Ethereum Needs Some Good PR
Ethereum is the world’s second-largest cryptocurrency by market cap and the number one competitor to bitcoin. It also boasts smart contract capabilities, which makes it one of the most popular blockchains for building new tokens and applications. Unfortunately, this popularity has also been one of its biggest downfalls.
Co-founder Vitalik Buterin has emerged recently to say that the Ethereum blockchain is no longer “scalable,” and it’s become far too congested with all the new apps being built on its blockchain. This has led to several problems including high gas fees and slow transaction times. Thus, in terms of sending and receiving funds, it is hardly better than its predecessor bitcoin.
In addition, the currency appears to be transferring to a proof-of-stake concept from its previous proof-of-work status. While this is alleged to be better for the currency in the end, Ethereum does seem to be going through a rough transition period that’s allegedly preventing its price from expanding the way bitcoin and its altcoin cousins are. At press time, ETH is trading for a measly $172, while other currencies, such as BTC, have shot beyond the $8,200 mark.
The proof-of-stake concept is slated as “Ethereum 2.0.” In other words, it’s the “new and improved” form of Ethereum. As a researcher at the Ethereum Foundation, Justin Drake plans to provide audiences at the upcoming Disrupt event with a full-fledged update regarding how the company’s goals are moving along. Allegedly, he’s been working on both sharding and scalability, and has plenty of “new use cases” to introduce that could improve the Ethereum space.
As it stands, the Ethereum blockchain can only handle about 12 transactions per second. This is only slightly better than bitcoin, which without the help of the Lightning Network, can only sustain about seven transactions per second. Sharding will potentially fix this and allow the cryptocurrency network more space in pushing transactions through.
Aside from Ethereum-based news, Drake will also host an entirely separate conference at Disrupt designed to show entrepreneurs how they can establish their own blockchains startups. The event will feature an entire lineup of blockchain experts and speakers to ensure attendees garner multiple opinions and sides before entering the “creation phase.”
A Little About Drake
Drake lives in the United Kingdom and studied mathematics at Cambridge. Originally working as a programmer, he left his position five years ago to study the rising blockchain ecosystem. He began operating a bitcoin ATM a year later in 2015 and now works with the Ethereum Foundation.
Disrupt Berlin is slated to take place on both December 11 and 12 of this year.