Ethereum has been the world’s second most important cryptocurrency in many ways. It was the blockchain 2.0 pioneer that allowed to use the blockchain to execute smart contracts, it was the second coin by market capitalization for a very long time and its prestige is, again, second only to Bitcoin. Many different blockchain projects that now have lives of their own (including Tron) started running over the Ethereum’s blockchain, using ETH-20 tokens.
In a year that has been hell for the cryptosphere, Ethereum has suffered more than most other projects, solid as it used to be. EOS and Tron left the Ethereum network behind to launch their own blockchains and independent networks and tokens. The network’s users have been complaining loudly all year long about how expensive the gas price has become.
They’ve also complained about lack of scalability, especially when it happened that a betting game became so popular that it was sucking up most of the network’s power, and left a lot of users unable to run their applications and smart contracts.
If all that wasn’t enough, only a weeks ago the ETH token was displaced as the world’s second-biggest by XRP. It’s trading at $124 as we write this and that’s after its today’s surge of more than 15% (the whole market is in green today though). Before today, it has been dealing with red numbers, so traded real close to the psychological $100 barrier and, what’s even worse, for a very short time earlier today, it went below it.
Some observers believe that as soon as the ETH price goes to double figures there will be a bullish run on the coin. The fact is that such event already happened a couple of days ago and while it bounced back slightly, there was no bull to be seen anywhere (we’re seeing that today but that’s because of the market trend).
To put it mildly, Ethereum is facing serious problems because now it has competition. Tron, Cardano, EOS, and any blockchain 3.0 projects allow users and community members to do everything they do on the Ethereum network. Only faster and cheaper.
The question is: Will Ethereum’s users and developers migrate en-masse to other networks? That’s what Justin Sun wants.
Mr. Justin Sun is Tron’s founder and CEO. On top of that, he is masterful at using his Twitter account to great effect. Yesterday, Mr. Sun launched a call to Ethereum users inviting them to leave their current network behind and join Tron’s. He also explained why. His tweet (which was copied by the whole Tron community and re-published afterwards) reads like this:
1. 0 transaction fee, no gas in #TRX
2. Compatible to #ETH, 0 migration cost
3. 2000 TPS
— Mother of Crypto 🐉 $TRX $XLM (@MotherOfCrypto_) November 26, 2018
Mr. Sun’s tweets have been known to cause the rage of Vitalik Buterin (Ethereum’s founder and leader) in the past. This one is surely not going to make Mr. Buterin’s day either.
The problem here is that Mr. Sun is right because Ethereum’s leadership has failed to read the writing in the wall and fix all that’s wrong with the project. The TPR must scale to much higher numbers if current users will be able to keep developing new apps and contracts, and they also must find a way to make the gas price way cheaper, even free if possible.
We can’t wait to see how the cryptosphere will react to Mr. Sun’s invitation.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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