With 2017 coming to an end, and blockchain and cryptocurrencies becoming the most searched for items on the internet, one is left with only a million questions in mind: what is the future of blockchain technology, what cryptocurrency is going to steal the show in the coming year, are cryptocurrencies even really here to stay? And the list goes on and on and on. But let’s get down to making this as simple as possible, let’s answer one of your mind-boggling questions today. What cryptocurrency is going to steal the show in 2018.
Not to stress on what is already known, suffice it to say in just a statement that 2017 has been really good for cryptocurrencies. Bitcoin saw its best days in 2017, and one will think this will have done away with most of its deficiencies. Unfortunately, no. Bitcoin still has some really ridiculous “protocols” that need to be seriously amended. Take for instance the fact that someone transferring an equivalent of $30 to make payment for an item bought and someone transferring about $6,000 to pay for a job done, all have to pay the same uncharacteristically high transaction fee. Not to mention the delayed transaction times, and failed promise of a Lightning Network. Bitcoin is deficient, and we all agree to that. It is because of these loopholes that altcoin developers came into the scene: to capitalise on bitcoin’s weakness and create versions of the cryptocurrency that resolved these very issues.
However, these altcoins have not really succeeded in beating bitcoin to the cryptocurrency game. Even after bitcoin’s price fall, its value is still about five times the value of the second largest cryptocurrency. Does this mean that altcoins do not have a future? We will not be too quick to write them off.
Blockchains that utilise smart contracts have a great potential to take over the crypto market very soon. One of such smart contracts is the ethereum platform which on its own is a huge operating system that is most suitable for a decentralised financial structure.
What Really is the Difference?
Take the allegory of the computer operating systems. Before Windows OS or Mac OS, there was DOS – the traditional system on which every computer was running on. DOS was key to the integrating of computers into human lives, but it had a bit of a problem. DOS was too complicated. You could hardly have many applications compatible with it, its programming was another issue of its own. However, with the advent of the Windows OS and Mac OS, it became easier for computers to become a mainstream device in everyday lives of people.
Bitcoin is like DOS and Ethereum very much like Mac or Windows OS. Due to how favourable the ethereum platform is, most ICOs prefer to use ethereum for their transactions as compared to bitcoin and thus every now and then, blockchain and developers are creating applications and systems that are very much compatible with ethereum. As this continues, the demand for ethereum will rise as many people will begin to go in search for it, and as people’s confidence in it rises so will its value. Evidently, that’s where all developments in the ethereum sphere are pointing towards for the year 2018.
Technical Upgrades For Future Expansion
Ethereum developers are not around to joke; they mean business. Technical developers at ethereum have been working on several projects to expand the ethereum platform. At the beginning of the month there was news on a new TrueBit protocol that was in the pipeline meant to supercharge ethereum’s blockchain network into a “world supercomputer”. Last month also brought us the DevCon3 which brought together several ethereum developers together in one conference to deliberate and train towards the way forward. With the commitment being given to ethereum by its developers you could say that its future is in safe hands, but what of the other smart contract technologies?
Many of these contract technologies are claiming to be better versions of ethereum but we all know the truth like the back of our palms that it is no where close to true. They lack any technical expertise that ethereum has, not to even talk of the level of ethereum’s growth which absolutely dwarfs these others. Despite the fact that these contract technologies cannot be written off so soon, the dedication given to ethereum towards its growth and development is clearly lacking in these others.
Ethereum is already working privacy for its users as well as scaling for its systems for faster transactions worldwide, soon to be one of the first to attain such feats. Clearly, ethereum is prepping itself to dominate the cryptocurrency and blockchain world in 2018. You may think otherwise, yes, that is why we encourage you to leave your suggestions and comments in the comment section below and share your ideas with the Coinstaker community.
Featured Images via Cointelegraph, Wired, Shutterstock