以太坊未能發揮其潛力，原因如下

自 2015 年 7 月誕生以來，以太坊的方向發生了幾次巨大的變化。從世界電腦到模組化區塊鏈，然後從工作量證明（PoW）切換到股權證明（PoS），並放棄鏈上擴展而擁抱第二層解決方案的拼湊被子，Vitalik Buterin 的創意努力定義自己並長期堅持一個願景。

Despite grand ambitions and a promising start, Ethereum has failed to live up to its potential over the past decade. A slew of projects have either left the platform altogether or opted to create their own chains and scaling solutions.

儘管有著宏偉的抱負和良好的開端，但以太坊在過去十年中未能發揮其潛力。許多專案要么完全離開該平台，要么選擇創建自己的鍊和擴展解決方案。

This exodus can be largely attributed to Ethereum’s fluctuating fees and inability to scale at layer one, affecting everything from business planning to user experience. As a result, building a long-term future on the platform has become increasingly challenging.

這種外流很大程度上歸因於以太坊費用波動和第一層無法擴展，影響了從業務規劃到用戶體驗的各個方面。因此，在該平台上建立長期未來變得越來越具有挑戰性。

In contrast, Bitcoin’s inventor, Satoshi Nakamoto, recognized the futility of building on shifting foundations. He emphasized the importance of locking in the core design from the outset and stated that Bitcoin could scale infinitely with no ceiling.

相較之下，比特幣的發明者中本聰認識到建立在不斷變化的基礎上是徒勞無功的。他強調從一開始就鎖定核心設計的重要性，並表示比特幣可以無限擴展，沒有上限。

As Satoshi explained to developer Mike Hearn in a private email shortly after Bitcoin’s release, the network was already capable of scaling far larger than Visa credit card payments, which stood at 15 million Internet purchases per day worldwide. According to Hearn, Satoshi told him that Bitcoin could handle a fraction of the cost and never hit a scale ceiling.

正如中本聰在比特幣發布後不久在一封私人電子郵件中向開發者Mike Hearn 解釋的那樣，該網絡的規模已經能夠遠遠超過Visa 信用卡支付，後者每天在全球範圍內進行1500 萬次網路購買。據赫恩稱，中本聰告訴他，比特幣可以承擔一小部分成本，而且永遠不會達到規模上限。

While layer two solutions have been touted as a way to scale بلاك تشينs, Ethereum’s embrace of them may ultimately prove to be a fatal mistake. Utilizing L2s and side chains does provide short-term scaling benefits, but there are multiple drawbacks and negative tradeoffs.

雖然第二層解決方案被吹捧為一種擴展網路的方法，但以太坊對它們的擁抱最終可能被證明是一個致命的錯誤。利用 L2 和側鏈確實提供了短期擴展優勢，但也存在多種缺點和負面權衡。

One of the most glaring negatives is liquidity fragmentation, which is especially crucial for a بلاك تشين that aims to power DeFi and underpin the world financial system. When liquidity pools are split across multiple layers, market makers must allocate resources to each layer, and traders have to switch between them.

最明顯的負面因素之一是流動性碎片化，這對於旨在推動 DeFi 並支撐世界金融體系的 BTC 來說尤其重要。當流動性池被分割為多層時，做市商必須將資源分配給每一層，而交易者必須在它們之間切換。

This also has a detrimental impact on network effects. Observing the exponential growth of Web 2.0 platforms like Facebook (NASDAQ: META) or Twitter highlights the significance of network effects. Having applications split across different layers dampens these effects and viral growth.

這也對網路效應產生不利影響。觀察 Facebook（納斯達克股票代碼：META）或 Twitter 等 Web 2.0 平台的指數級增長凸顯了網路效應的重要性。將應用程式分散到不同的層會抑制這些影響和病毒式增長。

In today’s world, regulatory compliance is critical. While crypto-anarchists may believe the industry is above the law, the last few years have shown otherwise. Many layers and side chains increase regulatory risk and jurisdictional complexity for builders.

在當今世界，合規性至關重要。雖然加密無政府主義者可能認為該行業凌駕於法律之上，但過去幾年的情況卻表明並非如此。許多層和側鏈增加了建構者的監管風險和司法複雜性。

Different layers with bridges to, from, and between them also introduce unnecessary security risks. Anyone in the industry for more than a few years will be well aware of the notorious bridge hacks (e.g., the Ronin hack). Other risks include replay attacks, fraudulent state updates, smart contract bugs, and dozens of others.

