Ethereum will remain king in the category of Smart contract protocols, Here is how?

Ethereum will remain king in the category of Smart contract protocols, Here is how? 2

Ethereum has been a second crypto asset in this industry for a long time because of its early-mover advantages in the category of Smartcontract protocols. Many people think that Ethereum can’t sustain its future even by shifting it to Proof-of-stake consensus. 

Ethereum took entry into the crypto industry in mid of 2015. At that time there were several crypto blockchain networks available but the majority of them were based on the copy of Bitcoin code and none of them were better from the point of trust. But Ethereum was unique with its feature of the ERC-20 system, which allows any person to create his crypto token on the Ethereum blockchain network. 

However, the entry of the Ethereum blockchain network was unique because of its use case in the crypto industry and that resulted in the birth of many other crypto projects. Alternatively, we can say Ethereum is the father of many crypto projects. Because many crypto projects started with the launching as ERC-20 based tokens but later they created their blockchain Network with the funds collected through the ICO program. 

Now we are in 2022, where we have several different standards and need to push the adoption of blockchain technology. At present, Ethereum is the most trusted blockchain network after bitcoin but its high gas fees is a big issue for the new crypto projects to get started with the Ethereum blockchain network. 

High Gas Fees: Not a big issue 

To sustain perfectly in the future, the developers of the Ethereum community are working to shift Ethereum from Proof-of-work to Proof-of-stake Consensus, to achieve better scalability. But in actual reality, Ethereum will not get significant scalability on POS because of the many limitations of traditional coding systems.

The majority of the people are thinking that Ethereum will not even get success with its Ethereum on Proof-of-stake Consensus because of small improvement. But the majority of the people are not trying to understand that the developers behind Ethereum will only work only on the scalability and reducing gas fees factor of the Ethereum network. 

Ethereum co-founder Vitalik Butterin once said that we will see Ethereum on Proof-of-stake Consensus in 2022 but we have to remain dependent on layer2 scaling solution because it will take time for Ethereum to achieve better scalability and low gas fees based transactions.

Vitalik noted that the developer team will work on the efficiency factor only for the next 5-6 years. And this is enough to show the future of Ethereum. 

Probably many people will think that how it will be possible for Ethereum to beat Solana-like protocols. Here Ethereum may create its separate concept like Proof-of-history or Hydra concept like Cardano to bring high scalability based transactions. 

Here we should not forget that Ethereum is only a crypto project, which has 4 times more active developers than any other crypto project, so here we can expect better from the developers of Ethereum to show their talent in this industry.

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