The open-source, public, and blockchain-based platform queen of cryptocurrency is facing what is dubbed the Ethereum scalability issue. Ethereum allows users to make a transaction with one another without the need for a middleman.
Ethereum was first launched on 30th July, 201. It will be having it’s a long-awaited upgrade by July 2020, five years after it was launched. This upgrade is expected to fix Ethereum scalability issues due to the increasing demand.
Ethereum scalability issues
Ethereum is likely to transit its ETH 1.0 to a wholly different and new network ETH 2.0. This transition is complicated and will likely take a year, and for this reason, Ethereum 2.0 will likely operate as a test network. Ethereum, being the most significant smart contract platform in terms of development activities, runs more Apps than its nearest competitors. This is probably why many of its competitors struggle to gain the traction required in the crypto market.
Ethereum is both the biggest and most accessible blockchain ecosystem. Over ninety percent of the stable world coins are based on it, which is why its stability is of importance. The stability issues would be resolved with the release of Ethereum 2.0, which will be able to interact and share information across all blockchain networks.
This will give rise to smooth information sharing, better ways of executing smart contracts, a more user-friendly experience, the opportunity to develop partnerships while also eliminating the need for a middleman and the sharing of solutions. These benefits also come to increase traction.
Though Ethereum 2.0 is highly anticipated, it is doubtful to fix all the stability issues it encounters all at once. The update is expected to be the starting phase of fixing its stability issues. With subsequent improvements, it will be able to share, interact, see, and get access to information with different platforms, thereby solving Ethereum stabling issues. Still, until then, we can only look forward to the new upgrade.