethereum blockchain. 300,000 transactions were completed yesterday but the number of failed transactions has skyrocketed.
The recent spade of ICO has exposed its biggest weakness, ethereum is not scale at this moment. It was not designed to handle this kind of traffic. The Status ICO today saw tons of failed contracts ... ethers were rejected and there were scores of gas issues ... it is becoming a fiasco. It is like the ICO is carrying out its very own DDOS attack on the ethereum blockchain.
Little wonder that the price has slipped below $350 today ... there is just so much frustration in the air now.
But can the much hype Raiden offchain payment channel come to the rescue? What about metropolis and casper which are several months late?
Little wonder too, LISK (ethereum 2.0) and Antshares (China Ethereum) are now thrown into the spotlight as alternatives.
There are other platforms like Waves which is something like a ICO as a service that is taking shape rapidly.
Overall, I think that Ethereum is posed to take over Bitcoin for the now. The flippering is due and Ether going to $500 and above soon is not a doubt, only a matter of time.
However, it needs to watch its back closely... who knows ... another platform that can scale and handle tens of thousands of transactions per second will be discovered ... wait ... there is already one ... flying under the Radar ... could it be NEM or XEM?
Who knows. Only time can tell.
Hope you find this article useful. Please resteem and upvote. Thank you.
I guess it was inevitable that we'd see some growing pains with the amount of ICOs relying on ETH's blockchain. Better to see these issues now than later - I'm sure Ethereum's developers will be able to work on scaling now that the problem is known. I'm looking at this price dip as an opportunity to buy!
Yeah it's insane that NEM is being overlooked.
It's like the big guys are jealous because NEM has no affiliation with any of the big companies from the start. It's Like they are asking. How can such a great platform exist without us being involved (the big guys).
Big guys = tech companies. MS, Google, IBM etc.
Its insane, it's like they are purposely selecting anything else but NEM.
Antshares really started only less than year ago. O my word.
Seems like China is still holding onto an old feud against Japan. Any other block chain will do with them rather than one from Japan!
Awesome content!!! I think we will see ethereum over $700 by the end of the year! Keep it up, follow me ill follow you back ✌️👍
Thanks for liking my comment. I upvoted and followed. Yes let's hope ethereum will head much higher soon!
Even with that drop it's still almost 100% growth in the last month - that is huge, especially compared to the 25% that bitcoin did (and even that is still incredible).
But you are right, scaleability is certainly an issue in the long term but having said that apart from those super ICOs the load on the network is way under the current limit so 99% of the time it's not even an issue....yet.
Agree. Ethereum is going to be No 1 soon ... but it needs to scale quickly to maintain it. Upvoted and followed you.
Good stuff, thanks. Upvoted and following.
Thanks for finding the article useful. Upvoted and followed you too.
NEM, the sleeping giant. I am holding strong and buying dips like a couple of hours ago do get more cheap XEM! UPVOTE AND FOLLOWED