Great post, but I hope and expect Ethereum will be able to continue to innovate and develop as they have done so far. Their community is more cohesive so they will not experience BTC's divisive development issues, hopefully.
That is a hope, not an assurance, but I have faith in ETH.
Moreover, we take risks investing in anything, particularly a new field like crypto. Therefore, their are challenges that await this budding industry, scale is certainly a HUGE challenge, but again I have faith.
Lastly, crypto and blockchain tech represent a meaningful improvement over the previous itteration of the internet, and decentralization in my view will revolutionize the internet. Will that take years, yup.
The internet ran on dial-up (40–50 kbit/s), before it ran on fibre optic cable (150 Mbps).
Blockchain transactions per second today, be like:
Very good!
Mining based systems are like 300 baud modems.
Real-time blockchains used by BitShares, Steemit and EOS are the fiber optic cables of cryptodom.
Bitcoins developers were cohesive until the transaction volume issue surfaced. And Ethereum has already had a hard fork into 2 currencies so I don’t agree that it’s cohesive!
After the train wreck...
"Ethereum will have visa scale transaction capacity in 2 years" - Vitalik Buterin
Yes, too late. Other platforms can already provide the solution.
Ethereum may indeed continue to innovate, but it is already behind in the game. There are a number of other competing smart contract platforms that can out perform it for transaction time and scaling. By the time Ethereum gets up to speed, these others will have launched. I would not hold my breath for Ethereum. It like Bitcoin are prototypes. Others have improved upon this.
I know there are many other solutions, but like Bitcoin, Ethereum has in its space a first mover`s advantage that should not be easily discounted.
Being the first to start what it does Bitcoin has risen to $8200, far higher than coins that offer the same peer-to-peer digital cash solution better, like DASH or LTC.
My point is that ETH like BTC will continue to rise in price until the market decides otherwise. The restrictions around its current limitations do not put people off yet because people don`t truly use the product as they hope to one day use it.
Meaning, no one needs the serious transactions per second that are possible elsewhere yet. If the sites and apps that will come someday, come soon, then demand for through-traffic will become a real issue, but not before.
If you build it... and they cant come, because of bottle necking, then, then they will go elsewhere. But for now, this theoretical place that we will want to one day go, and the transaction per second limits on getting there, are not tangible problems, yet.
...yet.
If things move as fast as we in this space hope, then 2018 might bring the issue of scale to a head, and if so this post will be aptly titled. That really would be a train wreck.
I just doubt decentralized internet and Dapps will blow up that quickly. HOPEFULLY you are right and I am wrong. That would mean MASS adoption and huge profits on our investments in platforms like STEEMIT, etc.
Thanks for the conversation. Really enjoy it.
The point of this article is that I've already seen several about-to-launch applications that can exceed ALL of Ethereum's bandwidth by orders of magnitude.
For example, a game app that wants to pay out via cell phone to the fans in a stadium as they interact with action taking place on the field...
Fortunately, we got that one to switch to BitShares just in time.
BitShares. Saving one train wreck victim at a time.
Did we hear about this elsewhere before??
https://steemit.com/bitcoin/@stan/doc-brown-s-big-heroic-audacious-goals-for-bitcoin
"no one needs the serious transactions per second that are possible elsewhere yet." ???
Did you read the article? Bitspark.io is switching to BTS for that very reason. The whole rise of Bitcoin Cash is because of people's dissatisfaction with transaction times and fees on Bitcoin. We have already arrived at the issue of speed and scaling, in 2017.
2018 will show us who provides the solution as the big players move into the crypto space and onramp mass adoption.
2018 will show us who provides the solution as the big players move into the crypto space and onramp mass adoption.
yup.`:)
Exactly, and ETH wasn't the first mover on any kind of metric, and it is not uniform like you said, just look at recent history of the Ethereum Classic thing.