Ethereum Blockchain Improvements Likely to be Best Alternative Versus Creating Competing Platforms
Rather than Introducing New Blockchains to Industry, Experts Believe that the Best Choice Would Be to Improve Ethereum’s Current Blockchain
During the end of 2017 and the beginning of 2018, blockchain projects were in abundance and were seemingly helpful to eliminating issues as they arose on the Ethereum network. So far, the ones that have had the most success have been able to establish a MainNet in their final products.
However, others are still in the process of establishing theirs. A perfect example is Tron, who launched both its MainNet, as well as EOS. Zilliqa, a project with lesser prominence, is working on preparing their Mainnet for launch by either the beginning of this year or the end of next.
Each project is innovative in its own right. Tron is working on decentralizing the internet, EOS is working on a democratized blockchain, and Zilliqa is bringing sharding to make the network more effective. However, there are some experts that wonder if the creation of multiple extensions for Ethereum was a bad choice. Could it have been more effective for the operation of the network to create a second layer, which was a concept that was introduced by Loom Network co-founder James Martin Duffy?
Right now, the Loom network is building their second layer on top of Ethereum, rather than branching out for a new blockchain network. It would essentially eliminate scalability issued without the network having to start completely over with a new blockchain.
Loom is centered around an SDK, which is a Software Development Kit. This kit let’s developers have all of the necessary tools to build up another layer on top of Ethereum, but without even a small understanding of the infrastructure that blockchain is built upon in the first place. It’s a lot like Plasma, in that it solves the scalability issues that Ethereum has consistently dealt with.
In a Medium.com article by James Martin Duffy, he introduces the idea that Ethereum has everything that they need already for developers can use for free. However, whenever there is the creation of a new blockchain, the project has to still begin from scratch. It doesn’t make much sense to take on all of that work when Ethereum has a perfectly fine blockchain to offer already. As Duffy summarizes,
“Simply put, the number of developers building on top of Ethereum is not only growing — it’s accelerating.”
Along with Loom, a project called Enjin Coin (ENJ) is also trying to improve the Ethereum network. It is centered around gaming, so the need for high performance is at the forefront of their priorities. Early in the year, they spoke about using various techniques that Plasma and similar projects had used for scaling.
According to the published information about Efinity, they will add these features to Enjin’s platform:
- Token transfers
- Melting of tokens
- Token escrow
- Metadata, linked to game items
- Available token bundles
- Non-fungible tokens
- Updated whitelists
Overall, there are plenty of opportunities to stretch the limits of what Ethereum can presently do, rather than simply creating new networks. By improving scalability, there are many more opportunities to improve Ethereum’s reach, rather than continually branching out.