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The year of Ethereum in review: one to forget




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Sitting at this stage a year ago, with the cryptocurrency market almost too bullish for its own good, many had begun to predict a path to greatness not only for Bitcoins, but also for the "World Computer" that was to be Ethereum.

The blockchain of the smart contract, heralded as the future of technology and the so-called version 2.0 of the distributed ledger technology, was poised to explode and perturb every sector in our modern world. The ICOs were starting to use Ethereum to change the world; the possibilities were endless.

Also the Ethereum Univocal addresses were growing, rapidly increasing in 2018 with the increase of ICO use. It seemed that the blockchain had found its killer app in this new type of fundraising and start-up

But it was not the year promised for Ethereum. Not only did its ICO pilot bases become a sticky situation because of more stringent regulation, but they did not even manage to build and advance as a blockchain in the way that many would have hoped for. Something as simple as a collector's game of Crypto Kitties fucked the entire blockchain and exaggerated the need to scale.

In addition, Ethereum found itself facing an emerging competition much richer than other blockchains, such as NEO, EOS, Qtum and Cardano, who began to show their value as an updated version of the "World Computer", offering the app a # 39, a friendly and more scalable alternative to Ethereum.

So while Ethereum is decentralized, it still has roots in some organizations like the Ethereum Foundation, and even Joseph Lubin's ConsenSys is an important aspect of Ethereum, something that is comparable to its flagship face.

Both the Ethereum Foundation and, in particular, ConsenSys have had years to forget because their lack of progress has been comparable to that of Ethereum flaggante progression.

Support the wrong builder

A short history lesson on Ethereum shows how and why it became the vehicle for ICOs, and why in 2018 it proved to be a terrible support when the ICO mania faced its massive obstacles that began to infect Ethereum as main blockchain.

Ethereum was supposed to be a solid platform that would allow developers to create blockchain applications. Its co-founder, Vitalik Buterin, was inspired by some of the shortcomings he had to face in trying to develop applications on the Bitcoin blockchain.

He believed that the potential of blockchain technology was not limited to financial applications and quickly set up a blockchain to support more common calculations.

Ethereum thus became a platform able to support many different applications, for decentralized applications (dApps). Because of this open and accessible blockchain, many developers jumped on board and started using ICOs to fund their efforts, offering ERC-20 native tokens to all participants to raise funds to complete their blockchain projects.

The problem is that Ico have been subjected to heavy controls by governments and regulators that have gone so far as to ban them, to declare them as titles. So while Ethereum was riding the wave of increased growth because of the ICOs, essentially finding its killer app, the change in the ICO market also affected the growth of Ethereum.

Slow for the update

Ethereum also suffered from the fame and popularity of ICO and blockchain projects that hastened to use its blockchain. Downsizing has been an eternal problem for blockchains and, for Ethereum, its flaws have become evident.

When CryptoKitties gained popularity at the end of last year, Ethereum felt the full force of a huge transaction load, and failed in an improper way to deal with the overload. The Ethereum network can process only about 15 transactions per second and Cryptokitties has made it clear that for Ethereum it is necessary to proceed with a scaling or upgrade solution for the next step.

There have been suggestions, such as the sharding, the state channels and the plasma, but there are also significant updates such as Constantinople and Casper in the works that are trying to solve it in the new year.

The problem is that, as with many blockchains, their scalability problems had to be dealt with before significant steps were taken, and in the case of Ethereum, their delay in the part is problematic as they have much more scalable alternatives that accumulate in the wings.

The emergence of competition

Ethereum, with its entry into the market as an alternative blockchain that was intended to help develop more applications, generated the "altcoin market" and a considerable amount of new blockchains were created together with those using the Ethereum chain, but it has also generated direct competition.

Neo, EOS and Cardano are the first examples of alternatives to Ethereum that have tried to build on the original smart contract platform and improve it. So, while Ethereum has almost stopped in 2018, there has been an exponential growth of its alternatives.

