Ethereum is eliminated by emerging Eth-based technologies?
The white paper was revealed in 2013, describing the concept of Ethereum ---- an alternative smart contracts platform that offers a decentralized environment for any type of application to built. It is a bright idea evolved from blockchain of Bitcoin by Vitalik Buterin. In 2014, Ethereum raised more than $18m, it was the most successful crowdsale to the date at the time. On July 30th,2015, Ethereum’s first live version came out. Since then, ETH swelled into today’s ecosystem of hundreds of developers, even drawing the attention of tech giants like IBM and Microsoft. Well, considering ETH is the pioneer of DApps developer platform, there is no doubt that ETH is developing fast, and many data can prove of that... In the past few days, Google has calculated out how many times the word “Ethereum” have been googled out, and the result is amazing that “Ethereum” had been googled out over 0.11b times, excluding the wrong or different spellings like “Etherum” or “Ether” or “ETH” for short.
It is certain that Ethereum is high-profile. Not only speculators put investment on it,
but also many nations’ government focused on it, hoping solve some of social issues by ETH blockchain technology. Is Ethereum really that good? The answer is not. As the second highest valued blockchain project right now, the more people involve with Eth, and the more bad sides will be uncover. See this complaints of Ether in following: Ethereum uses a proof of work(Pow:learn more about PoW and PoS), which will definitely cause the declining of computing power. High transaction costs(high gas price in bearish market conditions), lack of scalability in low transaction throughput(approximately 15 transactions per second) and low-speed transaction finality(6 minutes to finalize a transaction), and the low ratio of transactions on the network that come from applications. Bitcoin, as the pioneer of cryptocurrency, has been imitated a thousand times. Ether is one of the imitator cuz it holds the central concept of decntralization originated from Bitcoin, But Ethereum has many different technology and now became the giant encrypted currency next only to Bitcoin. So many developers and technicists summarized the shortcomings of Ethereum and evolve Ether-based tech to a new one. EOS, one of typical Ether-based new tech, aims to eliminate Ether. Indeed, compare to the old Ethereum, new Ether-based generations have many outstanding features because they have old Ethereum to be the object of reference. People talk about Ether doesn’t completely mean the Ethereum. There are many variants of Ethereum, like EOS, Tron, VET and THOR etc...., So ETH now more likely means the Ether-based technology. Ether now is more like a concept of blockchain technology, does that mean the real Ethereum is fading away from people’s attention? The answer is no! It only showed that the competition of encrypted market and the diversity of cryptocurrency. Think about Bitcoin, the grand old man of all cryptocurrencies, gathers many compliants from the public. But it still dominate the encrypted coin market, valuing far away much than others. The very main reason is that, bitcoin is the first one, people know about it, so that most of people get used to it and will support its development.
We understand things have flaws and we all know that new thing needs to iterate over and over again before its completely compliant to our world.
As we can see, Ethereum has plans to innovate to become more scalable, including plasma, sharding, and switching to a Pos protocol. There are all intriguing options. Although many emerging Ether-based currencies are outstanding and potential to win Ethereum, the most precious thing is, Ether processes many backup resources from developers who have already built Dapps on it. Using those manpower resources, is easy for Ether to gather suggestions and tech advice. And those developer who got used to Ether are still willing to give Ether a big shot to innovate and evolve to a new high level.