Despite being the most successful and advanced blockchain network currently in operation, Ethereum has not been performing as well as expected. This has mainly been caused by the recent rise of many other token projects that run on this network. To a great extent, the advent of decentralized applications has managed to keep Ethereum functional and relevant.
Ethereum co-founder Vitalik Buterin has welcomed decentralized projects such as side chains, but he is clearly concerned about the direction that Ethereum should be taking in the near future. Buterin has hinted at the possibility of full convergence, which would involve Ethereum playing nice with other networks such as Bitcoin.
It has been widely expected that full convergence would be the most natural step forward for Ethereum in terms of its overall advancement. However, it has been a rocky road. Ethereum has spent a great deal of time building its own blockchain, giving rise to its own blockchain protocol and consensus mechanism.
The scalability of Ethereum has always been superior when compared to Bitcoin, but it has not been enough to handle all ERC-20 compliant tokens that are currently active. This is when you realize that Ethereum is actually a platform and not just a cryptocurrency network, but it has its limitations.
The issue of scalability has been a long-standing issue that has dogged Ethereum since the day the first white paper was written. Ethereum was founded in 2015 with the intention of being a flexible blockchain. In recent times, it has been hard to pin point an official roadmap for this network, but there are plenty of signs to suggest that it might be on the horizon.
Ethereum’s network was the first network to support decentralized apps of all types and forms. It provides a solid foundation for a platform that allows users to use their time and resources on the most compelling projects. The main concern that faces Ethereum is the lack of scalability. It is already extremely difficult to process many transactions that are created on the network and it is still improving. These are all factors that Buterin is taking into consideration as he prepares to introduce a major blockchain upgrade later this year.