Ethereum Foundation will not address flawed protocol through overhaul
The Ethereum Foundation recently announced an overhaul, but will it really fix the fundamentally flawed protocol? Many critics have pointed out Ethereum’s broken nature for years, but it’s only in the current digital currency bull market that loyalists are starting to take notice. Unlike other digital currencies like Solana and meme coins, Ethereum has been stagnant, failing to scale despite numerous efforts and changes over the years.
The futility of using Ethereum for anything beyond small-scale hobby projects has become evident. United States President Donald Trump even launched his meme coin on Solana, causing Ethereum fees to skyrocket as traders rushed to cash out of ETH and move to more active platforms. This frustrating situation has sparked anger among ETH holders, with some calling for the removal of Ethereum Foundation leadership, particularly Aya Miyaguchi. In response, Vitalik Buterin asserted his authority over the Foundation and criticized those demanding change, stating that such calls make his job more challenging.
Despite potential leadership reshuffles or changes, the fundamental issues with Ethereum won’t be solved. Years of shortcomings are catching up, leading supporters to question the sustainability of the highly touted blockchain. Ethereum’s inability to scale is a glaring problem. Despite various upgrades and pivots, such as the Byzantium & Constantinople updates, the Beacon Chain, EIP-1559, and shifting from proof-of-work to proof-of-stake, Ethereum continues to struggle to handle even moderate transaction volumes. Fees often spike to exorbitant levels, leaving users trapped and unable to transition to layer two solutions like Polygon without incurring high gas fees.
Critics, including CoinGeek’s Kurt Wuckert Jr., have highlighted the reasons why Ethereum’s scaling issues persist. They argue that the UTXO model used by Bitcoin is far more efficient than Ethereum’s state machine architecture. While Ethereum faces congestion, Bitcoin continues to scale successfully, handling up to one million transactions per second with minimal fees, even during peak demand.
It’s becoming increasingly clear that Ethereum may be beyond saving. Even flawed alternatives like Solana are gaining preference over Ethereum, and serious projects are opting for alternatives like Hedera over Buterin’s brainchild. The exodus of builders and developers from Ethereum has been ongoing, signaling that it may be time for loyalists to consider exploring other platforms. The broken promises, scalability failures, and overall complexity of Ethereum have led many to question its relevance in the ever-evolving blockchain landscape.
In conclusion, Ethereum supporters are facing a crucial decision. With Buterin’s dictatorial leadership style, Ethereum’s limited utility, and the ongoing migration of developers to alternative platforms, it may be time to reevaluate loyalty to Ethereum. As the blockchain ecosystem evolves, staying tethered to a struggling platform may hinder progress. While there’s a possibility that Ethereum could turn things around in the future, current trends suggest that a shift in perspective may be necessary for those committed to the platform.
