The current state of the blockchain industry reflects a troubling emptiness, with most projects merely capitalizing on speculative opportunities rather than delivering genuine innovation or societal value.
Péter Szilágyi, an Ethereum core developer, expressed profound disappointment in the industry's direction, equating it to a casino environment where the original vision of blockchain is overshadowed by short-term gains.
Ethereum's dedication to a fully on-chain approach might be its biggest misstep, as it pushes ordinary business processes into a complex consensus model that impedes efficiency.
The relentless focus on making all applications on-chain—with the resulting congestion and escalating layer complexities—demonstrates a misguided pathway that dilutes blockchain’s potential for transformative gains.
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