Connect with us

Bitcoin News

Community still believes in Ethereum 2.0 despite scaling challenges



At the 2019 Devcon in Japan, the Ethereum community was optimistic about the launch of the network’s second iteration, seemingly untouched by the latest controversy surrounding claims made by Ethereum’s founders about its inability to scale and grow.

No controversy big enough for Ethereum fans

While much of the crypto industry seemed shaken by the comments made by Ethereum co-founder Joseph Lubin, the community surrounding the second-largest coin by market cap stood firm in their beliefs.

Earlier in September during the Ethereal Tel Aviv conference, Lubin said that Ethereum creators knew “from the beginning” that the network wouldn’t scale. To combat the flaws in the network’s original form, the second iteration of Ethereum has seemingly always been planned.

This led many Ethereum critics to accuse its creators of lying, with some even going as far as saying the entire project was a scam. However, the majority of the reactions seemed to be a bit more moderate, as people pointed out that such an ambitious project could have clouded the judgment of its creators.

But, none of this seemed to have affected the Ethereum community at the 2019 Devcon, the largest developer conference in the crypto industry. Most shrugged the criticism off as a smear campaign by avid Bitcoiners and were looking forward to Ethereum’s next iteration.

Ethereum 2.0 still a long way ahead

That iteration, however, is still a long way ahead. During the conference, Vitalik Buterin, the co-founder of Ethereum, said that Ethreum’s layer two solutions are proceeding “slower than expected.”

James Beck, communications lead at ConsenSys, said that there are currently nine teams working on the upcoming Ethereum 2.0 blockchain, including well-known companies such as Chainsafe and Protocol Labs.

However, Ethereum Foundation developer Jamie Pitts said that he was concerned about the project.

“I feel like there’s a lack of strategy,” Pitts said. “I think there’s a lot of teams working on their ideas, but there’s a lack of coordination.”

The lack of optimism from the people directly involved with the project didn’t go unnoticed by the community. Developers working on Ethereum clients said that the two versions of the network could easily exist at the same time and that they didn’t plan on halting their work on the original Ethereum blockchain.

All of the confusion and controversy seems to have originated from the pressure the Ethereum team got from their investors. Buterin admitted that “business people” discouraged him from talking about Ethereum’s limitations, which he said were “obvious from the start.”

Without a launch date in sight, serious scaling issues to overcome, and no clear roadmap for transitioning tokens and smart contracts, Ethereum 2.0 will have some tough times ahead.

Ethereum, currently ranked #2 by market cap, is up 3.58% over the past 24 hours. ETH has a market cap of $20.57B with a 24 hour volume of $9.55B.

Chart by CryptoCompare

Ethereum is up 3.58% over the past 24 hours.

Filed Under: , Ethereum, Price Watch

Priyeshu Garg

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in computer science engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving transportation problems at his company (Ola), he can be found writing about the blockchain or roller skating with his friends.

View author profile

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Recent Posts

Copyright © 2019 The Crypto Report