Forking It to D-ETH
Hey Jessiethereum fans
When I first got into cryptocurrency investment, Ethereum was the second coin I ever purchased. I didn't know much about it at the time, all I saw was a cheaper unit priced Bitcoin, and I purchased a few. The longer I held onto these digital assets, the more I wanted to learn about them.
At first, I was amazed at all you could do with Ethreurems, EVM and its turning complete blockchain. It held a lot of promise, but Bitcoin suffered from the scalability Trilemma, as do all blockchains.
You can't make improvements in:
- Security
- Scalability
- Decentralisation
On the base layer as we know it today, without introducing risk factors as you marginalise one of the 3 in favour of the others. If you want more scalability, you sacrifice decentralisation, as a simple example.
It's a problem we've yet to solve and don't let these snake oil altcoin pitches fool you. If someone had solved this problem, money would be flocking to that chain at an insane rate, but no one has; perhaps in the future, it could be different, but for now, it remains a firm issue with blockchain.
The depths of ETH
As Ethereum searched for its use case, it's gone through several phases. First, it was ICO's, then it was DE-FI, and now it's NFT's; each use case has also been copied by other blockchains as copy cats try to steal its thunder.
What a lot of chains have found is that the first-mover advantage counts for a lot and the network effects that ETH has achieved is hard to replicate. We can look at chains like EOS and TRON as examples; these are Billion-dollar projects that have not exactly made a dent in Ethereums growth.
Ethereum is the market leader in the smart contract space, and they cannot afford to make a mistake; if they do, any of these projects will pounce on it.
Open sauce everyone loves the taste
So the verdict is out; Eth has won the smart contract play. I think other chains need to accept that. However, it's not over for Eth,
- it's been forked by Binance to start Binance Smart Chain(BSC),
- it's been forked by Bitcoin Cash to start Smart BCH
- Richart Hart of Hex is forking it to create Pulse
Let's not forget Quorum, Etheruem Classic and Expanse; there's are the most public/popular ones, and I am sure there are private ones. JP Morgan has even forked Ethereum to create a private version of the chain.
The amount of ETH clones are on the rise, and they're all promising you the world.
ETH complexity
Then we get into second layer chains on ETH, like MATIC and Ox, it's all a play to distribute the load, but without a uniform protocol, I doubt these chains will want to play with one another nicely.
They have an economic incentive not to and try and go for the TAM that ETH spits off to side chains; this fragments the ETH ecosystem even further. The entire point of getting blockchains to go mainstream is to abstract all the complexity away, and yet it feels like the ETH ecosystem is all about making it more complex.
Complexity theatre
Having looked at the various side-chain solutions and even ETH's idea of sharding, moving to proof of stake and ZK rollups, I am not convinced that these solutions work to build a new trustless environment.
I think it only becomes a federation state of chains that keeps many people out due to complexity. To me, the complexity of ETH is only there to obfuscate the clear issue that scalability has not been solved.
The more I read into ETH, the more I lose faith in what they are trying to achieve. I will tackle my individual issue with ETH eating itself in another post, but for now, I wanted to review the growing landscape around ETH.
As all these chains and side chains form, they have their own native asset, own economics, own balance of assets moving in and out of it, and this makes me wonder what need will there be for ETH with all this fragmentation.
I do think most people have not reached these conclusions, and ETH will continue on a hell of a lot higher in the future until this all unravels. I have great respect for Vitalik and what he has attempted to build, but I'm not convinced it can really do much more and only proves Bitcoins use case and scaling options are the better ideas.
Have your say
What do you good people of HIVE think?
So have at it, my Jessies! If you don't have something to comment, "I am a Jessie."
Let's connect
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I think there are many block chains who are not focusing on this. According to what I have discussed with others, the only one I know that has been working on scalability is HIVE and our block chain can probably handle 10x-100x the current traffic due to the optimization. I was rudely awakened to the issue recently when WAX became fairly crazy due to the new NFT collections and TLM exploding. I had to stake quite a bit more WAX in order to use the network normally.
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I wouldn't say hive solved scalability, yes it has fast and free transactions but that comes at the cost of decentralisation, where we have what 21 witness nodes and a few backups, ETH has thousands of validators nodes, making their network more robust.
It doesn't mean ETH itself is decentralised, many of those nodes are cloud based and a large percentage reference the few full nodes available, but it does have less chance of collusion and defence against attacks
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ETH still not complete it's aims on the crypto currency world, having a look at it performance on the scale, one could project that it's achievement is yet to undermine as it process is on the way to success
Indeed, we'll have to wait and see, too many variables right now for anyone to predict what happens next this is just one possible outcome, I could be wrong
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From a usability perspective, Hive is so much better than Eth. And it can do pretty much everything that eth can.
Puzzles me why hive is so undervalued and eth valued so highly.
HIVE doesn't have on-chain smart contracts, which is what people who use ETH are all about, while HIVE does have it off-chain it's still pretty much centralised.
