Ethereum (ETH) co-founder, Vitalik Buterin, said that concerns about the increasing blockchain size of the cryptocurrency are severely uninformed. It should be noted that many industry observers have said that the rapid growth in the size of Ethereum may lead to several difficulties including synchronizing or archiving.
Venezuela Offering Discount For Trading In Petro
Will The ETH Network Crash?
The debate regarding the exponential increase to up to 1 Terabyte (1B) in the Ethereum blockchain size has been continuously ongoing and was triggered by an analysis that was published on May 24 on Hackernoon. The post specifically mentioned the runaway data directory size of the blockchain of Ethereum and says that it may shrink the network and the decentralized platform will turn into a centralized network. It, in turn, will increase the bandwidth and hardware capacity of the average network participant.
According to reports, the growth in the blockchain size of ETH has been stimulated by the development and release of dApps, thousands of ERC-20-based initial coin offerings, and smart contracts. But due to the increase in the size of ETH’s blockchain, many observers are hypothesizing that the network may crash soon, especially if the network is not propagated with a new solution. Many think that putting a cap on the size of Ethereum’s blockchain can be one solution. But analysts are of the opinion that putting a cap on the blockchain’s size will increase fees and prevent the functioning of dApps and ultimately invalidate the reason for the Ethereum network’s existence.
Golem CEO Says Ethereum Is The Most Promising Platform
Even in the wake of the debate surrounding the increasing size of Ethereum’s blockchain, the CEO of Golem (GNT), Zulian Zawistowski, still considers the network as the most promising blockchain platform. According to the CEO, no blockchain protocol has the ability to come even remotely close to the potential and applicability of Ethereum in the entire global cryptocurrency sector. As of now, GNT is the 47th largest cryptocurrency having a $387 million market valuation and was introduced in collaboration with Bithumb into South Korea recently.
