Ethereum buckles under pressure as BSV flourishes

Ethereum buckles under pressure as BSV flourishes

Getting your Trinity Audio player ready...

In 2017, a blockchain game called Crypto Kitties brought the Ethereum network to a standstill. Almost four years later, with countless failed promises related to upgrades and scaling solutions, history is repeating itself as a popular NFT collection once again put Ethereum under pressure.

Actress Mila Kunis released “Stoner Cats,” a wildly popular NFT program, on Ethereum on July 27. To say the launch was chaotic is an understatement.

What happened with Stoner Cats?

First, let’s give Kunis and the team behind Stoner Cats some much-deserved praise. It turned out to be a wildly popular idea, and they all sold out in 35 minutes. Stoner Cats is a series of animations backed by non-fungible tokens (NFTs). All of the characters have the voices of celebrities like Kunis herself, Ashton Kutcher, Jane Fonda, and others.

However, the demand for the Stoner Cats caused a series of inevitable problems. Whoever advised the celebs clearly didn’t tell them about the technical issues the Ethereum blockchain is renowned for. Here’s some of what went down:

  • The release had to be delayed because the team behind the project found a bug in the art layer.
  • Gas fees shot up once again, with an average fee of $9.50 for slow transfers and more than $33 for fast transfers.
  • According to Dune Analytics, over $793,000 in gas fees were lost due to failed transactions.

Just another day on Ethereum…

While the episode wasn’t quite on the same level of chaos as Crypto Kitties, which truly broke Ethereum, it demonstrates perfectly that while Vitalik Buterin talks a big game, Ethereum developers still haven’t figured out any real solutions to the fledgling blockchain’s litany of problems.

Meanwhile, on BSV enterprise blockchain

At the same time, the BSV enterprise blockchain is handling its own increased demand without a hiccup. As Satoshi Nakamoto said when he released it, “it never really hits a scaling ceiling.” The recent success of CryptoFights on BSV demonstrates this perfectly.

Starting July 16, CryptoFights experienced a viral surge in users that caught even the team behind it off guard. They’ve been hard at work to upgrade server capacity, iron out small in-game bugs, and improve the overall user experience, and they’re succeeding admirably. Despite these minor teething problems, the BSV blockchain never flinched in the face of the huge spike in on-chain transactions.

At the peak of the surge on July 20, CryptoFights was generating over 545,000 daily transactions. This is on top of the 23,000+ transactions generated by Peer Game and tens of thousands of other transactions generated by a growing list of BSV apps.

Right now, CryptoFights is still humming along at more than 340,000 daily transactions. To put this in context, this one popular BSV app is generating more than a quarter of the total daily transactions on the entire Ethereum blockchain (1.25 million), and BSV enterprise blockchain hasn’t even broken a sweat. What is the mean fee on BSV with the heavy traffic increase? Just $0.00197.

It’s time to face facts

While Ethereum has a current lead on BSV in terms of the total number of applications built on it, sooner or later, that’s going to change, and it will be because of some simple and undeniable facts.

First, Ethereum does not and cannot scale. And no, Eth 2.0 won’t fix this. Eventually, users are going to tire of the endless promises that never come to fruition, the millions in lost transaction fees, and the volatile and unpredictable gas fees. Claims of decentralization and future promises won’t wash with serious developers and enterprises that need to scale. If Ethereum can’t handle Stoner Cats, how’s it going to handle the needs of governments and major corporations?

Second, BSV blockchain has no scaling ceiling. nChain’s CTO Steve Shadders already publicly demonstrated that it could handle 50,000 TPS at CoinGeek Zurich, and that’s merely the warm-up lap. BSV will never hit a scaling ceiling, and the fees will remain at fractions of a cent.

YouTube video

As the blockchain and digital currency industries mature, serious enterprises are entering the space, and they won’t tolerate the amateur performance displayed during the Stoner Cats launch. They’ll be looking for blockchains that can scale today, and when they do, there will only be one that allows them to scale infinitely on a stable protocol.

Bitcoin was always the solution

Here’s the ultimate unavoidable fact; there was never any need for Ethereum. Bitcoin could always scale, it was always Turing complete, and anything that can be built on Ethereum could have been built on Bitcoin from the outset.

Just as there was never any need for Ethereum in the past, there won’t be any need for it in the future. It’s yesterday’s news, and BSV enterprise blockchain is the future.

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.