Ethereum is down with serious scalability issues with the DeFi explosion – could TRON be an alternative?October 12, 2020
Decentralized Finance is fast claiming a stronghold over the blockchain world of late and for all the great reasons. For those uninitiated, most of the DeFi applications are based on Ethereum blockchain. And with the current parabolic growth of DeFi, the Ethereum network is naturally jam-packed with a huge deluge of traffic and transactions. The current scenario apparently seems to be great news for the ETH network as more traffic only means extended popularity of the network. But, then, on the other hand, a series of issues have cropped up, namely staggering gas fees and congested network. In fact, such problems have even compelled the blockchain world to consider other alternative platforms, say TRON.
A Catch22 situation for Ethereum
As mentioned above, the DeFi ecosystem is in a booming stage of late. Given that most DeFi apps are based on Ethereum, the platform is attracting even more users now than ever. It has led to more numbers of transactions on Ethereum platform than ever which have eventually caused serious congestion across the ETH network. And higher congestion has further resulted in higher fees as well as slower transaction times. Put simply, Ethereum is down with serious scalability – an age old problem of the network.
A similar thing happened with ETH-based digital cat trading game CryptoKitties some time back. Increased popularity of the game led to a severe jam across the ETH blockchain network which slowed down transactions by hours and days. And of course, high congestion also spiked up the transaction fees.
Is there a solution?
Well, as per Vitalik Buterin, the famous creator behind Ethereum, the scalability issue can be solved by using second-layer solutions which already exist in the network. Also Ethereum is soon to upgrade to version 2 and ETH 2.0 is claimed to be more equipped to handle increasing flow of transactions.
However, a large section of the blockchain world, including both users and experts, is not exactly very positive about Buterin’s solutions for ETH’s scalability woes. Many users have complained it’s extremely complicated to use the second-layer solutions to tackle transaction speed. Leading blockchain expert and president of Kadena, Stuart Popejoy has even stated that the very demise of the claim that Ethereum 2.0 would be a potential future platform, is the greatest development in Decentralized Finance this year.
Do we have an alternative in TRON blockchain?
Although a relatively new entrant in the blockchain world yet TRON has garnered rave reviews for its cutting-edge infrastructure and rising popularity. According to several crypto experts, TRON is way more advanced compared to Ethereum network and assures far greater scalability quotient. Leading crypto asset analyst, Glen Goodman, has strongly pointed out TRON offers more scalability than Ethereum and hence can accommodate more numbers of users and transactions.
It’s true that TRON is lagging much behind Ethereum when it comes to the number of Dapps which is just 750 compared to ETH’s 3,000. But, one major reason behind such a huge gap was the absence of a public oracle for TRON. However, recently Bridge Oracle, Tron Network’s first ever public oracle was introduced, which is poised to bolster the network a notch higher. Being a public oracle, Bridge will allow easy participation for public users in the TRON ecosystem which would eventually lead to a broader member base for TRON and also increased popularity.