Will ETH 2.0 solve the scalability and fees problems?

in LeoFinancelast month (edited)

This is the question I have been asking myself following the news of ETH 2.0 launch. It's rather unfortunate that we won't have the launch this year because of certain factors which have been pointed out by Vitalik. But we hope to have it being launched soon.

ethereum3660218__480.webp
Source


The Ethereum blockchain came to being as a way of correcting the flaws and weaknesses of BITCOIN (speed and low fees). This was the original and core intention and/or motive behind the development of the Ethereum blockchain by Vitalik but sadly, it has failed in achieving its expectations. Ethereum itself happens to be possessing even more flaws than Bitcoin.

It is no longer news that Bitcoin is slow in terms of transaction delivery speed as well high fee charges. These two factors I consider to be enemies and limitations to crypto mass adoption. There was a need to salvage these critical situation and provide a remedy for these hindering flaws in bitcoin.

But we come to see that the transaction fees on Ethereum blockchain are awkwardly high especially when there is increase in activities on the chain and it is also lacking in speed. Daniel Larimer, a very smart developer saw these flaws and voiced it out back in the days but no one seemed to pay attention to him. Maybe if his views were being considered, there wouldn't have been a need for ETH 2.0. This led him to develop the EOS.IO we have today.

We've also seen that the Ethereum blockchain lacks the capacity to perform plenty transactions. We can relate this to chain crash which was caused by crypto kitties project. But the good thing is that Vitalik has agreed to the presence of these flaws and has decided to carry out an upgrade on his blockchain. We hope that these widely used blockchain will eliminate every possible factors hindering adoption.

On the other hand, we seem to have a blockchain that is highly scalable, fast and with lower fees - EOS. Why many are not adopting it and still preferring ETH over it as per blockchain projects developments I do not know. But it should be noted that fast blockchains are the future. People pay attention to speed and how they can transact without having to pay excessive fees. There's need for the Ethereum blockchain to fix these critical issues.

Posted Using LeoFinance Beta