Experts discussed about the ethereum network and they seem to believe the popular cryptocurrency is losing ground since developers are leaving the network and go work with other projects. In our latest weekend ethereum news, we try to find out why.
When it first launched in 2015, Ethereum was considered the perfect platform on which developers can build decentralized apps (dApps), write smart contracts and launch initial coin offerings and analysts and experts even believed that it could surpass bitcoin.
However right now, developers are keener on Stellar and EOS after only 28 percent of dApps users remained on the Etehreum network while more than 49 percent switched to the EOS network and 24 percent opted for TRON.
The Co-founder of Multicoin Capital Management hedge fund Kyle Samani, explained:
“The simple reality is that until the last six-to-nine months, there were no other options besides Ethereum. Now there are.”
Another crypto hedge fund founder, Travis Kling of Ikigai explained as well:
“Owning Ethereum today is a call option on what you think the network is going to be in the future. To the extent that Ethereum competitor projects get traction with developers, with users, with DApps built on top of the platform, that will be viewed by the market as being detrimental to the overall value of Ethereum, and that can have a negative price impact on Ether.”
Experts think that the block speed of ethereum or about 13 seconds is now falling behind other networks that are able to confirm and process transactions in under a second. Despite the fact that the larger numbers of token offerings are conducted on the Ethereum network because of its dedicated developer team who are willing to stay competitive, an official from the Ethereum foundation reportedly stated:
“The thing that really shines about Ethereum is its vibrant community. Everyone keeps building and supporting the cause regardless of the markets. All of the recent progress on Plasma and Serenity (Eth2) really speak to that. ”
Vitalik Buterin said that the crypto community should rapidly evolve above the individualism that comes after the early cypherpunk days.
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