Editors Note: This article comes fromBabbitt InformationEditors Note: This article comes from
Babbitt Information
(ID: bitcoin8btc ), author: wendy, reprinted by Odaily with authorization.
Recently, the Ethereum Ecology - Development and Future of Ice Age sharing session hosted by Jinse Finance was held in Hangzhou, including Bibox co-founder Ma Ji, Yuchi CMO Li Qingfei, Nervos community manager Ryan, Bixin CMO Xiong Yue, TokenGazer CEO Fan Hongda and others participated in the sharing.
Although all the guests affirmed the glorious past of Ethereum and praised Vitalik’s exploration at the technical level, a feeling of “worries” and “indisputable anger” enveloped the audience regarding Ethereum.
There is not much time left for Ethereum. This may be the best comment for this sharing.
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In the darkest moment, what is the use of Ethereum when ICO is cold?
The rise of Ethereum and the prominence of Vitalik Buterin undoubtedly originated from the crazy ICO in 2017. Coupled with concepts such as world computer and blockchain 2.0, ETH reached its peak in January 2018 with a circulation market value of 146 billion US dollars.
In comparison, LaunchPad, the blockchain project fundraising platform owned by Binance, is much more popular. The first project after the year, BTT, bucked the trend and rose by more than 200% in two months, and the successor FET also rose by more than 150% in two months. Under the wealth creation effect, the Celer Network project, which will be launched for crowdfunding in March, has once again become the target of the market.
The Binance model is gradually becoming clear: use Labs to incubate projects, issue tokens on Binance Chain, then ICO through the LaunchPad platform, and finally complete secondary market circulation by Binance Exchange. It looks like a bear market star factory. This model may soon be imitated. On March 7, Huobi Prime, the preferred currency listing channel, also surfaced, which will provide currency listing services for projects around HT.
In other words, not only public chains such as EOS and TRON are seizing the ICO market of Ethereum, but now even the exchanges are eager to try and continue to erode the Ethereum market. Some people ridicule, without ICO, what is the use of Ethereum?
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Less than 50 full nodes, centralized Ethereum?
Vitalik had a grand idea at the beginning of the creation of Ethereum - to build Ethereum into a world computer. Therefore, two types of data, transaction events and status, were recorded on its chain. The final result was a state explosion. The full node of Ethereum The on-chain data that needs to be recorded is about 2000G, with a daily increment of 2-3G.
According to TokenGazer data, the number of Ethereum nodes has dropped from 25,000 in 2017 to less than 10,000, with a downward slope of more than 20 per day.
The state explosion can also be solved in stages through technical means such as state leasing. The trouble is the problem of economic incentives. Computing and storage resources are not free, but the increasingly large size of Ethereum requires more storage resources. It is precisely that the economic incentives of Ethereum’s current POW mode are biased towards miners, and mining itself cannot directly provide storage and computing resources.
After the fork of Constantinople, the revenue of Ethereum mining decreased by one-third. Although the results showed that the mining machines did not leave the market on a large scale, with the birth of new currencies such as Grin, the public expressed concern for the withdrawal of Ethereum miners. Squares concerns already exist. If the number of nodes continues to decline in the future, there may only be embarrassment left for Ethereum. Fan Hongda, CEO of TokenGazer, sighed. “It’s really worrying if ETH doesn’t get PoS on track in 2019.”
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World computer, pie drawn by God V?
There was a post on Babbitt Forum in 2016 discussing whether Ethereum mining is worthwhile. One faction thought it was not worth it, with the reason: It is going to upgrade Pos. It is now 2019, and there is no sign of Pos. It can be seen how bumpy the upgrade road of Ethereum is, and the feeling of hating iron but not steel is confused in the community.
At 4 a.m. on March 1, Ethereum successfully completed the hard fork upgrades of Constantinople and St. Petersburg at a block height of 7.28 million. Response, the repeated release of pigeons has already wiped out the markets interest in advance.
Different from the conservative and stable nature of Bitcoin, Ethereum has set a very radical technical roadmap, but its organizational method is decentralized, and its organizational capabilities cannot be mobilized. The road of continuous iteration is relatively difficult. Fan Hongda said, In comparison, TRON’s execution ability is much stronger. “You have to implement commercialization and realize the ecosystem by yourself. You can’t expect to say how powerful the technology is, and then wait for developers to come. This is impossible now.”
If Ethereum wants to develop, it must put down its arrogance and fight with everyone. Bixin CMO Xiong Yue added.
Not only foreign troubles, but also many internal troubles in Ethereum. Previously, Afri Schoedon, the initiator of the Ethereum Gorli test network, announced his withdrawal from Ethereum, and he was already the seventh core developer of Ethereum who announced his departure. Community consensus, divergent interests, etc. also cast a shadow over the current stage of Ethereum.
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Vitalik and the Enemy of Ethereum: Time
Fan Hongda believes that Ethereum has three trump cards, first, developers and development ecology, second, various encrypted assets and their liquidity and value storage capabilities, and third, market awareness and word of mouth.
