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At the Token2049 conference, blockchain experts discussed the current issues with the ethereum chain.
Blockchain industry experts discussed the latest innovations and development opportunities during a roundtable at the Token2049 conference in Dubai.
Participants in the discussion also addressed the ethereum blockchain, which is considered the dominant smart contract platform. According to the panelists, ethereum has scalability issues due to poor transaction throughput, resulting in high gas fees and network congestion. New blockchains are designed to be more scalable by increasing the speed of transactions.
Experts recognized developers' interest in developing ethereum due to its first-mover advantage and brand recognition. However, some argue that many Layer 1 alternatives may better serve different use cases than ethereum in its current form.
Raj Gokal, co-founder of Solana, noted that developers and most ethereum users also have Solana wallets. Furthermore, he said that the transaction volume growth on Solana surpassed ethereum indicators.
“We are doing well, but ethereum is not.”
Raj Gokal, co-founder of Solana
Emin Gun Sirer, founder and CEO of Ava Labs, noted that the Avalanche blockchain was never positioned as an “ethereum killer.” Despite these concerns, ethereum has several advantages, including creating blockchains according to developers' rules.
“We allow other people to launch their own blockchains according to their own rules. This is something ethereum is fundamentally incapable of.”
Emin Gun Sirer, founder and CEO of Ava Labs
In conclusion, Monad's Keone Hon noted that ethereum ultimately needs much better performance to reach hundreds of millions of users.
Last November, ethereum co-founder Vitalik Buterin announced his intention to redesign the network. Buterin outlined a general strategy that he will use to improve ethereum (eth) staking and resolve performance issues that arise around addresses. The last point has been a serious problem for the network in recent years.
