Ethereum 2.0 critics are concerned over the potential risks and even call Ethereum a scam despite the deadline for the gradual launch of the new testnet approaching as we read previously in the ethereum news here on DC Forecasts.
Ethereum started as a very ambitious idea of a global platform to host decentralized applications and smart contracts. While there are many projects and dapps on the Ethereum network, the network might not be capable of supporting the potential mainstream dapps with thousands of users. For example, when the blockchain game CryptoKitties reached its culmination and the transaction fees on Ethereum increased to 0.02 ETH or $20. Despite the fact that the fees increased, there are some concerns that the Ethereum 2.0 network will not provide the same performances during the mass adoption of DApps.
There is also a massive scalability issue with Ethereum that has to be taken care of and this is exactly what the network’s development team wants to do by switching to Ethereum 2.0 through iteration. This is one of the major concerns for the Ethereum 2.0 critics especially those who prefer Bitcoin. The Bitcoin core developer Peter Todd went as far as to say that Ethereum has always been a scam since its inception. The most common type of scam in the crypto space has been claiming that things scale even when they don’t and that things are trustless when they really aren’t. Eth 1.0 has done both of these scams and they are the hardest challenges that the users face currently.
On the other side, the Ethereum developers and supporters really don’t find anything wrong with the new upgrade. They see the iteration as a natural process that should solve the challenges of the first version. Ethereum’s co-founder Vitalik Buterin claims he has been talking about upgrading to a more capable network since 2014. He later tweeted to his followers and we see it in the cryptocurrency news today:
‘’ Vitalik, given that we are developing on Ethereum, what is your response to the concern that we are developing for a platform that is about to be depreciated?’’
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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