Token2049: Crypto experts highlight Ethereum blockchain problems

A panel discussion at the Token2049 conference in Dubai convened experts from the blockchain industry to explore the latest innovations and development prospects within the field. Among the focal points of discussion was the Ethereum blockchain, widely regarded as the preeminent smart contract platform. Panelists shed light on Ethereum’s scalability challenges stemming from its low transaction throughput, which contributes to elevated gas fees and network congestion. In response, emerging blockchain platforms are striving to enhance scalability by bolstering transaction speeds.

While acknowledging Ethereum’s allure to developers due to its pioneering status and brand recognition, some panelists contended that numerous layer 1 alternatives may better cater to diverse use cases than Ethereum in its present state. Raj Gokal, co-founder of Solana, emphasized the widespread adoption of Solana wallets among developers and Ethereum users, highlighting Solana’s surpassing of Ethereum in transaction volume growth.

“Ethereum is not performing as well as we are,” remarked Raj Gokal, underscoring Solana’s competitive edge.

Emin Gun Sirer, founder and CEO of Ava Labs, clarified that the Avalanche blockchain was never positioned as an ‘Ethereum killer.’ Despite Ethereum’s shortcomings, Sirer acknowledged its strengths, particularly its capacity for facilitating blockchain creation according to developers’ specifications.

“We empower others to launch their own blockchains according to their rules, a capability that Ethereum fundamentally lacks,” explained Emin Gun Sirer.

In closing remarks, Keone Hon from Monad emphasized Ethereum’s imperative need for enhanced performance to accommodate the anticipated influx of hundreds of millions of users.

Last November, Ethereum Co-Founder Vitalik Buterin unveiled plans to overhaul the network, outlining a comprehensive strategy to enhance Ethereum (ETH) staking mechanisms and address performance issues, including those related to network addresses, which have posed significant challenges in recent years.


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