EOS, for example, claims to be able to process over 6,000 transactions per second while Cardano, created by a former Ethereum founder Charles Hoskinson, is actively going to sink Ethereum, dubbing himself as Ethereum Killer and the third generation of the blockchain.

NEO, Qtum, Stellar and Tron are others who claim to offer better alternatives to the basic blockchain platform. Tron's founder, Justin Sun, even came out saying he would build a fund to "save" Ethereum, as well as EOS developers from the "collapse" of their platforms, in a tweet at the start of this month.

The failed face of Ethereum

In a damned article of Jeff Kauflin is Sarah Hansen on Forbes, the shortcomings of the ConsenSys of the Ethereum co-founder, Joseph Lubin, are laid bare.

ConsenSys, described Kauflin and Hansen are: "a holding company that he [Lubin] it describes grandly as a global "organism" to build applications and infrastructures for a decentralized world. In fact, it is the first cryptographic conglomerate, consisting of a network of for-profit companies that supports Ethcoum's largest blockcoin competitor. "

ConsenSys is now destined to lose over 60 percent of the staff "quickly running the startups he had previously supported, which will have a drastic impact on his workforce and leave an uncertain fate for one of the most ambitious and well-funded start-ups in the blockchain world", article on The Verge he has declared.

Obviously, ConsenSys does not manage or control the Ethereum blockchain in any way, as it is first and foremost a decentralized entity and, secondly, a completely different project; more than an incubator. But the problem for Ethereum is that it is a visualization of how Ethereum should look if it is successful.

The "rays" of ConsenSys & nbsp; they would flourish and succeed if Ethereum worked perfectly and as expected. The failures of Ethereum this year can not only be blamed, but if they managed to move forward with its expectations and promises by the end of 2017, one should imagine that ConsenSys is getting stronger and stronger.

2019 will be the year?

Like much of the cryptocurrency market, 2018 will be one to forget, and perhaps it is due to clamor and expectations. The end of 2017 made it seem like blockchain and cryptocurrencies were in a rocket race to the full adoption and revolution of the world. However, it was based primarily on hype and speculation.

When the bubble of hype broke out, the potential and promise of people like Ethereum fell far behind, and was left to languish in a difficult climate. But there is much evidence that Ethereum still has some punches, perhaps in preparation for 2019.

Ethereum will soon launch the Casper protocol, which will transform Ethereum from a more inefficient job testing algorithm to a stake test. The intention of the developers of Ethereum has always been to pass the test of the mail, but they needed time to deal with the malicious episodes and, with the Casper test of betting, they believe they can do it by punishing malicious attacks.

Furthermore, Ethereum will straddle the protocol of Constantinople in mid-January. Constantinople will include five different proposals for improvement of the etereum (EIP) to soften the transition from the job test to greater energy efficiency of Casper as evidence of the stake consensus algorithm. Once activated, the update should fundamentally change the Ethereum blockchain, with the update of the synchronous nodes to the whole system.

One of the Ethereum challengers, Qtum, is keeping an eye on this Ethereum move as they are also of the opinion that efficient consensus protocols such as stake testing are the way forward.

"His true Ethereum is struggling at the moment, but it will be interesting to see the effect of Casper and Constantinople on the network. We believe the future of blockchain platforms is in more efficient consensus protocols like the demonstration of participation and robust mechanisms of decentralized governance on which the Ethereum and Qtum teams are working, as well as obtaining more use cases.We want to see blockchain technology become perfectly part of our daily lives, as did the internet and smartphones, "he explained Miguel PalenCentral Intelligence Agency, the CIO of Qtum.

The future is still bright

It is easy to erase Ethereum and foresee the end of a difficult year, and there was a lot that penalized the potential of the "World Computer". But in saying that 2018 was not an easy year for many blockchain and cryptocurrencies.

Instead of being the year of take-off, 2018 was a year of discovery and faced the obvious shortcomings. When everything is going great, it is easy to have pink glasses, but when things are at low levels, the defects of a project become evident.

Ethereum has seen its problems and is trying to solve them in 2019. This may not mean a huge upturn even in 2019, but perhaps the beginning of robust and necessary growth.

