It wouldn’t be wrong to say that Ethereum is no
It wouldn’t be wrong to say that Ethereum is no longer the second biggest digital currency in the market in the present. There are people who pointed that out to the failure of several irresponsible ETH-based ICO projects, which may be the case.
In addition, there are some others who believe that the scaling issues of the platform are the ones which have been dragging the crypto down.
In order to find a solution to the scaling issues of the platform, a group of Ethereum developers is reportedly conducting a rendezvous, that was attended by Ethereum co-founder Vitalik Buterin and Joseph Lubin themselves.
The meeting had reached the conclusion that the solution will be called “Ethereum 1x”, on which the involved developers denied to make further remarks citing as “it’s still a too early stage.”
Also, it is reported that the formation of 3 private working groups is dependably on progress. Each and every group will be liable to build a new mechanism which will be replacing the digital machine of Ethereum to run smart contracts, stimulating & benchmarking the changes, and discussing the changes to smart contract costs as well.
As indicated by The Next Web, the minute of meeting expresses that the development group will make all the efforts to work on the new upgrade more transparently, perhaps to respond to the criticism which convicted Ethereum’s governance as centralized.
Though, more interestingly, Vitalik Buterin is believed to be a bit pessimistic, when it comes to the introduction of ‘breaking changes’ to the platform, while also saying that he’s uncomfortable with institutional private calls as well as completely against the private forum.
Ethereum developers have been working on several improvements in a while, indeed. Buterin, more recently, disclosed that Ethereum has been working on a new protocol, known as Serenity, that could scale the network by a factor of 1000.