I Hope Ethereum Doesn't End Up Overconfident

If you are in the technology field, then you need to change the way you use your technology now. The best phone that came in the market at the beginning of mobile was NOKIA. If you have taken mobile in the last decade of the 20th century, then Nokia was your first and only choice, barring a couple of other brands.


Gradually the mobile revolution started, and many mobile brands came in the market by the year 2000. NOKIA did not mind or took this competition seriously and that directly benefited Samsung. Samsung changed its phones over time and today it has become the first choice of the common man and Apple for rich ones. If NOKIA had changed its product and understood its market correctly, it would still be the number one mobile in the world today.


Speaking of the crypto market, the technology here doesn’t change every year but every week. Today, we know the need for blockchain and its use all over the world. As the world knows about Bitcoin, crypto, and blockchain, so does the demand for it. It is also growing at a rapid rate. Blockchain needs to be better, faster, and with lower fees.


After Bitcoin, if the world is going for another cryptocurrency, it is Ethereum. Now, speaking of blockchain, by the end of 2019, everyone's first choice was Ethereum blockchain. Almost all the big tokens in the market were looking for moving onto the blockchain.


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Due to more transactions coming on the blockchain, the Ethereum blockchain was also forked and block time was reduced. So that the transaction could be completed quickly. There were so many transactions on Ethereum that probably the Ethereum team was not expecting. Therefore, Ethereum was not able to complete the blockchain transaction on time and at the same time, its fees were getting insane. The market was growing but investors were in a state of bewilderment.


These were some of the reasons why people in the crypto sector started looking for alternatives to Ethereum and today there are far better projects and blockchains in the market than Ethereum. Most of these projects still support the Ethereum blockchain but trying to break away in alternative markets.


The problem of Ethereum scaling side chains is getting better. The attempts to correct the problem have also been largely successful but there is a lot to be done. The Matic Network Coin had started working in this direction a little over two years before and is doing much better today.


But meanwhile, Binance brought its token BNB on its blockchain, which was earlier on the Ethereum blockchain, to the Binance Smart Chain. It started its own token as an alternative gas fee doing crypto mining as well.


If you look today, the use of Binance chains has been increasing at a very fast rate and it is becoming like a black hole where all the coins will fit. The founder of Binance, CZ, recently tweeted where he stated that Binance is doing 2x more transactions than the Ethereum network at the moment. Don’t be surprised if Binance takes everyone in its stride and Ethereum left behind like Nokia of the Crypto world.


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COMMENT

20

preview not available Betty Ozemoje
23 Feb

I strongly hope that etherium chain does not end as the case of Nokia. They have not done so much in curbing the problems of the chain specially in regards to transaction fees. Clearly others names as you have mentioned are taking advantage of it and they are scaling high. 

I saw a twit two days back showing higher volume of trade on pancake swap than uniswap. People are yearning for alternative to etherium. If they don't step up their game, it will end badly for them. 

20

Suny Ag
23 Feb

That's exactly what I mean! I was just checking the profit-booking activity in various coins in the last one hour and saw various coins going down rapidly. ETH was also in the list losing value but the transactions as you said were not encouraging. I am sure the owners will work on this problem otherwise this coin will soon lose its market share to others.

20

Chidiebere Nze
23 Feb

Hopefully they'll be a long lasting solution to this on Ethereum blockchain

20

Suny Ag
23 Feb

I hope so too but the way this platform works, they will have to work hard.

12

Adetola Muheez
23 Feb

Very true and i agree. Eth transactions are very low cis of the fees now I guess, new project and chain now coming up.

Just hope they restructure not to fall back like the Nokia product you sighted.

We pin pointed

20

Suny Ag
23 Feb

And probably this is the reason all tokens connected with ETH platform have no growth or slow growth.

18

Balvinder Suri
23 Feb

The example of BNB you have given is what has made me comment here, there is no doubt that for launching projects/tokens ETH was the first choice but things have changed drastically now and as mentioned by you I foresee a lot of projects moving over from ETH blockchain to other options because of congestion and high fees. Two options that I see becoming a rage in near future are Eureka ( ERK)  & Zilliqa (ZIL) both offering Defi projects on their own blockchain with side chains and almost negligible fees

20

Suny Ag
23 Feb

I will have to check ZIL before making any comment but ERK certainly looks promising. I will go read further about these two! Thank you!

18

Balvinder Suri
23 Feb

Off the record have done a post on Airdrop of IPX in last week which is the governance token of ERK blockchain before airdrop ends claim it buddy. It is very promising can say because am with them from quite some time.

21

Kenechukwu Ezeme
23 Feb

Etherium have always proved itself to be a nice choice for alot of investors and it's blockchain is also a good option for alot of reasons.

The major issue with Eth Blockchain is that their transaction fee is just insane and it's problematical to both High Net Worth Investors and Petty investors.

Of course, a time will come when people will abandon it and switch to a more favourable option. Hopefully, they will do something about it else, they will become obsolete

20

Suny Ag
23 Feb

I think people at ETH don't even know how to deal with this problem and that probably id the major reason while most coins were going up at a brisk pace, ETH was going up too but at a slower pace. I can see all are going down right now. I was expecting ETH to go down slowly but it's not the case.  

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