Happy 4th Birthday to Etheruem – ContractLand

The birth of Ethereum has greatly reduced the development threshold of blockchain technology. Its pioneering Ethereum Virtual Machine and smart contract have greatly contributed to the ICO rage of 2017. According to incomplete statistics, in 2017 alone, global ICO financing reached $35 billion. As one of the most liquid cryptocurrencies, ETH has become the second most popular cryptocurrency in the ICO. The Ethereum public blockchain system itself has become the mother of many decentralized applications. With the cryptocurrency bull market in 2017, Ethereum prices have been pushed all the way up to $1,300.

With the continuous development of the Ethereum ecosystem, technical limitations have gradually emerged. The most deadly of these limitations is the speed of the transaction on the chain. The limit is approximately 10 transactions per second processed on the blockchain, which is far from sufficient to support the needs of all the Ethereum decentralized applications. Consequently, it leads to poor user experience in the ecosystem.

Ethereum was once the first choice for many decentralized application developers, including some of the own developers from ContractLand. They carefully considered the possibility of setting up a decentralized exchange on Ethereum. However, the slow processing speed is not something we can tolerate.

You may want to ask, isn’t the developer of Ethereum not aware of this problem? Peter, the core developer of the ContractLand has discussed this issue with Vitalik at Toronto EDCON in May 2018. There is no doubt that core researchers of Ethereum have been working hard to make the improvement, and they have been actively trying to solve the problem of scalability. They have done a lot of exploratory research on sharding, Plasma, side chain and so on. Ethereum 2.0 Casper has been put on schedule since then. It’s just that the ecosystem is huge, and every step they want to make has to be very careful. Later, as we all saw, Casper’s update progress was very low. Until now, Ethereum 2.0 does not have an accurate upgrade plan.

ICO achieved the short-term prosperity of Ethereum, but at the same time, it puts a heavy burden before Etheruem is mature enough to take the weight. Now Ethereum is not only suffering from the high load brought by all the Dapps, but also it has long been invading by the ICO foam in the ecology.

All in all, thanks to Ethereum for its exploration and contribution to the blockchain technology. We have learned a lot from Etheretum’s successes and shortcomings to build today’s ContractLand, to focus on providing a better user experience for the decentralized trading ecosystem.

Happy birthday to Ethereum! I look forward to an early update of Ethereum 2.0.