Ethereum, it simply isn’t enterprise grade
I really love the idea of Ethereum. But after extensive testing I cannot make any recommendation to use it for a production enterprise environment.
Yesterday, when people flocked to the market to buy ETH so they could send it to a contract wallet for a couple of otherwise awesome ICOs (Status & Civic), the network behaved unpredictably (crashed) based on the backlog queue of transaction (Tx) submissions.
While all of that was happening, I was testing things like network latency and cost to simply send standard business operations type of metadata updates to private contract tokens.
I cannot justify $.34 USD for a “public chain” database write.
It’s simply not useful at that price. At scale, the network simply costs far too much, especially when considering the much lower cost alternative of creating a value-chain consortium of business partners.
That’s how companies presently do business.
A private network can be tokenized, and operate with it’s own internal economic model without worrying about the kinds of things a public chain function requires.
For example, requiring a multi-gigabyte block file on a device to function. Ethereum requires you to store the entire blockchain on your hard drive to work outside of the most basic wallet functions and minimal dApps (applications built on top of the Ethereum network).
I will continue to test the Ethereum platform, particularly monitoring the proposed scale strategies. But for now we are continuing to build enterprise private chain consortia networks for vertical industry solutions.
These will be pegged to Bitcoin for public chain financial transfer between exchanges and fiat currency solutions. But that will not be the sole means of transaction and capital movement in and out of our solutions. We also just build… apps, which happen to work as a blockchain architecture
If someone insists “Ethereum, Ethereum”, ask them about their direct economic modeling testing with their hands in the network itself (as opposed to reading about it and trading it in a wallet). We’re working directly in the tech to determine the distance between use cases and suitability. Like- advanced distributed computing cost analysis type of shit.
Far more mature blockchain architecture and tech exists in a more stable environment to solve actual business problems.
P.S. Did I mention that it’s also cheaper to run?