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A co-founder of StellarX has published a new research project that explains why Ethereum (ETH) is not the ideal network for launching ICO.
This is despite the fact that Ethereum was the preferred channel for many ICOs, though perhaps only because of the advantage and the liquidity of its first engine.
In a tweet from StellarX, the company says:
As we finish StellarX, we wanted to share a research project on Ethereum that we did at the beginning of the year. We performed our load tests on a scale and got frightening results. https://blog.stellarx.com/the-great-filter-why-you-shouldnt-ico-on-ethereum/ …
Entrepreneurs mistakenly use Ethereum
The blog post all & # 39; beginning he recognized that Ethereum is a wonderful technology. However, he added that entrepreneurs have applied the platform to the wrong applications.
The anonymous co-founder whose name is Christian added that if projects do not fit the strength of the Ethereum network, they will eventually perish. [19659002] The post added that all the data was collected by Christian and his team, with a total of $ 13,000 spent to run a 10-hour-scale app on the Ethereum blockchain. The team uploaded all his work, results and methodology to his Github page.
Ethereum is the best for decentralized programs
According to the research paper, Ethereum is an excellent choice for developers who are building a distributed program "I need a single owner or a centralized decision-making apparatus
The co-founder added that most blockchain companies focus only on the issue of digital tokens and process transactions, and in this respect they believe Ethereum may disappoint
The team believes that if a company is trying to issue a token, it allows users to exchange and test transactions in real time, so Ethereum is not the Weakness of the Ethereum Network
Christian wrote of weakness by Ethereum: It's slow and it's really expensive, and it fails to behave as you want in both "accounts that do a lot" and "many accounts that do some" of cases . The main problem that the StellarX team discovered was the Ethereum queuing transaction method. Christian believes he is very unhappy for enthusiastic users. He also explained the complexities of the Ethereum queuing process, comparing it with "please take a number" of users of the system in places like the DMV. However, miners who manage the Ethereum network are not responsible for the next online issue. Christian explained that: Miners like these will leave the block space unused before filling it with something from the tail. He also explained that the tests they performed on the Ethereum network led to a conclusion, the user's experience. The more people use the Ethereum app, the slower it becomes. This is similar to what happened to CryptoKitties, which was the first blockchain-based game to launch on Ethereum that completely stopped the system and caused a backlog of nearly 30,000 transactions. The co-founder noted that, according to his tests, after only three hours, transactions now require eight hours for confirmation. This performance is a key part of the Ethereum network, he added. Although improvements such as Casper and Sharding keep many promises, they will be complex solutions that overlap the almost high complexity of Ethereum According to Christian, a skyscraper is normally built on a rocky base, not built on another skyscraper. Here's how StellarX sees the scaling solutions proposed by Ethereum. The second problem that Ethereum faces is the cost. According to StellarX, as more accounts are added to the Ethereum apps, the cost per user per user increases by almost 7,000%, in some cases when several users try to use the network on multiple accounts. In an experiment conducted by StellarX it costs them about $ 1,445 for an hour when Ethereum's gas prices were low. The team conducted several tests that completed about 8 transactions per second. This means that at that pace and cost, those basic tests would amount to $ 12.6 million in the year. The team compared their transaction with both the traditional PayPal model and a model on which the company was built on Ethereum. If the costs of the Ethereum company were true, StellarX concluded that 21% of the company's total income in 2017, $ 380 million, would be spent on Ethereum feeds. After claiming all these problems, it is not surprising that Christian recommended the Stellar network to developers as a perfect solution. So far, over 50% of the ICO projects launched on the Ethereum network have completely disappeared after token sales. He stated that: It is not Ethereum's fault that developers ask technology for what has never been thought to provide. It's the people chasing last year's ICO dollars, regardless of which tool is right. The problems of Ethereum all start with misguided entrepreneurs. Do not become another of them. He concluded by saying that if developers and entrepreneurs want to build a firm that would last, they should build it on the Stellar network. According to him, Stellar is optimized for the issue of digital resources while managing high volumes of transactions.
Main Problem: User Experience
Secondary problem – cost
What solution does StellarX offer?
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