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Sitting at this stage a year ago, with the cryptocurrency market almost too bullish for its own good, many had begun to predict a path to greatness not only for Bitcoins, but also for the "World Computer" that was to be Ethereum.

The blockchain of the smart contract, heralded as the future of technology and the so-called version 2.0 of the distributed ledger technology, was poised to explode and perturb every sector in our modern world. The ICOs were starting to use Ethereum to change the world; the possibilities were endless.

Even the unique Ethereum addresses were growing, with rapid growth in 2018 with the increase of ICO use. It seemed that the blockchain had found its killer app in this new type of fundraising and start-up

But it was not the year promised for Ethereum. Not only did its ICO pilot bases become a sticky situation because of more stringent regulation, but they did not even manage to build and advance as a blockchain in the way that many would have hoped for. Something as simple as a collector's game of Crypto Kitties fucked the entire blockchain and exaggerated the need to scale.

In addition, Ethereum found itself facing an emerging competition much richer than other blockchains, such as NEO, EOS, Qtum and Cardano, who began to show their value as an updated version of the "World Computer", offering the app a # 39, a friendly and more scalable alternative to Ethereum.

So while Ethereum is decentralized, it still has roots in some organizations like the Ethereum Foundation, and even Joseph Lubin's ConsenSys is an important aspect of Ethereum, something that is comparable to its flagship face.

Both the Ethereum Foundation and, in particular, ConsenSys have had years to forget because their lack of progress has been comparable to that of Ethereum flaggante progression.

Support the wrong builder

A short history lesson on Ethereum shows how and why it became the vehicle for ICOs, and why in 2018 it proved to be a terrible support when the ICO mania faced its massive obstacles that began to infect Ethereum as main blockchain.

Ethereum was supposed to be a solid platform that would allow developers to create blockchain applications. Its co-founder, Vitalik Buterin, was inspired by some of the shortcomings he had to face in trying to develop applications on the Bitcoin blockchain.

He believed that the potential of blockchain technology was not limited to financial applications and quickly set up a blockchain to support more common calculations.

Ethereum thus became a platform able to support many different applications, for decentralized applications (dApps). Because of this open and accessible blockchain, many developers jumped on board and started using ICOs to fund their efforts, offering ERC-20 native tokens to all participants to raise funds to complete their blockchain projects.

The problem is that Ico have been subjected to heavy controls by governments and regulators that have gone so far as to ban them, to declare them as titles. So while Ethereum was riding the wave of increased growth because of the ICOs, essentially finding its killer app, the change in the ICO market also affected the growth of Ethereum.

Slow for the update

Ethereum also suffered from the fame and popularity of ICO and blockchain projects that hastened to use its blockchain. Downsizing has been an eternal problem for blockchains and, for Ethereum, its flaws have become evident.

When CryptoKitties gained popularity at the end of last year, Ethereum felt the full force of a huge transaction load, and failed in an improper way to deal with the overload. The Ethereum network can process only about 15 transactions per second and Cryptokitties has made it clear that for Ethereum it is necessary to proceed with a scaling or upgrade solution for the next step.

There have been suggestions, such as the sharding, the state channels and the plasma, but there are also significant updates such as Constantinople and Casper in the works that are trying to solve it in the new year.

The problem is that, as with many blockchains, their scalability problems had to be dealt with before significant steps were taken, and in the case of Ethereum, their delay in the part is problematic as they have much more scalable alternatives that accumulate in the wings.

The emergence of competition

Ethereum, with its entry into the market as an alternative blockchain that was intended to help develop more applications, generated the "altcoin market" and a considerable amount of new blockchains were created together with those using the Ethereum chain, but it has also generated direct competition.

Neo, EOS and Cardano are the first examples of alternatives to Ethereum that have tried to build on the original smart contract platform and improve it. So, while Ethereum has almost stopped in 2018, there has been an exponential growth of its alternatives.

EOS, for example, claims to be able to process over 6,000 transactions per second while Cardano, created by a former Ethereum founder Charles Hoskinson, is actively going to sink Ethereum, dubbing himself as Ethereum Killer and the third generation of the blockchain.

