February 17, 2019ethereum crypto technology
I really appreciate what Ethereum introduced to the world and all the innovation that it bought on with it. The ability to write turing-complete programs is something that no one had ever imagined before. It was also one of the first few ICOs that took place. Since then we’ve come a really long way with a lot of hype alongside innovation. One thing that Ethereum found product market fit with was ICOs (though decentralised finance is also on the rise).
After the rise and fall of major fortunes and investor money we’re now in an era where the industry is looking where to go next. There’s far more talent and money in this cycle than anything previously, however we’ve still got a while before usage and adoption becomes parabolic like the early 90’s of the internet.
So where does this leave Ethereum? For starters it has the largest community behind it and has some very interesting experiments gaining traction (MakerDAO, Compound etc). Although it’s hard to ignore the fact that scaling issues are going to take a while. Phase 1 of ETH 2.0 which doesn’t include sharding will take 1.5 years from now. Phase 2 with sharding will take at least 3-4 years assuming complicated subjects such as cross-shard communication is taken care of. All in we’re looking at approximately 4 years for things to move forward.
Sure the current chain isn’t used to its capacity and dApps still need to prove product market fit but its much harder to do that when transactions take an unknown amount of time and money. Ethereum feels like the thing which will move forward but that’s also what Bitcoiners at the time thought about Bitcoin. Somewhere out there is something which will shatter our current paradigm of how we think about decentralized technologies. I personally feel like Ethereum, at the least, is a prototype of how the future might look like.
Currently cautiously bullish.