What is the biggest challenge Ethereum is currently facing?

Author: Blockchain Knight

The hottest topics in the market in the past week seem to be related to Ethereum. One is that V God shared Ethereum’s current difficulties, problems and some solutions in the community AMA, which caused a lot of discussion; the other is that it suddenly broke out on the weekend. Bybit has more than 500,000 Ethereum products have been stolen. The impact of these two things is completely different, but both have made Ethereum the focus.

In the past two years, the industry's evaluation of Ethereum's performance is often a very joking statement, "If you buy Ethereum, you should have paid off all the debts you owe in your previous life." This is to satirize the price of Ethereum. After all, the current industry situation It is the price itself that will reflect its development to a great extent, such as Solana next door.

So, back to reality, what challenges has Ethereum encountered, causing both the overall market value and the reputation of the community to shake?

After discussing with several core community members who have been paying attention to Ethereum for a long time, they have given a lot of good feedback, including the Ethereum Foundation being in a state of "in name only" and often doing nothing, except selling ETH; Or maybe the outbreak of Layer2 has weakened the value of Ethereum itself; and the new narrative popular in the market has basically not exploded on Ethereum.

The descriptions of these problems seem to be just right, but the author thinks that this may be just a superficial presentation and not here.

Regarding the topic of why large corporations fail, there is a bestseller called The Innovator's Dilemma, which is also known as the 20 most influential business books of the 20th century. The book concluded that excellent large companies fail because small companies make destructive innovations, thus invading the market of large companies. Most of the innovations made by large companies are "continuing innovations", and small companies cannot avoid " Destroy the market of large companies.

This is the real challenge facing Ethereum.

Looking back at the birth of Ethereum’s independent network, it has been almost 10 years. 10 years are not young for a company, especially in the rapidly developing Web3 industry.

Although in the latest interview, Ethereum founder V God did not admit that Ethereum is a company, he said, "I think Ethereum is a decentralized ecosystem, not a company. If Ethereum becomes a company, we will lose the big picture. Some of the meaning of Ethereum.”

But if Ethereum's development in the past 10 years is not the result of corporate development, it may be another face. After all, in the field of blockchain, there is only one project that truly realizes "de-corporateization" - Bitcoin, and nothing else .

Therefore, the current challenge facing Ethereum is actually a similar problem that all large companies will encounter: overall innovation is hindered, and management (Ethereum Foundation) "relying on their seniority" and inefficient.

Therefore, in the interview, V God mentioned that the core way for Ethereum to get out of the current dilemma is to require a new story, and this new story is actually innovation. It also talked about "The Ethereum Foundation has started a lot of internal reforms in recent months", which is aimed at the issue of organizational efficiency.

Although V God denies that Ethereum is a business, when organizational problems are exposed, they can only be used to manage the business.

So, another challenge about the future development of Ethereum emerged again: Is V God ready to become a manager?

Although V God was the first to stand up and make a statement when facing many challenges, what is facing him is the problem of transformation of a large enterprise. After years of wild growth, V God also needs to transform from a technology master to An "entrepreneur" who doesn't look like an entrepreneur, even rethinking or balancing "decentralization", is he ready?

After reading all the interview content, I was curious about whether V God will face a huge psychological struggle for transformation. After all, it is not only Ethereum itself that needs to be reshaped, but also the soul character himself, or changed more than a month ago. I have made up my mind to launch a new avatar. I don’t know or understand. After all, the “Dragon Slayer Boy” is no longer young, and there will always be some changes after experiencing the collision of the world.

Finally, if the viewers want to ask me whether Ethereum can overcome the challenges and its views on its future development, they may summarize it in one sentence more down-to-earth: ETH still has a market value of US$330 billion, and it is still the second largest Crypto project. .