Crypto-focused research and investment giant Paradigm has shared deep thoughts on the state of the Ethereum chain. The protocol focused on what Ethereum could achieve if the developers and the broader community shunned some ideologies. The research discussed ways to accelerate Ethereum’s development to maximize its resources.
Paradigm on Ethereum Shipping Issues
According to the firm, the network ships updates slowly, at one yearly upgrade. It is noted that this is not ideal and is masked by two major concepts it identified as “inertia” and “the need to ossify.” He emphasized the latter reason as the belief that Ethereum may only maintain its decentralization if changes to the core chain are slow.
Paradigm pointed out that Ethereum is often torn between the need to balance values and innovation. However, the investment giant noted that Ethereum has yet to maximize its technical capabilities to start placing so much emphasis on values.
“We think ossification is too risky for Ethereum. It prevents Ethereum from staying competitive as a platform, as applications and users move toward more centralized alternatives. Ossification also poses its own centralization risks to Ethereum.”
As Paradigm also noted, there are ways Ethereum can overcome these challenges. One is encouraging client teams to have a say, not a veto, in development affairs. In addition, the firm said it would allocate more resources to R&D and improve the All Core Devs process.
Paradigm’s Role In Improving Ethereum
According to the firm, it contributes to Ethereum Improvement Proposals (EIPs), drawing on its status as researchers and engineers. Beyond this, it also assists the ETH growth with data analysis and code, focusing on EIP-7862. This EIP, as noted, does not conflict with the rest of the protocol’s roadmap.
Beyond this, the research firm said it developed Reth as an SDK to help with Ethereum’s experimentation.
It said it is building and supporting foundational tooling to cap its role within the ecosystem. These include but are not limited to Foundary, Alloy, and Solar. To summarize its latest take, Paradigm believes the protocol can perform better if it ships faster.
Expected Upgrades and Price Outlook
Based on its recent call from all core developers, key stakeholders agreed on a mid-March launch timeline for the Pectra upgrade. This upgrade has been in the works for months and will enhance usability for both developers and ushers.
Ultimately, experts believe the changes within the ecosystem will positively impact prices. At the time of writing, ETH was changing hands for $3,341.89, up by 0.48% in 24 hours.
Per the long-term projection offered by Bitwise, the ETH price could hit $7,000 this year.
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