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Saturday, March 18, 2017

Low Fees, Flexible Network, Limits: Why Ethereum Price is Surging

Low Fees, Flexible Network, Limits: Why Ethereum Price is Surging

Ethereum price is surging and on March 13, it reached its all-time high market cap of $2.74 bln. Analysts are attributing the rising trend of Ethereum price to the community’s demand for cheaper, faster, more flexible and a developer-friendly network.

Since early 2016, Ethereum developers have been criticizing Bitcoin due to its limited functionalities and restricted flexibility in comparison to the Ethereum network. Bitcoin experts including Litecoin creator and Coinbase Director of Engineering Charlie Lee argued that a network can’t be flexible, cheap and efficient without compromising security.

As seen in late 2016, when Ethereum underwent four consequent hard forks, the consequence for prioritizing flexibility and functionality over security was quite evident. One of the hard forks designed to bail out investors in the decentralized autonomous organization (DAO) led to a split chain, which the community feared, creating Ethereum Classic.

However, as the Bitcoin Blockchain became more congested and an increasing number of transactions started to get delayed for up to 48 hours, developers, users and businesses began to seek out for alternative networks to use. The majority of users that searched for other altcoins or alternative networks migrated to Ethereum.

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