Ethereum Ten Years: Opportunities and Challenges for the World Computer

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Ethereum in Ten Years: The Midlife Crisis of the World Computer

In the past decade, humanity has redefined the form of computers multiple times. From the massive rocket navigation computers, to IBM mainframes, and then to personal computers and smartphones, each leap in computing power has reshaped the way people connect with the world.

On July 30, 2015, the Ethereum mainnet was automatically launched in a small office in Berlin, igniting the spark of the World Computer. At that time, there were fewer than a hundred developers, but Ethereum embedded smart contracts into the blockchain for the first time, providing a Turing-complete stage that transformed the blockchain from merely a bookkeeping tool into a world-class public computer capable of running programs.

Ethereum's Decade

This newborn world computer quickly underwent severe tests. The DAO incident in 2016 triggered a hard fork, and the ICO boom in 2017-2018 pushed ETH prices to soar and then plummet, with network congestion and high fees being heavily criticized. To address performance bottlenecks, the Ethereum community explored scaling paths such as sharding and Layer 2.

Ethereum's Decade

In September 2022, The Merge was completed, and Ethereum switched from PoW to PoS, reducing energy consumption by 99% and decreasing the new issuance rate by 90%. In March 2024, the Dencun upgrade introduced EIP-4844, significantly lowering the cost of submitting data from Layer 2 to the mainnet.

Ethereum's Decade

However, entering 2024-2025, Ethereum faces new dilemmas:

  1. The Layer 2 diversion effect is significant, and the value capture of the mainnet is eroded.

  2. Competition among external public chains intensifies, with Solana and others attracting a large number of developers and new projects.

  3. Staking centralization raises governance and security concerns.

  4. The role of the foundation is highly controversial, and the community lacks consensus.

  5. The application layer lacks breakthroughs, and on-chain activity is not as high as in the peak period.

  6. The ETH market performance lags behind other crypto assets.

Ethereum's Decade

In the face of these challenges, the Ethereum community is exploring new directions:

On the technical level, there are plans to further enhance the overall throughput of Layer 1/2, making the ecosystem more unified.

In terms of governance, the foundation has initiated reforms, attempting to move from behind the scenes to the forefront to guide ecological development.

On the application level, seek killer applications that can attract tens of millions of new users and explore the integration with new technologies such as AI and AR.

Ethereum's Decade

Standing at the crossroads, this world computer has not stopped running, but is looking for new sparks. How will it redefine its role in the next decade? The answer may lie in the hands of everyone who still believes in this dream.

Ethereum's Decade

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MEVHunterXvip
· 44m ago
The old problem of Ethereum is having many ideas but poor execution.
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BearMarketSurvivorvip
· 16h ago
Does anyone remember the big drama of the fork back in the day?
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0xSoullessvip
· 16h ago
Suckers have been played for suckers for ten years and are still in a Hard Fork.
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wagmi_eventuallyvip
· 16h ago
Just go all out! It has to be Vitalik Buterin bull.
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GasWastervip
· 16h ago
gm frens... who else still paying 300 gwei for failed txs since 2016?
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rug_connoisseurvip
· 16h ago
I think the machine is too expensive.
View OriginalReply0
MetaEggplantvip
· 16h ago
When can old ETH miners go to heaven?
View OriginalReply0
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