Ethereum User-base Demand Outpacing Supply
Ethereum has a dilemma that can’t be ignored right now: it can’t support the amount of users it has. But while these limits were once an issue reported by researchers, they’re now affecting real people using the cryptocurrency platform. The world’s second-biggest blockchain platform has recently seen a flurry of capacity issues, including rising smart contract fees that sporadically swamp transaction times and interrupt new ICO offerings.
There has been attempts to provide a solution to this problem, specifically Raiden Network and Truebit have all surfaced as creative ways to make sure future decentralized applications run as simply as the centralized ones we use today. Now there is a new solution called Plasma, that was announced on Wednesday that’s rapidly emerging as the project to keep a close eye on.
It’s founders; Joseph Poon and Vitalik Buterin have extensive blockchain resumes that are difficult to top. Aside from the fact that Buterin is the creator of ethereum, but Poon co-authored the Lighting Network white paper, which created the roadmap for the technology broadly considered as bitcoin’s best chance for increasing its number of users. Together, the two are a powerhouse to have working on a scalability project.
Poon told CoinDesk: “People say you can’t run everything in the world on the blockchain, but I really, really think its possible.”
He truly believes in ethereum’s mission of becoming a world computer that “replaces server farms,” and has is sure that its scaling obstacles will be solved.
“This decentralized application stuff has looked like hype to really technical people, because there wasn’t a clear trajectory and a path showing how it’s achievable,” Poon stated.
Though now, with Plasma, he believes there is.