Ethereum is a technological dead end

UNITED STATES, WASHINGTON (OBSERVATORY) — Blockstream’s strategic development director and staunch bitcoin maximalist, Samson Mow, has fiercely criticized Ethereum’s smart contract platform and its ability to scale efficiently.

According to him, Ethereum is a technological dead end, and sooner or later it will die.

“The more they use it, the faster it will die,” Moe wrote on Twitter.

Blockstream spokesman commented on a recent Bloomberg post saying that the Tether stablecoin (USDT) currently accounts for 90% of Ethereum’s network usage. In the future, this can lead to the fact that commissions for transactions in the main cryptocurrency network will grow to such levels that many developers and users will opt for other blockchains.

“Fortunately, USDT is also available on the Liquid Network, which scales better, and in the future will also allow the use of the Lightning Network to create assets like Tether, ” says Samson Moe.

The founder of Ethereum Vitalik Buterin did not leave Moe’s words unattended, suggesting that he better pay attention to bitcoin, the blockchain of which, according to him, is “also crowded.”

“You understand that bitcoin is just as crowded as Ethereum, right?” Buterin wrote.

The representative of Blockstream, however, does not agree with this argument.

“No, everything is different here. All blockchains have scaling problems, but your situation is worse. Bitcoin is used to validate transactions. Ethereum is used to calculate all kinds of third-party data, ”he told Buterin.

Recall that earlier in August Vitalik Buterin admitted that the Ethereum blockchain is almost full, and scalability is one of the most problematic sections of the network. That, he said, is today one of the biggest hurdles for large organizations interested in the Ethereum ecosystem.


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