Just over a year ago now, it was looking possible and perhaps even likely that Ethereum would soon overtake Bitcoin for the largest market cap of any cryptocurrency. And why wouldn’t it? As a turing-complete blockchain, Ethereum has an entire order of magnitude more applications than Bitcoin, with vastly superior flexibility.
Fast forward to the present, however, and we are now further away from the flippening than any time since Bitcoin’s incredible bull run ended in December 2017.
While Ethereum’s strongest competitor as a platform cryptocurrency, EOS, has been flopping since its launch this summer, Ethereum’s own problems have also been brought into the spotlight during the past year as well.
The biggest problem for Ethereum is the same as it is for Bitcoin: scalability. It became impossible to ignore last December when CryptoKitties went viral and caused extreme congestion on the Ethereum blockchain. For a platform meant to…