Why People Love To Hate Ethereum
April 30, 2020 - 3 min read
Apart from the extensive congress center in Prague, not only the weather is changing, but also the cryptocurrency world, like most of this year. Ethereum is already the best known cryptocurrency after Bitcoin and the third largest in total. Other blockchain communities, including Bitcoin, are struggling with fights and downtime due to major software updates planned by Ethereum.
I have some ethereum, not as a long-term investment, but because the price is rising and I need to invest in tokens that I can quickly reverse as soon as they enter the market. But despite the years in which people define the death of Bitcoin and others as the promised Messiah, Bitcoin remains marginal curiosity for most people. But then it gets better and at this point I will reinvest in cryptocurrency. Cryptocurrencies can be transferred between wallets protected by cryptography so that digital assets can move around the world in minutes.
Some people believed that creating a hard fork would be contrary to the original belief that blockchain should be decentralized. Although these people understood that many people lost money, they thought it more important to allow Ethereum to continue. They claimed that the hack was not due to Ethereum blockchain, but rather insufficient security within the DAO project.
There are several reasons why Ethereum works so well. First, when new cryptocurrencies are created, many of them decide to build their project on the Ethereum blockchain. This is not only an added value for Ethereum, but also increases its reputation and demand for ether. This is required for all transactions performed by Ethereum-based applications.
If Ethereum fails, they insist that the future blockchain layer do the job. The New Economy Movement (NEM) operated alongside Ethereum, but on a much more modest scale. Elsewhere, Nxt and Mastercoin are trying to develop some of the same decentralized applications and intelligent contract services as Ethereum.
Last week, ethereum took an extremely risky step by dividing its virtual currency and application platform into two competing versions. The inventor of Ethereum, Vitalik Buterin, announced success and stated that most users have switched to the new version. At this point, most expected the original Ethereum to weaken and die.
Led by Buterin and his colleague Vlad Zamfir, he has been developing for years. The goal is to discover how computers reach consensus on a public blockchain network. In the case of Ethereum, Bitcoin and most other cryptocurrencies, an algorithm called proof of work is crucial for the consensus protocol.
At the end of the day, the blockchain area is open source. A particular feature of projects that differ from team members is marketing and marketing strategy. The tron has also done a great job providing partnerships in gaming communities such as Game.com and Gifto. Gifto is an industry to be revolutionized by crypto. The throne was also one of the first pioneers who successfully launched a large, unlawful drop of air on the Ethereum blockchain.
The Consensys network is less than three years old and currently employs over 550 people in 28 countries. The common goal of ConsenSys members is to strengthen and extend the Ethereum blockchain. They help programmers to create new applications and tools for the platform, including MetaMask software, which generated my Ethereum address.
Popular cryptocurrencies such as Bitcoin and Ethereum still have a problem. This means that the number of transactions or contracts that can be performed per second is limited. Ethereum can process only about 15 transactions per second, and efforts to improve this situation have been ineffective so far.
Even if Bitcoin and Ethereum prices remain high, the algorithms are designed to respond to soaring miners by increasing mining difficulties. If the trend continues, it will rise and fall quickly in the future and then stop at a new peak. Check here and here what Vlad has to say about the current state of Ethereum.
According to Buterin, Ethereum 2.0 will be able to process transaction volumes that are a thousand times larger than the current version, so it's really planned by a computer in the world. 9On stage, and later personally emanates nerdy confidence, which means that it is simply a matter of course. None of the Foundation employees, developers or other participants at Devcon express any doubts about Buterin or the prospects of Ethereum 2.0.
Under the pressure of this slack and to protect himself and his family from threats from unknown Internet users, he decided to leave the position of the main developer Ethereums. This is very annoying and violates the freedom of speech when the author, programmer, social programmer or other programmer is attacked, intimidated and intentionally feels insecure. Of course, Ethereum is not the only online cryptographic community that has been damaged by such behavior.
At this point, a large alliance between Ethereum and Hyperledger was not yet possible, but there were enough companies that used Ethereum to collaborate more formally.