不同層之間存在著橋樑，也會帶來不必要的安全風險。任何在該行業工作多年的人都會非常清楚臭名昭著的橋接黑客攻擊（例如，Ronin 黑客攻擊）。其他風險包括重播攻擊、詐欺性狀態更新、智慧合約錯誤等。

Finally, any marketer will tell you that user experience is crucial to gaining widespread adoption of any technology. Even those who have used digital currencies for years now struggle to navigate the ever-growing labyrinth that Ethereum has become.

最後，任何行銷人員都會告訴您，使用者體驗對於任何技術的廣泛採用都至關重要。即使是那些使用數位貨幣多年的人現在也很難在以太坊不斷擴大的迷宮中穿梭。

To understand how Ethereum became such an unfixable mess, it helps to understand its history.

要了解以太坊如何變得如此無法修復的混亂，有助於了解它的歷史。

It all began when Vitalik Buterin, who was the Founder of Bitcoin Magazine, was pushed away by BTC Core developers. He wanted to build Ethereum on top of the Bitcoin blockchain, but the dictators at BTC Core had already seized control, and he was told he could not. Besides, they had already disabled many of the necessary op_codes.

這一切都始於《比特幣雜誌》創辦人 Vitalik Buterin 被 BTC Core 開發者趕走的時候。他想在比特幣區塊鏈之上建立以太坊，但 BTC Core 的獨裁者已經奪取了控制權，他被告知他不能。此外，他們已經禁用了許多必要的操作碼。

After this, the 19-year-old computer science student realized he would need to create his own blockchain. Of course, being a mere teenager with one year of computer science behind him, he didn’t foresee all of the problems Satoshi Nakamoto had meticulously worked out over decades, and he naively believed he knew better.

此後，這位 19 歲的電腦科學學生意識到他需要創建自己的區塊鏈。當然，作為一個學過一年電腦科學的青少年，他並沒有預見到中本聰幾十年來精心解決的所有問題，他天真地認為自己知道更多。

Despite his youth and relative inexperience, Buterin maintained strict control over his brainchild. This would become apparent over the years when, at his sole discretion, the Ethereum blockchain was rolled back and when it migrated to proof-of-stake. Both changes technically forked Ethereum, making this iteration a fork of a fork and rendering Ethereum Classic the original.

儘管 Buterin 很年輕且相對缺乏經驗，但他對自己的創意保持著嚴格的控制。多年來，當他自行決定將以太坊區塊鏈回滾並遷移到權益證明時，這一點變得顯而易見。這兩項變化在技術上都分叉了以太坊，使這次迭代成為叉子的叉子，並使以太坊經典成為原始版本。

Yet, Buterin’s inability to pick a direction and stick with it isn’t the only reason Ethereum is in its current state. His commitment to off-chain scaling, much like the BTC camp initially shunned him, has led Ethereum through half a dozen failed attempts to scale. The most infamous example is Plasma, which quickly fell flat. Incidentally, the Plasma whitepaper was co-authored by Joseph Poon, who also co-authored the Lightning Network whitepaper.

然而，Buterin 無法選擇方向並堅持下去並不是以太坊處於當前狀態的唯一原因。他對鏈下擴容的承諾，就像 BTC 陣營最初迴避他一樣，導致以太坊經歷了六次失敗的擴容嘗試。最臭名昭著的例子是 Plasma，它很快就表現平平。順便說一句，Plasma 白皮書是由 Joseph Poon 共同撰寫的，他也是閃電網路白皮書的共同撰寫者。

In short, Ethereum’s decade-long history of chopping and changing, failing repeatedly, and convincing rubes of a new narrative every bull cycle is down to Vitalik Buterin’s peculiar personality and his inability to lead effectively. Ethereum is his project, and so its current state is squarely on his shoulders.

簡而言之，以太坊長達十年的不斷變化、反覆失敗以及在每個牛市週期都令人信服的新敘述的歷史，都歸因於 Vitalik Buterin 獨特的個性和他無法有效領導。以太坊是他的項目，所以它目前的狀態完全落在他的肩膀上。

While Buterin likes to mock BSV, the original Bitcoin protocol, it can never be said that it has changed direction, veered off course, or implemented half a dozen failed scaling attempts. BSV developers have stuck to their guns, pushed forward despite relentless criticism, and worked tirelessly to make Satoshi’s vision a reality.

雖然 Buterin 喜歡嘲笑最初的比特幣協議 BSV，但絕不能說它改變了方向、偏離了方向，或實施了六次失敗的擴容嘗試。 BSV 開發人員堅持不懈，儘管受到無情的批評，仍堅持不懈地努力，使中本聰的願景成為現實。

Despite some delays in deploying in the past few years, BSV’s scaling model is working. As Teranode scales to one million transactions

儘管過去幾年部署出現了一些延遲，但 BSV 的擴展模型正在發揮作用。隨著 Teranode 擴展到 100 萬筆交易