The underlying issue driving Ethereum’s ongoing updates
The underlying issue of Ethereum’s continual upgrades has become more apparent as Vitalik Buterin recently proposed a solution to address the network’s sluggishness and code complexity. By suggesting a replacement of the current execution layer with RISC-V, a more efficient virtual machine, Buterin aims to improve Ethereum’s performance significantly, potentially making it up to 100 times faster. Despite the proposal preserving the use of existing smart contract languages like Vyper and Solidity, it introduces the possibility of coding smart contracts in Rust for those who prefer it.
Nonetheless, even if this proposal were to be implemented, Ethereum remains a platform in constant flux that struggles with scalability. The platform has undergone numerous transformations since its inception in 2015, with a series of network forks and upgrades significantly altering its structure and functionality. Despite certain positive changes, such as advancements in privacy and scalability, Ethereum has deviated significantly from its original design and purpose over the years.
Ethereum’s continuous upgrades have left it almost unrecognizable from its initial vision. While some alterations have been beneficial, the network’s leadership often focuses on theoretical advancements rather than improving the user experience. As a result, Ethereum lacks widespread practical applications and is fraught with challenges like unpredictable gas fees, unreliable rollups, and inadequate security measures. This makes it a less attractive option for novice users and poses concerns for existing holders and stakers.
The implementation of layer two scaling solutions has further complicated matters for Ethereum stakeholders, diverting revenue away from stakers and potentially compromising the network’s security. Calls for taxing layer two networks and emphasizing scalability on the base layer highlight ongoing concerns about Ethereum’s long-term viability. Given the issues that have emerged with previous upgrades, some question the trustworthiness of Ethereum’s leadership and their ability to navigate the network’s complexities effectively.
In contrast to Ethereum’s ongoing struggles, the Bitcoin SV (BSV) network exemplifies a more stable and scalable approach to blockchain technology. Embracing the original Bitcoin protocol and emphasizing proof-of-work over proof-of-stake, BSV boasts the ability to process 1 million transactions per second with minimal fees. By sticking to the core principles of Bitcoin’s functionality, BSV offers a robust and efficient platform for transactions, smart contracts, and distributed governance.
While Ethereum continues to grapple with the consequences of its endless upgrades, BSV highlights the importance of staying true to a network’s core principles and long-term vision. By prioritizing scalability, security, and usability, blockchain platforms can provide a more reliable and sustainable environment for users and developers alike. As the debate between Ethereum and Bitcoin SV continues, the significance of effective management and strategic planning in the blockchain space remains paramount.
