SpankChain CEO Attacks Ethereum Over Lack of Speed in Launching Blockchain 2.0 Version


Ameen Soleimani is known to the public as the CEO of SpankChain, a peer-to-peer platform that is setup for adult performers. Upon starting the venture, Soleimani had just left ConsenSys and was open about his support of Ethereum. In fact, SpankChain already had their company tokens running on the network, but that support is no longer what it was.

A new report by Soleimani, which is titled “The State of Ethereum 2.0”, was published in partnership with the consultancy firm Kyokan. Some of the major issues that Soleimani says are wrong include a lack of funding, a lack of leadership, and a lack of vision.

The report starts off by saying Soleimani’s opinion about what this upgrade actually is, saying,

“Ethereum 2.0 refers to a set of specifications that will dramatically improve the performance characteristics of the Ethereum blockchain. As of this writing, it does so by merging and improving upon research from two older specifications: “Casper,” which introduces a proof-of-stake consensus mechanism, and “sharding,” which introduces the splitting of transactions across a number of “shards” secured by the main chain.”

Continuing, Soleimani explains that the above “specs” show users that proof-of-stake allows the chain to be secure without additional equipment. There is also the added benefit of making a 51% attack costlier, reducing the overall risk. However, the lack of cooperation between the teams and the varied views on actually completing the chain are major problems in their ultimate plan.

It is no secret that scalability has been an ongoing problem for Ethereum, ranging from CryptoKitties and the clogged network to the ever-delayed Constantinople upgrade. Some decentralized applications have even moved over to TRON or EOS blockchains instead, considering how slow the Ethereum blockchain tends to be.

Without any of the benefits that are supposed to be present in a blockchain – like efficiency and speed – upgrades need to happen. Strong leadership can be found at TRON and EOS, which could be why the overall performance of the platforms is stable, but a truly decentralized platform has no leader. While Soleimani is quick to point out the benefits, the true admirers of Ethereum, along with developers, do not want this addition to their platform.

Dismissing the suggestion quickly, Ben Edgington of PegaSys said,

“This is disappointing talk, in my view. It’s old-school. Becoming just like all the other centralized development projects (Cardano, Dfinity, Polkadot…). It’s throwing the baby out with the bathwater. Ethereum’s superpower is its diverse and engaged community. The better path is to learn to do decentralization better.”

Still, it is possible that Ethereum could run out of time to see their work play out if they do not change the course of their speed with more urgency.

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