NEO, Qtum, Stellar and Tron are others who claim to offer better alternatives to the basic blockchain platform. Tron's founder, Justin Sun, even came out saying he would build a fund to "save" Ethereum, as well as EOS developers from the "collapse" of their platforms, in a tweet at the start of this month.

The failed face of Ethereum

In an overwhelming article by Jeff Kauflin and Sarah Hansen on Forbes, the defects of the ConsenSys of the Ethereum co-founder, Joseph Lubin, are laid bare.

ConsenSys, described by Kauflin and Hansen is: "a holding company that has [Lubin] it describes grandly as a global "organism" to build applications and infrastructures for a decentralized world. In fact, it is the first cryptographic conglomerate, consisting of a network of for-profit companies that supports Ethcoum's largest blockcoin competitor. "

Apparently ConsenSys is expected to lose more than 60% of its staff "by rapidly spinning the startups it had previously supported, which would have a drastic impact on its workforce and leave an uncertain fate for one of the most ambitious and well-funded start-ups. of the blockchain world, "The article on The Verge stated.

Obviously, ConsenSys does not manage or control the Ethereum blockchain in any way, as it is first and foremost a decentralized entity and, secondly, a completely different project; more than an incubator. But the problem for Ethereum is that it is a visualization of how Ethereum should look if it is successful.

The "rays" of ConsenSys would flourish and would be successful if Ethereum were to operate perfectly and as expected. The failures of Ethereum this year can not only be blamed, but if they managed to move forward with its expectations and promises by the end of 2017, one should imagine that ConsenSys is getting stronger and stronger.

2019 will be the year?

Like much of the cryptocurrency market, 2018 will be one to forget, and perhaps it is due to clamor and expectations. The end of 2017 made it seem like blockchain and cryptocurrencies were in a rocket race to the full adoption and revolution of the world. However, it was based primarily on hype and speculation.

When the bubble of hype broke out, the potential and promise of people like Ethereum fell far behind, and was left to languish in a difficult climate. But there is much evidence that Ethereum still has some punches, perhaps in preparation for 2019.

Ethereum will soon launch the Casper protocol, which will transform Ethereum from a more inefficient job testing algorithm to a stake test. The intention of the developers of Ethereum has always been to pass the test of the mail, but they needed time to deal with the malicious episodes and, with the Casper test of betting, they believe they can do it by punishing malicious attacks.

Furthermore, Ethereum will straddle the protocol of Constantinople in mid-January. Constantinople will include five different proposals for improvement of the etereum (EIP) to soften the transition from the job test to greater energy efficiency of Casper as evidence of the stake consensus algorithm. Once activated, the update should fundamentally change the Ethereum blockchain, with the update of the synchronous nodes to the whole system.

One of the Ethereum challengers, Qtum, is keeping an eye on this Ethereum move, as it is also of the opinion that efficient consensus protocols like stake testing are the way forward.

"His real Ethereum is struggling at the moment, however it will be interesting to see the effect of Casper and Constantinople on the network. We realize that the future of blockchain platforms is in more efficient consensus protocols such as demonstration of participation and robust mechanisms of decentralized governance that the Ethereum and Qtum teams are working on, as well as obtaining more use cases.We want to see blockchain technology become perfectly part of our daily life as the Internet and smartphones have done, "explained Miguel PalenCentral Intelligence Agency, the CIO of Qtum.

The future is still bright

It is easy to erase Ethereum and foresee the end of a difficult year, and there was a lot that penalized the potential of the "World Computer". But in saying that 2018 was not an easy year for many blockchain and cryptocurrencies.

Instead of being the year of take-off, 2018 was a year of discovery and faced the obvious shortcomings. When everything is going great, it is easy to have pink glasses, but when things are at low levels, the defects of a project become evident.

Ethereum has seen its problems and is trying to solve them in 2019. This may not mean a huge upturn even in 2019, but perhaps the beginning of robust and necessary growth.


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