Vitalik Buterin, the co-founder, and the Ethereum Foundation have swung the hammer: Development into Serenity has been paused until further notice.
A deflating announcement, it is a blow for developers who have been active, dedicating thousands of man hours to improve Ethereum as a pioneer smart contracting platform.
Ethereum, like Bitcoin, is the most active platform in terms of daily active users.
Although there are competing platforms like Tron angling to slice Ethereum’s market share, Ethereum is dominant in decentralized finance (DeFi), and was the primary platform for initial coin offerings (ICOs).
Even if most ICOs turned out as scams, with project creators swindling millions from gullible investors, this innovative funding model directly pumped BTC and ETH to new highs because of the high demand as accepted currencies.
Congestion in Ethereum is a Problem
Ethereum has not completely shaken past problems.
Congestion is still a hindrance and a big obstacle that prevents the launch of Twitter and Facebook alternatives on the platform.
At 15 TPS, the network is distributed, decentralized, and secure, true, but it is its weakness.
With development paused and Serenity halted on its tracks, Ethereum is forced to hunch back and handle its trouble through other means.
Vitalik, while commenting, said:
“The future of Ethereum lies away from Serenity. There have been narrow misses. Proof-of-Stake and Sharding, after hours of consideration, will centralize the network. Weakness in PoS jeopardize startups launching on the platform, and it is on our best interest to pause and propose alternatives. We don’t want to face the same accusations as Tron,