Ethereum is known for as the decentralized platform and smart contracts that run with no risk of fraud, censorship, or third-party interference. On 15th January 2018, the value of ETH rose by more than 49,000% from the starting price in August 2015. However, until recently when Ethereum was overtaken by Ripple, it was considered as the de-factor runner-up to Bitcoin. Ripple has unsettled Ethereum with a huge margin of about $2.4 billion in market capitalization.

As newer platforms enter the market and threaten Ethereum’s space, concerns are emerging about Ethereum’s spring back capability. Despite the competition, Ethereum remains the smart contracts industry standard, which gives it a strong foundation.

Decentralized Applications Are Shifting Away From Ethereum

One of the major crypto reports that rocked headlines in July 2018 was the EOSBet DApp shift from Ethereum to EOS blockchain. But it is not just EOSBet that shifted away from Ethereum. Others DApps that have shifted from Ethereum include:

• Prospectus
• Unico
• Sense Chat
• Medipedia
• Bilionaire token

The big question to ask at this point is “Why are so many DApps migrating?” It is probable that customers did not get the impressive experience they were looking for at Ethereum. At the top on this list is speed and poor sustainability. Like Bitcoin, pioneer coins such as Ethereum and Ripple have been suffering from scalability problems.

Unless Ethereum reinvents itself, it is unlikely to slow down the current landslide shift to other platforms. For example, EOS platform has shown a lot of enthusiasm to help the blockchain move to the next level. This vigor was reflected when the platform raised a breathtaking $4 billion in a year-long initial coin offering (ICO ) that ended in June 2018.

The Concept Of Gas Created Unnecessary Complexities

If you follow the crypto space closely, one of the regular questions is “What is GAS?” The concept is considered as an unnecessary complication that most crypto users are willing to forego.

Though the development team considered GAS a noble idea, the truth is that it took away a significant portion of demand and power that could have helped to drive Ethereum to the next level.

If the GAS being paid in all the ERC-20 tokens was in ETH, the chances are that the coin could be edging higher and even higher than Bitcoin.

To reinvigorate, Ethereum could remove GAS to reduce complexities and attract users. However, as the smart contracts industry standard, this change would need major restructuring because GAS is deeply embedded in Ethereum and its coins.

The Rise Of Better Platforms For Decentralized Applications

When Ethereum started supporting the development of decentralized applications, other developers wanted to replicate the model and help the blockchain move to the next level. But their designs were created with one core objective: to address the shortcomings noted on the Ethereum system.

Take the case of EOS. While Ethereum can only handle an average of 20 transactions every minute, EOS has provided breathtaking scalability with a new block being generated every 0.5 seconds. However, it is the capability to progressively expand that has made more users believe that EOS could be the future and Ethereum the past.

As Ethereum stalls in finding new ways to increase scalability, top competitors are advancing toward limitless transactions per second. Although Ethereum has achieved a lot, especially with smart contracts, it has become the industry standard.

From TRON to WAVES and other platforms, all the new projects are riding on the idea of smart contracts that Ethereum created.

Vitalik Buterin Agrees That Reinventing Ethereum Is Difficult

A project’s success depends largely on the founder’s ability to guide it to new achievements. This situation was evident during the Child DAO attack when tech gurus such as Vitalik Buterin opted for Ethereum as Ethereum Classic took a different direction.

But the vigor and strength that Buterin and his team had in 2016 is all gone. Buterin started by admitting that indeed if it were possible to change Ethereum, it would be a good idea to help it remain competitive. That was a reflection of a resigning leader.

Before people understood Buterin’s meaning about changing Ethereum, he tweeted that he might be walking away. This seems to have dealt Ethereum the final blow.

In the tweets, Buterin appeared to prepare his followers and the entire community for a post-Vitalik Buterin Ethereum. Take a look at the tweets below from the leader that show he might be walking away from Ethereum platform.

The news about his exit did not help the Ethereum price in any way. After the news, the price of Ethereum took a downtrend that abandoned the recovery trend it had assumed from September 11, 2018. Note the steep decline after Buterin’s announcement:

Why Ethereum Cannot Simply Be Written Off

A closer look at Ethereum shows it may be headed for trouble. The structures the team worked hard to build are now stumbling blocks. But wait a moment!

The answer to the question, “Is Ethereum going to rise?”, can also be in the affirmative. While all the indicators are blinking red, it is impossible to simply write off Ethereum. The blockchain systems are complex networks that only require new energy to reinvigorate.

Here are some of the things that could make Ethereum rise again:

• The “looming exit” of Vitalik Buterin could be a blessing in disguise. New ideas and energy that could be ejected could be the missing link that Ethereum needs to shoot back to the top.
• Unlike other platforms that are emerging today, Ethereum has been in the market for years. Having survived a serious threat such as the Child DAO attack, the chances are that Ethereum will also survive the current situation.
• For about three years, the Ethereum has built a large base comprising decentralized applications and is relied on by hundreds of ERC-20 coins in the industry. Therefore, revitalizing Ethereum could be easier than building another platform.

The Final Take

Ethereum has sunk to a point where many believe it could be in its final days as a top coin. Its price is declining, and many DApps are moving to competing networks. The network now faces a major test that could make or break it.

The answer to “Will Ethereum rise again?” depends on its leaders and their future strategy. However, Ethereum cannot be simply written off. It will not die as easily as some expect.

If the team quickly brings in new leadership and ideas, Ethereum could become a major player again. Will it rise like Bitcoin? This is unlikely due to strong competition.