以太坊未能发挥其潜力，原因如下

自 2015 年 7 月诞生以来，以太坊的方向发生了几次巨大的变化。从世界计算机到模块化区块链，然后从工作量证明（PoW）切换到股权证明（PoS），并放弃链上扩展而拥抱第二层解决方案的拼凑被子，Vitalik Buterin 的创意努力定义自己并长期坚持一个愿景。

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.

尽管有着宏伟的抱负和良好的开端，但以太坊在过去十年中未能发挥其潜力。许多项目要么完全离开该平台，要么选择创建自己的链和扩展解决方案。

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.

这种外流很大程度上归因于以太坊费用波动和第一层无法扩展，影响了从业务规划到用户体验的方方面面。因此，在该平台上构建长期未来变得越来越具有挑战性。

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.

相比之下，比特币的发明者中本聪认识到建立在不断变化的基础之上是徒劳的。他强调从一开始就锁定核心设计的重要性，并表示比特币可以无限扩展，没有上限。

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.

正如中本聪在比特币发布后不久在一封私人电子邮件中向开发者 Mike Hearn 解释的那样，该网络的规模已经能够远远超过 Visa 信用卡支付，后者每天在全球范围内进行 1500 万次互联网购买。据赫恩称，中本聪告诉他，比特币可以承担一小部分成本，而且永远不会达到规模上限。

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.

虽然第二层解决方案被吹捧为一种扩展网络的方法，但以太坊对它们的拥抱最终可能被证明是一个致命的错误。利用 L2 和侧链确实提供了短期扩展优势，但也存在多种缺点和负面权衡。

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.

最明显的负面因素之一是流动性碎片化，这对于旨在推动 DeFi 并支撑世界金融体系的 BTC 来说尤其重要。当流动性池被分割为多层时，做市商必须将资源分配给每一层，而交易者必须在它们之间进行切换。

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.

这也对网络效应产生不利影响。观察 Facebook（纳斯达克股票代码：META）或 Twitter 等 Web 2.0 平台的指数级增长凸显了网络效应的重要性。将应用程序分散到不同的层会抑制这些影响和病毒式增长。

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.

在当今世界，合规性至关重要。虽然加密无政府主义者可能认为该行业凌驾于法律之上，但过去几年的情况却表明并非如此。许多层和侧链增加了构建者的监管风险和司法复杂性。

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.

不同层之间存在桥梁，也会带来不必要的安全风险。任何在该行业工作多年的人都会非常清楚臭名昭著的桥接黑客攻击（例如，Ronin 黑客攻击）。其他风险包括重放攻击、欺诈性状态更新、智能合约错误等。

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.

最后，任何营销人员都会告诉您，用户体验对于任何技术的广泛采用都至关重要。即使是那些使用数字货币多年的人现在也很难在以太坊不断扩大的迷宫中穿行。

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

要了解以太坊如何变得如此无法修复的混乱，有助于了解它的历史。

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.

这一切都始于《比特币杂志》创始人 Vitalik Buterin 被 BTC Core 开发者赶走的时候。他想在比特币区块链之上建立以太坊，但 BTC Core 的独裁者已经夺取了控制权，他被告知他不能。此外，他们已经禁用了许多必要的操作码。

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.

此后，这位 19 岁的计算机科学学生意识到他需要创建自己的区块链。当然，作为一个学过一年计算机科学的青少年，他并没有预见到中本聪几十年来精心解决的所有问题，他天真地认为自己知道得更多。

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.

尽管 Buterin 很年轻且相对缺乏经验，但他对自己的创意保持着严格的控制。多年来，当他自行决定将以太坊区块链回滚并迁移到权益证明时，这一点变得显而易见。这两项变化在技术上都分叉了以太坊，使这次迭代成为叉子的叉子，并使以太坊经典成为原始版本。

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 无法选择方向并坚持下去并不是以太坊处于当前状态的唯一原因。他对链下扩容的承诺，就像 BTC 阵营最初回避他一样，导致以太坊经历了六次失败的扩容尝试。最臭名昭著的例子是 Plasma，它很快就表现平平。顺便说一句，Plasma 白皮书是由 Joseph Poon 共同撰写的，他也是闪电网络白皮书的共同撰写者。

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.

简而言之，以太坊长达十年的不断变化、反复失败以及在每个牛市周期都令人信服的新叙述的历史，都归因于 Vitalik Buterin 独特的个性和他无法有效领导。以太坊是他的项目，所以它目前的状态完全落在他的肩上。

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.

虽然 Buterin 喜欢嘲笑最初的比特币协议 BSV，但绝不能说它改变了方向、偏离了方向，或者实施了六次失败的扩容尝试。 BSV 开发人员坚持不懈，尽管受到无情的批评，仍坚持不懈地努力，使中本聪的愿景成为现实。

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

尽管过去几年部署出现了一些延迟，但 BSV 的扩展模型正在发挥作用。随着 Teranode 扩展到 100 万笔交易