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Audo KowitzKomodo Team
Marketing Manager
Asked a question 20 days ago

How will the Ethereum network failure affect the future trends of the blockchain industry? (Insightful answers get a reward)

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OszyMOD
Community Moderator

The DeFi ecosystem is already huge, and there are more, faster, and more reliable solutions than the Ethereum blockchain. The outstanding issues are how many computations can happen at once, and how many results can be stored. Ethereum is not scalable to a high level, and theres the risk of congesting the Ethereum network for other transactions and computations by using too much gas. It is a victim of its own success.

Other faster, cheaper successors to Ethereum also offer parallel or competing versions of DeFi.

Those will lead the future trends of the blockchain industry.

Let's hope Komodo will be amongst those if not the leading one. :)

First, this will bring other Blockchain projects into the focus of the masses. Especially projects that offer a complete blockchain platform, my favorite among these is the Komodo platform! The problem at ETH is that there is only one chain, where the rush hour leads to extremely long transaction times (crypto-kitty) and expensive transaction fees (GAS). The big problem is that it not only affects ETH itself, but also ALL projects based on ETH, because all projects use this single existing chain !! First projects have already recognized it months ago, and even changed from ETH to the Komodo platform. Komodo offers for everyone with Antara Framework a tool to create a completely independent blockchain. Every project gets its own chain, which you can build as you need it for your project and the big advantage is that the chains can interact with each other. Not to go too much into detail the link to Antara Framework https://komodoplatform.com/de/antara-framework/62
In short, if ETH cannot solve the problem of scalability, the project will not be able to survive in everyday life. Making way for next generation block chain platforms.

(Sorry, English is not my main language) :-)

This answer won 5,000 KPR

John RAmbassador
Project Liaison | Ambassador

Regarding the "Ethereum network failure" I'd say that it will provide a small window of opportunity for multi-chain projects like Komodo to have a somewhat more receptive audience to present their tech to.


I use 'small' and 'somewhat' here because serious projects have known for years that Ethereum isn't an adequate solution for their needs and of its multiple, well-known shortcomings. And even so they continue to rely on the Ethereum. 


In some cases this is due to investments, incentives and business relationships.* In many it is most likely due to being what they know and are comfortable with. I have also come across the 'herd mentality' on more than a few occasions. 


I feel the majority of projects will continue to wait for scaling and other solutions to be developed and for the promises of ETH 2.0.
There are, and probably will be more, projects creating their their own chains attempting to find their own solutions. An example of that is FLOW, done by the project that created CryptoKitties.*


Unfortunately, less savvy crypto users having bad experiences due to network failure will effect everybody. It will be up to the entire industry to rebuild any lost confidence.


Although I may sound a bit negative I see many opportunities arising from this, and the current market situation. Some adjustment in strategy and focus may be required to take advantage but I see Komodo in a stronger position as a result.


* mentioned here: https://community.komodoplatform.com/post/5e3542aa4f2c452cb9a76c4d140

Ethereum has serious problems with the scalability and security of smart contracts, which in the future will only hinder the movement forward.

And soon will be the most important question, the choice of blockchain.

Finding more proper blockchain is the future.

And the right thought would be "how to solve a problem with a blockchain" rather than "where to twist the blockchain".

In the long term, the industry will not suffer from the disappearance of Eth, as developers will soon come to create a complete platform for solving business problems in the real world.

And I am sure that Komodo has already started this business.

Eth is too old to be chasing technology...

How will the Ethereum network failure affect the future trends of the blockchain industry? (Insightful answers get a reward)

etherium will continue to be chosen and developed, despite the problems of network and many other problems. public trust tends to lean to one side, apart from the facts. In spite of many problems with eth, other platforms that are not influential will be ignored.

advantage of eth is that all developers around the world study blockchain with eth, regardless of platform superiority.

eth is overflowing with human resources.

It will be very difficult to keep up with the acceleration of monopolization of the platform.

game has already begun to tilt.

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