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It's better that you prepare yourself, if you need to see progress and fast. Yes, we are talking to you Ethereum. You'd better work smart.
Ethereum has undoubtedly been a great contribution to the crypto world after bitcoin. Ethereum has added a whole new spectrum to cryptocurrencies. It was the best fusion between blockchain and cryptocurrency technology. The best crossover of this decade. Better than Priyanka and Nick getting married. Yeap. We said!
But things seem to have slowed for our friend. He met a success he had never dreamed of and frankly was not prepared. What can we say? The crypto world works faster than you can blink!
With people thronging madly towards Ethereum and creating DApps one after the other, it was difficult for Ethereum to keep up. He had to resize himself so that he could work without problems, but it was not as easy as it seems.
The cryptocurrency point was to eliminate the waiting period and speed up the transactions. It had to be faster and faster because otherwise what was the cryptocurrency point? If the transaction still takes 3-4 days, I would prefer to use the traditional system, at least I should not go through the whole hassle of buying cryptocurrency with my first legal currency.
The reason why it is not fun is because the downsizing is really difficult.
Ethereum and bitcoin both use a combination of technical tricks to ensure that they accurately record everything that happens on the blockchain without a central authority. And the problem arises when this balance must be kept together with the growing number of users.
Now some of you will jump and say they could simply increase the block!
Well, if they continue to do so, the size of the node will also increase. If each node becomes large enough, only a few large companies will have the resources to execute them.
Currently, decentralization and scalability are both in disagreement and developers are trying to navigate.
How much time is left to find a solution?
For now, things have been slow at the end and finding a definitive deadline for this problem is far from reality. There is still a lot of experimentation going on and as Vitalik Buterin said;
The long-term goal is that the platform be able to process transactions at "Visa-scale transaction levels" or beyond.
But people no longer want to be fooled by big words. The boy really has high hopes and we hope he will be able to achieve this in the next year!
Let's see how Ethereum really surprises us this year.
