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Blockchain

Vitalik Buterin Stays Confident While Ethereum Feels the Heat

If you own any kind of digital currency assets, you are already aware of the uncertainties attached to it – be it the development or the fluctuating prices. A lot of time crypto projects come under scrutiny and raise questions in the whole community about their future. A similar thing has happened with Ethereum as well.

Since the past few weeks, the Ethereum team has been facing tremendous pressure about its development project. There are speculations that things are going really slow and the development is way behind its schedule. But are these plain speculations or a reality?

Well, if we believe Vitalik Buterin, the development of Ethereum 2.0 is well on schedule. The Ethereum co-founder shared his views amidst all the concerns candidly on the recent podcast episode of “Unchained” by Laura Shin. In fact, he even went on to state that it was not completely out of probability that the blockchain of Ethereum could lose its dominance in the coming years. Buterin disclosed that it is sort of “unavoidable and unpredictable”, as with time the industry would witness a lot of new developments and advanced technologies emerging.

However, he is not the first one to have admitted to this possibility. The beginning of the year saw Union Square Ventures’ co-founder Fred Wilson express the same thoughts through his blog. He wrote how he expected Ethereum’s space to be challenged by newer competitors in the ongoing year.

A somewhat similar comment emerged by Kyle Samani who is a Multicoin Capital partner. Samani stated that there has been a notable shift among the developers’ community from Ethereum’s platform to newer ones like Polkadot and Cosmos. There have also been reports of user deficiency on applications backed by Ethereum such as Augur. Moreover, overvaluations of specific ICOs are also signs which are considered to be the factors that are making the project lose its momentum altogether.

At the same time, there are also questions about the team’s coherence. Consider the example of Afri Schoeden, a leading Parity developer, leaving his run to build a project titled Dothereum.

As more people were coming forward to raise the concerns about the 2.0 development project, Buterin finally decided to come forward to silence them. In a Reddit thread, he claimed that things with Ethereum’s development are still very much on schedule. Continuing further, Buterin revealed that they have not experienced even a day’s delay due to changing market dynamics or administration concerns.

As per Buterin, ZK rollup, state channel, Plasma devs as well as proposals for 1.x rent are consistently moving ahead as expected. In addition, all the existing clients are also being upgraded diligently to enable the current blockchain in handling the load significantly better. There has been a constant boost in the block propagation too.

“When you’re making a bet on the Ethereum ecosystem, it’s those silent armies you are betting on.”

Buterin coming forward to share these updates might help end all the concerns.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.
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