Paradigm urges Ethereum to speed up updates amid rising competition
|Paradigm urges Ethereum to accelerate updates, warning that slow progress risks losing users and developers to faster, competing platforms.
Paradigm, a top venture capital and research firm in blockchain, has called on Ethereum to accelerate its update cycles to stay competitive. The firm points to ossification and inertia as major obstacles to the network's progress, warning that slow updates could push users and developers toward rival platforms.
Currently, Ethereum undergoes one major update per year, a pace Paradigm sees as limiting its ability to innovate and adapt. In a detailed post, co-founder Matt Huang, along with CTO Georgios Konstantopoulos and general partners Dan Robinson and Charlie Noyes, stressed the need for more frequent upgrades. They argue that speeding up updates would allow Ethereum to respond effectively to market shifts and technological advancements, all while preserving its core values.
Paradigm identified ossification, the intentional slowdown of protocol changes to maintain decentralization, as a key risk. While aimed at protecting Ethereum’s governance, this approach, they believe, could hinder competitiveness. Slow updates may prevent Ethereum from meeting user demands and adapting to emerging trends. Furthermore, ossification could drive users to centralized platforms, posing additional risks.
Despite these challenges, Paradigm is optimistic about Ethereum’s potential. They believe the network can achieve faster progress through focused, non-controversial improvements. Examples include scaling Layer-2 solutions, optimizing Layer-1 to avoid overburdening nodes, and improving wallet usability through account abstraction.
The firm also emphasized the importance of empowering Ethereum's skilled researchers and developers to work on solutions in parallel. “By enabling them to move faster, Ethereum can address problems more effectively and avoid getting caught in unnecessary debates,” they stated.
This call for action comes at a pivotal time for Ethereum, which faces increasing competition from platforms like Solana. Internal challenges, such as leadership changes at the Ethereum Foundation and strategic criticisms, have sparked concerns about its ability to maintain dominance. Recent high-profile departures, like that of Eric Conner, have further fueled discussions about the network’s direction. Conner cited a loss of passion due to leadership struggles, adding to the community's unease.
Paradigm’s message underscores the need for Ethereum to balance its principles with innovation. They argue that adapting at a faster pace is essential for Ethereum to retain its leading position in the rapidly evolving blockchain space. This balance between tradition and progress is crucial for Ethereum's future.
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