ETH also still uses proof of work so there's energy consumption and a healthy fee structure involved in using ETh like with Bitcoin, which helps push up the value as resources need to be consumed to use the service.
ETH also has massive network effects, if you just look at the amount of wallets vs other chains and all the assets and dapps built on it you'll see why its valued the way it is
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Despite all the concerns and difficulties ETH has impressed all. 17x growth in price in an year’s time span is really good. But this all goes to vain is we know these are the issues which will bite in the future.
I am sure the are in the radar if developers.
Oh I agree it's still super impressive what they've done, I am just wondering is this the ceiling, have they hit their heights and the growth sort of goes sideways as volume is offloaded to forks and side chains.
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idk, don't really understand eth and it's HIGHLY controversial, but Raoul Pal and his hive mind on twitter support it, so i've gotten in more percentage-wise vs btc, around 25% eth, , , Pal claims his ETH stake is now larger than BTC
I get Raouls argument but I think he wants to trade it because there’s tonnes of potential upside in ETH vs BTC but if we looking at an actual network that has the best shot of being sustainable I’ll still opt for BTC
I think that ETH has made A LOT of concessions that I don’t agree with and that’s why I personally haven’t added to my stake in the network! I’d rather wait and miss the upside but I don’t feel confident in the road map and what I see
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yes, i think i'm going to trade some eth for btc with this surge
thats all im basically doing with alts, trading it to get more BTC I honestly couldn't care about the fiat value, I can still earn fiat to feed myself but the fiat I get is buying me less and less BTC so I need new inflows into BTC
That was the main reason I bought LTC when I first started getting into crypto. I saw the price of BTC and then I saw the price of ETH and the price of LTC was much more accessible to me at the time. To be fair, I think I bought some ETH too, but I didn't even bother with BTC back then. Now, I kind of wish I had! Or bought more ETH at the very least!
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Lol we all fall for the unit bias in the beginning! It makes it hard to understand and the maths is confusing but I’d rather buy Sats because I know full dilution is 21 million! I don’t know how much ETH will ever be produced, I don’t know how much ETH is currently in production or how many will be produced
Nodes can’t give us the exact info the way BTC can and until I can see the full transparency of ETH I don’t want to get too deep into it
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I am looking forward to seeing what happens when they fully move to DPoS. I think that could change a lot of things for ETH. Until then, I will pass.
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Yes, I still lean way towards BTC. I, too, am not convinced ETH can solve their problems by creating 2.0 and 3.0. It seems like while the network helps itself in the short-term, it brings in a lot of unknown risk going forward. That said, it IS crypto so, who knows, it could just keep going. In the meantime, I'll just keep stacking my sats. As I've said in the past, the big money hasn't even touched BTC yet. Plus, there are still some more halvings in it's future. Still a long, long way to go on the upside yet, in my opinion.
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I TOTALLY agree with you I think a lot of it is just greed based and that’s fine that’s how we humans operate. I am fine with my BTC gains because even if ETH does boom and launches new dapps and opportunities, I can still use my BTC a natively on ETH as a wrapped token
I don’t see the point to go so far out the risk curve just yet once Bitcoin settles below 10% appreciation per year I’ll happily look to go into riskier assets but for now I’ll pick up these cheap Sats people keep dumping
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Yes, it's kind of funny, people are kind of reacting to bitcoin like we're in a bear market or something. It's the perfect time to be contrarian and stack sats. I wrote this in another post but I'll say it again, bitcoin has finally gotten big enough it's attracted Wall Street manipulation. These exchanges are getting pounded with long-leverage plays so they keep putting the brakes on breakouts and liquidating these people. Once some caution has finally re-entered and maybe even some greed to the short side, THAT's when the next big leg up will happen. The HODLERS are going to make out like bandits again and the traders are going to miss the boat.
That's what I think is happening anyway. Time will tell...
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I think the only thing that keeps Ethereum going is that it’s so popular and has transaction fees. The people who mine the blocks are taking that all to the bank and have no intention of making it far better I think. They say they want to but I doubt it lol.
The fragmentation of the chain into a million different economies is tough, it’s just splitting things so much it’s difficult to do much. I hold Ethereum but I don’t touch it for fear of the crazy fees and not wanting to lose anything to stupidity lol
I never thought of that one but it makes sense, I wonder how the network fairs when they move over to proof of stake i Assume all the miners have already stacked their nodes with ETH so they can collect fees in the same way!
I’m not really holding my breathe that it changes the fees structure that much if it did people would leave and make it even more centralized than it already is
I also wonder if ETH classic won’t get a boost as others switch back to it since it’s still proof of work
I tried using the side chains and setting it up with meta mask but it’s a nightmare I’m not keen on, even lightning is easier and lightning is a pain lol
I still have my eth collecting me interest wouldn’t move it unless I absolutely have to
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