Because so much concentration has been given to Bitcoin as the first of the cryptos, many people haven’t paid much attention to Ethereum.
Ethereum is one of the most interesting cryptocurrencies.
Basing its existence on creating an ecosystem for the creation of decentralized applications, the cryptocurrency holds a certain kind of promise.
If the current transaction time is increased and scalability problems tackled effectively, Ethereum could outshine Bitcoin and lead Altcoins into the ‘Altseason’.
Ethereum 2.0 Is Taking Too Long To Arrive
One of the major issues facing the developers of the Ethereum blockchain is the lengthened time of deployment of Ethereum 2.0
The updates to the blockchain with technologies such as Plasma, Raiden, Sharding and so on seem to be having slight hitches here and there.
Speeding up the development and deployment comes with its risks as the blockchain could be hacked if bugs exist on the new version of the blockchain.
The Proof Of Work Problem
We all know how proof of work consumes so much energy and the increase in mathematical difficulty.
The deployment of proof of stake via consensus will greatly improve confirmation of transactions and hence the confirmation time of transactions to the main blockchain.
As such, this should be the first of the changes that the developers should deploy.
ERC 20 Has Become Too Old
Due to the fast-paced nature of innovations within the blockchain space, a new standard needs to be developed when it comes to tokens based on the ERC 20 standard.
This is because the rules governing smart contracts and the tokens deployed using such smart contracts might be obsolete in a few months.
This creates a big problem for those already developing groundbreaking solutions off the Ethereum blockchain.
One thing is certain though.
The developers of the Ethereum ecosystem are going places!
The innovations on the blockchain, once they come on stream, could indeed set ETH for a rapid growth hence leading altcoins into the much-awaited alt season.