Binance CEO Worries Ethereum and Its Competitors Are Too Slow for Real-World Use
There are many conflicting opinions on what the future of blockchain entails exactly. Some projects will have a bright future, whereas others may fall woefully short. Binance CEO Changpeng Zhao is confident that both Ethereum and EOS need to step up their game or risk failing.
Blockchain’s Road to Success
Hundreds if not thousands of different blockchain ecosystems are all competing for the top spot. This is by far the most exciting time to be a blockchain developer, as there is no shortage of opportunities and ways to make money. Not all of the current blockchains are necessary, as nearly 90% of them will become obsolete prior to gaining any traction.
Binance CEO Changpeng Zhao is confident that a lot of big changes will occur fairly soon. More specifically, he is confident that there will be a shakeup of the blockchain ecosystem, and a lot of projects will simply start to disappear. Oversaturation has become the new normal in the blockchain world, mainly because of all the hype associated with this disruptive technology.
Over the years, it has become apparent that Ethereum is the go-to blockchain for developers looking to make a lasting impact. At the same time, Ethereum has shown a few signs of weakness, mainly in terms of scaling and transaction throughput. Some companies have already switched to more professional blockchains for this reason.
Zhao has kept an eye on Ethereum’s main competitors. He cites Tezos, EOS, and Dfinity as the main “threats”. However, in his view, they are not sustainable in the long term because they are too slow to handle most applications. The same is true for Ethereum, which is simply not suited for real-world use in its current form.
How this situation will play out exactly remains to be seen. There is a lot of work to be done by the developers of all the aforementioned blockchain ecosystems. It is possible that there will be an emergence of specialized blockchains which can do specific things very well, whereas the rest will slowly be left behind. There is no one blockchain to rule them all, nor should there be. Rest assured the blockchain ecosystem as a whole is still evolving. Flaws are being ironed out and scaling problems are being worked on. In Ethereum’s case, two of those solutions are sharding and Plasma.