The main problem with ETH... - page 3.

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Quote from: Abiky on June 04, 2024, 07:56:07 PM

ETH's design was a bad idea from the start. Executing turing-complete smart contracts on-chain, adds undesired network bloat. The Blockchain wasn't designed to handle a large number of interactions per second. Vitalik and team should've separated contract deployment and execution from the main Ethereum blockchain. In other words, smart contracts will run off-chain, while ordinary transactions will run on-chain. Avalanche's 3-layer network design is the best way for scaling. For those unaware, "turing-completeness" means being able to "solve any complex computation problem if provided with enough memory and time".

What are your thoughts? Does ETH have a bad network design? If not, why? What do you think would be the best approach for scaling ETH (aside from centralized L2s)? Your input would be greatly appreciated. Thank you.

ETH was actually launched so that the altcoins market can compete with BTC market but the major problem that were faced was congestion and then we see that chains like SOL come into play where they solved the issues that were faced in ETH.

Now it's time that either ETH upgrade itself utpo a certain extent otherwise SOL will take over the chain. These two are in a tussle and they both are very much in market due to continuous upgrades.

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Quote from: jacafbiz on June 05, 2024, 10:48:44 AM

I fear for Ethereum because other competitors are indeed catching up to, the success of Solana and Basechain is a testimony to this, I don't like to talk the technical side because with real commitment fromt the team it can be resolved. Today BNB hit ATH after all the FUD and negativity it suffers due to SEC attack on the exchange but Ethereum continue to lag behind with the ETF news.

Exchanges are only obligated to do just one main job and that's simple, making trades simple and smooth running. ETH is listed among the promising project in the market and have become one of the top project after bitcoin. However as we're concerned with the project, we should also consider the high gas fee and become more curious because it makes us spend extra because everyone would be so bend to see the enormous profits.

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Quote from: Charles-Tim on June 05, 2024, 02:42:53 AM

I do not think ethereum has bad design until it moved from PoW to PoS which makes it further to become more centralized. What I do not like about ethereum is that it was an ICO. Its developers sold some coins to early investors when the coin has not started trading. This is another reason the coin is very centralized. Another thing is that its developers like Vitalik Buterin have so much influence on the coin which also makes it centralized. The coin is centralized to an extent.

Exactly. Bitcoin never had an ICO. Even its creator Satoshi Nakamoto was anonymous. He left the project in the hands of the community. With ETH, it's all of the contrary. People are following Vitalik blindly instead of sticking with crypto's true ideals/principles. ETH was centralized from the very beginning. But now it's worse with the PoS upgrade.

As I've stated before, deploying and executing smart contracts on-chain is a terrible idea. The Blockchain wasn't designed to handle constant interactions/computations per second. So-called "decentralized applications" will eventually clog the Blockchain network. Why not move it off-chain instead? Only put token transactions on-chain to help reduce network congestion. Don't expect ETH developers to fix this, especially when it's not in their best interests to do so. I'm afraid on-chain gas fees will remain high for as long as ETH lives. At least, we have plenty of options to choose from.

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Ethereum was designed to look like bitcoin as decentralized project and that was why I invested in it but seen slow movement of the price made me to realize that the project is not good to invest. Ethereum would have been the second best cryptocurrency in the industry but I don't think so though it is the second in the market but people are investing in other coins more than Ethereum. And the element of Centralization is also there through the wallet.

Ethereum MEW is sharing with other projects which is not good as a decentralized cryptocurrency project. If a project is decentralized then it has to separate itself from other projects with all ramifications. So from the onset when I see the wallet with other projects, I see it as a centralized project and not decentralized project. And that is one of the main project I detected in the Ethereum project. Though the approval of the ETF is making the coin price increase.

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Ethereum is my favorite altcoin, its strength lies in smart contracts and its many erc2' tokens. It is true that if there are many transactions at the same time, the network slows down but hopefully with the next upgrades this problem will also be solved, more and more blockchains are adopting /create eth

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Quote from: Cryptoababe on June 04, 2024, 08:14:01 PM

Ethereum has been undergoing multiple upgrades, and the primary objective is to be enhance its scalability. As it's still the most decentralized smart contract platform so far, I believe a solution to address scalability issues will eventually be implemented over time.

and so the reason for developing the layer 2 solution for those issues including the issue with fees because of this congestion.
despite this problem though, there is a huge interest in making money out of ETH because of its POS upgrade and institutions are getting to pour more of its staking and they like it because its a cash cow for the rich validators.

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I fear for Ethereum because other competitors are indeed catching up to, the success of Solana and Basechain is a testimony to this, I don't like to talk the technical side because with real commitment fromt the team it can be resolved. Today BNB hit ATH after all the FUD and negativity it suffers due to SEC attack on the exchange but Ethereum continue to lag behind with the ETF news.

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Quote from: btc78 on June 05, 2024, 06:26:44 AM

Ethereum, to be honest despite its many attempts in fixing their scalability issues, remain to have high gas fees which should be immediately addressed.

I don't think so because ethereum is a decentralized blockchain network, which means it is not controlled by any single entity. It allows cryptocurrencies and decentralized apps to run on it. Directly editing or fixing Ethereum is not easy because it would go against its decentralized nature where no one has full control. Making big changes to Ethereum without proper consensus could disrupt its decentralization. So, addressing high gas fees or other issues should be done step-by-step, through planned upgrades that the entire Ethereum community agrees on, rather than sudden major edits that could break the system's decentralized design.

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Quote from: Cryptoababe on June 04, 2024, 08:14:01 PM

Ethereum has been undergoing multiple upgrades, and the primary objective is to be enhance its scalability.

That much can be deduced from The Merge. Ethereum switching from Proof of Work to Proof of Stake proved to be a move towards solving scalability issues as well as environmental concerns.

