Blockstream's Chief Strategy Officer criticizes Ethereum, calling its technology a "dead end."

Ethereum continues to face criticism for its inability to solve long-standing scalability issues, with a recent report indicating that network congestion has reached a staggering 90% due to the ERC20 version of USDT.

Meanwhile, Blockstream's Chief Strategy Officer, Samson Mow, referenced the report and strongly criticized Ethereum's technology, claiming that Ethereum will soon die.

"Ethereum Network Capacity 'Almost Full'"

Previously reported by ABM, various exchanges have announced support for the Ethereum version of USDT, with USDT gradually transitioning from the Omni network to the Ethereum blockchain.

According to a report by Bloomberg on August 27th, USDT is a major factor in Ethereum's network utilization rate reaching up to 90%, which could potentially lead to a surge in on-chain transaction fees, prompting developers and users to opt for other main chains.

Blockstream CSO Criticizes Ethereum

A report highlighted that Samson Mow, a prominent figure in the crypto industry and Chief Strategy Officer of the blockchain technology company Blockstream, stated in a recent tweet:

Ethereum is in a technological dead end. The more it is used, the faster it dies. Fortunately, USDT can also run on the Liquid Network, which is more scalable, and in the future, assets like USDT can be created on Lightning Networks.

Ethereum founder Vitalik Buterin also responded below Mow's tweet, pointing out that Bitcoin's network capacity is also nearing full capacity, indicating that scalability is not unique to Ethereum. He stated:

Have you noticed that Bitcoin's capacity is also full, just like Ethereum, right?

https://twitter.com/VitalikButerin/status/1166350756284370944

According to ABM's report, Ethereum 2.0 will introduce a proof-of-stake mechanism and sharding solutions in the future, with many analysts and developers expecting this move to address Ethereum's current scalability issues.

ETH 2.0 is a crucial development for Ethereum's future success, a key element in achieving the vision of becoming the "world computer."

The transfer of USDT has magnified the already criticized scalability issues, with its price reflecting the crisis, dropping by about 40% in the past 60 days to the current price of $186.

Further Reading

• Ripple is the only top ten cryptocurrency with negative growth since the crypto market rebounded
• Vitalik Buterin: Ethereum's scalability is the biggest obstacle to institutional adoption

Join now to receive the most comprehensive information on fintech, blockchain insights, and industry examples!