Ethereum Blockchain Issues Highlighted by Crypto Experts at Token2049 Conference
During the Token2049 conference, experts in the field of blockchain engaged in a lively discussion about the current challenges faced by the Ethereum chain.
At the Token2049 conference held in Dubai, representatives from the blockchain industry gathered together to explore the latest advancements and potential for growth. One of the key topics discussed was the Ethereum blockchain, which is widely regarded as the leading platform for smart contracts. However, the panelists highlighted certain scalability issues that Ethereum currently faces, such as low transaction throughput, resulting in high gas fees and network congestion. To address this, new blockchains are being developed with the aim of increasing transaction speeds and overall scalability.
Despite the challenges, the experts acknowledged the strong interest among developers in working with Ethereum, thanks to its first-mover advantage and well-established brand. Nevertheless, some panelists argued that there are alternative layer 1 solutions that may be better suited for specific use cases compared to Ethereum in its current state.
Raj Gokal, the co-founder of Solana, pointed out that many developers and Ethereum users are also utilizing Solana wallets. He further highlighted the impressive growth in transaction volume on Solana, surpassing Ethereum’s performance indicators.
Emin Gun Sirer, the founder and CEO of Ava Labs, clarified that the Avalanche blockchain was never positioned as an “Ethereum killer.” Despite these concerns, Ethereum still holds several advantages, including the ability to create blockchains according to developers’ preferences.
Summing up the discussion, Keone Hon from Monad emphasized that Ethereum needs significant improvements in performance to attract hundreds of millions of users.
In November of last year, Ethereum Co-Founder Vitalik Buterin announced his plans to revamp the network. Buterin outlined a strategy to enhance Ethereum’s staking and address performance issues that have plagued the network in recent years.
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