The blockchain dynamism has seen a lot of changes in the industry and the truth of it all still remains up or down and at times the price shifts can really hit hard when they decide going south. This is the scenario that is haunting Ethereum (ETH) at the moment. However, things are looking better for the second largest coin in the crypto verse so far.
It is about time the platform salvaged its image than has been damaged by ICO’s that built on it and later turn to be scams. As a shared decentralized platform, it does not have the ability to stop or control whatever project riding on it and this is a huge nightmare for the dev team.
Is Ethereum (ETH) Headed to Oblivion?
Things are not so rosy behind the platform and unless its underlying issues are resolved fast, further drops might be witnessed in the coming days. To any ETH holder, the transaction cost appears to get out of hand and scalability has been a huge headache for the once popular outfit.
The team behind the project needs to wake up and realize the technology they are sitting on is outdated and young crypto verse entrants are capitalizing on it to grow their brands. On the other hand, developers who are the backbone of the Ethereum ecosystem once the thriving ecosystem are migrating in big numbers to build their projects on newer platforms.
Salvaging Ethereum (ETH) for the Future
After hitting its low since September last year, it emerged that the Ethereum holder should hold on tight and expects several milestones in the ecosystems’ development. The unveiling of the Ethereum 2.0 roadmap appears top of the agenda. While releasing the roadmap, developer Darren Langley says:
“There are many talented people working on making Ethereum awesome. It has an organic quality that hopefully will contribute to how human organizations can scale up but remain inclusive.”
The Ethereum 2.0 is highly innovative and includes Sharding and Casper in a more decentralized environment. This, according to the coin enthusiast and diehards, will be a game changer in the industry. This will move the coin from miner reliance to proof-of-stake to keep the outfit secure and Plasma will do away with network congestion to lower transaction fees.
Ethereum (ETH) Coin Performance
Ethereum appears to have been hit by the current market slump more than all other coins and this is not the first time for the coin to drop and rise. Mid-September 2017, the coin hit their lowest and ended up surpassing the $1,000 with a high of about $1,500. Well, history could be repeating itself and with the developments underway, the current dip should not worry the community.
The popularity of dApps is not dying simply because the ETH price is at its lowest and once the network congestion issue is addressed, the transaction cost will drastically reduce and the coin will have a better value proposition for the developer.
The last 24-hour trading session has seen the ETH coin price begin to stabilize after opening the day at $217.20 and hitting a low of $216.04. At press time, the asset was priced at $219.08 which is slightly lower from the day’s high of $220.41.
As we anticipate the rollout of Ethereum 2.0, the platform adoption might slow down and once the version is released, it could provide the true direction of the coin. However, the fact that there are newer platforms giving Ethereum competition should not be should not be overlooked.
To sum it up:
“The Ethereum network is like a shared car. When a contract wants to be driven by the shared car, the car uses up fuel, which you have to pay the driver for. How much gas money you owe depends on how far you had to be driven and how much trash you left in the car.” — TechCrunch