Quote

I believe a solution to address scalability issues will eventually be implemented over time.

Ethereum, to be honest despite its many attempts in fixing their scalability issues, remain to have high gas fees which should be immediately addressed.

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Gas fees can often be too high & it’s the fact that it’s POS which makes me uncomfortable about its long term future. I’m sure it will do well over the short to mid term, the Spot ETF will drive investment but Vitalik having too much control is a big negative to me.

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it definitely has it flaws, but the layer 2 has done helped the scalability to some extent by offloading the transaction to these layer 2 blockchains which in result after the introduction of blobs to replace calldata proven to help reduce the transaction fee significantly meaning the attempt to scale further the ethereum blockchain is somewhat successful though occasionally when there are sudden flood of transaction such as when there's airdrop claiming event and so on, the fee get back up again. at this point I think the problem in regard of scalability almost solved.

Quote from: Bureau on June 05, 2024, 02:14:37 AM

Quote from: Abiky on June 04, 2024, 07:56:07 PM

What are your thoughts? Does ETH have a bad network design? If not, why? What do you think would be the best approach for scaling ETH (aside from centralized L2s)? Your input would be greatly appreciated. Thank you.

And that is why the Layer 2 solution was first created on the Ethereum network due to its scalability issue. They have added so many upgrades to the network that I cannot remember but those have not been effective. The transaction fees are still high and that is the reason why the BSC chain became popular in the last bull run and the next in line will be the Solana network as that is what I can forsee. A lot of new crypto projects are now using other blockchains that are cheaper, faster, and can handle congestion or they are using a layer 2 solution.

the perk of being latecomer they can easily find the weak point that they can improve on in releasing the next iteration of the smart contract based blockchain but being the first ever smart contract blockchain as ethereum is that you just don't know what kind of problem gonna be appearing next that could possibly congest the blockchain. so can't really blame ethereum on falling short on certain capability.

at the end of the day ethereum still got that advantage of matured ecosystem overall which many new blockchain can't imitate or come close to.
hopefully next upgrade there will be many surprises that could help significantly in improving ethereum scalability.

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Quote from: Abiky on June 04, 2024, 07:56:07 PM

(...)What are your thoughts? Does ETH have a bad network design? If not, why? What do you think would be the best approach for scaling ETH (aside from centralized L2s)? Your input would be greatly appreciated. Thank you.

But in recent years, I've really not been concerned with ETH's technology-related issues, because at the time of launch it was considered a star in the field, but up to this point, competitors have introduced new solutions to differentiate themselves many restrictions were created. But in the end, the reason why people still prioritize using Bitcoin, ETH,... old things is not just a technology story. Anyway, I, like many people here, approach ETH to make profits, and actually have much greater faith in it than the rest, proving the ETF spot story

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I do not think ethereum has bad design until it moved from PoW to PoS which makes it further to become more centralized. What I do not like about ethereum is that it was an ICO. Its developers sold some coins to early investors when the coin has not started trading. This is another reason the coin is very centralized. Another thing is that its developers like Vitalik Buterin have so much influence on the coin which also makes it centralized. The coin is centralized to an extent.

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Quote from: Abiky on June 04, 2024, 07:56:07 PM

What are your thoughts? Does ETH have a bad network design? If not, why? What do you think would be the best approach for scaling ETH (aside from centralized L2s)? Your input would be greatly appreciated. Thank you.

And that is why the Layer 2 solution was first created on the Ethereum network due to its scalability issue. They have added so many upgrades to the network that I cannot remember but those have not been effective. The transaction fees are still high and that is the reason why the BSC chain became popular in the last bull run and the next in line will be the Solana network as that is what I can forsee. A lot of new crypto projects are now using other blockchains that are cheaper, faster, and can handle congestion or they are using a layer 2 solution.

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Quote from: Abiky on June 04, 2024, 07:56:07 PM

ETH's design was a bad idea from the start. Executing turing-complete smart contracts on-chain, adds undesired network bloat. The Blockchain wasn't designed to handle a large number of interactions per second. Vitalik and team should've separated contract deployment and execution from the main Ethereum blockchain. In other words, smart contracts will run off-chain, while ordinary transactions will run on-chain. Avalanche's 3-layer network design is the best way for scaling. For those unaware, "turing-completeness" means being able to "solve any complex computation problem if provided with enough memory and time".

What are your thoughts? Does ETH have a bad network design? If not, why? What do you think would be the best approach for scaling ETH (aside from centralized L2s)? Your input would be greatly appreciated. Thank you.

ETH was launched for the purpose of creating projects on their blockchain instead of creating their own and they had been successful in that even until 2018 then only the number of transactions on chain is getting out of the limit from that they are going through multiple upgrades to make it reliable and feasible solution even they switched from PoW to PoS just for the same reason.

But moving smart contracts off-chain will make it more centralized network then people will lose trust over so I don't think they will be interested in doing that.

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Ethereum has been undergoing multiple upgrades, and the primary objective is to be enhance its scalability. As it's still the most decentralized smart contract platform so far, I believe a solution to address scalability issues will eventually be implemented over time.

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ETH's design was a bad idea from the start. Executing turing-complete smart contracts on-chain, adds undesired network bloat. The Blockchain wasn't designed to handle a large number of interactions per second. Vitalik and team should've separated contract deployment and execution from the main Ethereum blockchain. In other words, smart contracts will run off-chain, while ordinary transactions will run on-chain. Avalanche's 3-layer network design is the best way for scaling. For those unaware, "turing-completeness" means being able to "solve any complex computation problem if provided with enough memory and time".

What are your thoughts? Does ETH have a bad network design? If not, why? What do you think would be the best approach for scaling ETH (aside from centralized L2s)? Your input would be greatly appreciated. Thank you.

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