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Token2049: Crypto experts highlight Ethereum blockchain problems

token2049-crypto-experts-highlight-ethereum-blockchain-problems
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Token2049: Crypto experts highlight Ethereum blockchain problems

At the Token2049 conference, blockchain experts debated the Ethereum chain’s current problems.

Experts from the blockchain industry discussed the latest innovations and development opportunities during a panel discussion at the Token2049 conference in Dubai.

The discussion participants also touched upon the Ethereum blockchain, which is considered the dominant smart contract platform. According to the panelists, Ethereum has scalability problems due to low transaction throughput, leading to high gas fees and network congestion. New blockchains are designed to become more scalable by increasing transaction speeds.

Experts recognized developers’ interest in developing Ethereum due to its first-mover advantage and brand recognition. However, some argue that many layer 1 alternatives can 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. In addition, he said the growth of transaction volume on Solana exceeded Ethereum indicators.

“We’re doing well, but Ethereum is not.”

Raj Gokal, Solana Co-Founder

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 the developers’ rules.

“We allow other people to launch their own blockchains according to their own rules. This is something that Ethereum is just 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 solve performance problems arising about addresses. The last point has been a serious problem for the network in recent years.