It’s undeniable just how important Ethereum is for the whole Cryptocurrency ecosystem. Ethereum’s technology revolutionized the Cryptocurrency sector and allowed developers to easily code and issue Cryptocurrency projects under the ERC-20 standard. It is Ethereum’s technology that ultimately brought the Initial Coin Offering Boom of last year and indirectly responsible for the countless Crypto projects there are.
Ethereum became the second Base Layer for the Cryptocurrency Ecosystem
Ethereum’s importance is undeniable and some people think that it’s important because it is the second Cryptocurrency by market capitalization, but this is the after effect. Vitalik Butterin’s Project revolutionized the industry and drove the “industrial revolution” in the emerging crypto sector by allowing every developer to create a great ERC-20 project. Fast forward a year later, the Cryptocurrency industry is still volatile, but a lot more stable than it was a year later. Still, many corporate entities and investors are excited about Ethereum’s future development.
And why not? Ethereum has still a lot going on and a lot more to come like two-layer solution for scaling: Sharding and Plasma. More than 80% of all cryptocurrency projects are based on the Ethereum Blockchain, which is weighting on the network. I remember when CryptoKitties came out, the enormous volume it brought to the Ethereum network was too much to handle and all transactions needed a whole day to process. But with the upcoming upgrades – Sharding, Casper and Plasma, many of the existing problems will be fixed.
Commercial uses for the network will become more mainstream and we will probably start seeing more and more corporate entities use Ethereum’s commercial Blockchain solution. The enthusiasm towards their technology is endless and the price of the Ether coin is not tied up with the development of the technology. Thousands of developers are working to create decentralized applications (DApps) on the network, which will bring the Cryptocurrency sector steps closer to mass adoption or mass implementation. According to some analysts and statistical data, more than 300,000 developers are currently developing on the Ethereum network and the number is raising constantly.
Vitalik Buterin’s project is more than genius
Recently, the CEO of Circle – Jeremy Allaire has made a statement, praising Ethereum and it’s potential. He said the Ethereum could be the reason for the next big Cryptocurrency bull run, because of the enormous activity happening on the network. It is a great environment for developers of Blockchains and Decentralized Applications, which are crucial for the future development of the Crypto sector. On their network, you can create a new token, you can create dApps, new financial contracts with Ethereum’s smart contracts and more.
Last year, there were some expert that referred to the Ethereum’s coding language – Solidity as the language of money and that every developer can easily become a millionaire with it. The CEO of Coinbase, the world’s biggest digital asset exchange, Brian Armstrong has been optimistic on Ethereum since 2017. In 2017, he revealed that he is currently in possession of more Ether than Bitcoin. The same is with the CEO of Circle, they are both bullish on Ether.
The project has a bright future ahead and I’ve personally heard a lot of skepticism around it. But understanding that the value that Ethereum brings to the whole Crypto Economy is the biggest leverage that a Cryptocurrency can have. Although, there are a lot of competitors for the spot, some of which are actually better than Ethereum. Nevertheless, Ethereum is still the King of the Cryptocurrency industry (for me personally). Bitcoin has become like the Gold for the whole digital asset ecosystem and is a great store of value, but Ethereum is bringing a lot more benefits and functionality to the table that will not go unnoticed!