First things first, I love Ethereum. I think it is one of the coolest things to come on blockchain technology arena. I even think its name Ether is pretty enigmatic.
My love for ETH did not stop me from cribbing about the issue I had when most ICOs were mandating ETH use and just pumped the price to unjustifiable levels. I think ETH will/should be $1000 before 2020. But it is nowhere close to $300 in 2017.
Even to this day, in my ICO Review Series, I have allocated points for ‘choice’ that ICOs provide (or fail to provide) to use other alt coins. Take out ALL the ICOs out of the picture, what has ETH accomplished to get inflated to $300? Even if there are things to show off for ETH do they justify the inflated value?
This inflation no doubt has filled many pockets. Many more continue to pump this to the levels from where there is only one direction, down. And that does more harm than good to ETH as a whole from a long-term vision perspective.
Latest example is Crypvyser.
In their announcement Crypvyser ditched ETH network for BitShares, noting: “Crypviser concerns about recent problems within Ethereum network and sees the current situation as unreliable and business critical for our project. The speed of transactions for the authentication system is too important to be disregarded.”
I appreciate Crypvyser for being true to their objective and moving away from ETH to avoid scalability/blockage issues later. More and more projects will follow the suit if market does not stop hyping the price of ETH and ‘mandating’ its usage for ICOs.
It is not a hypothetical speculation, I hope that ETH gang will take note of the warning signs. Otherwise, Lisk or other blockchain will capitalize (just like ETH capitalized on BTCs inability to offer scalability).
According to this tweet, ETH has bloated 700%.
As a genuine fan of ETH, I want to see more and more ICOs provide choice to the participants to use other cryptos so that i) ETH price stays stable and ii) blockage issues are resolved.
I want ETH to grow, grow but organically, so that it grows strong and ‘ready’ for future. We don’t want it to shoot for moon and free fall to ground to turn into dust because it lacks enough gas and blockchain maturity, at this point.
This, of course, is a non-technical take on the issue. If any of you reading this can translate this to ‘technical’ explanation – that would help too.
Opinion. Not an advice.
Picture source: pixabay.com