The calendar year 2017 has been a remarkable year for bitcoin and cryptocurrencies. However, analysts feel that this year can be the year of Ethereum’s.
Bitcoin’s valuations has been very high, however there are some deficit protocols that remains to be delivered to the value to the users. One can cite the argument of bitcoin having slow transaction time and with high fees that is not suitable for payment. This is evident with the fact that same fee is paid whether one buy a coffee or send $100,000. The promise of scaling solutions such as the Lightning Network hasn’t been fulfilled.
Moreover, the flagship smart contract system of Ethereum sets it apart from Bitcoin leading the former to become the leading platform for ICOs. This allows the developers in using the underlying code for their own applications called dapp.
Steven Nerayoff, Ethereum advisor is of the view that Ethereum protocol’s open source functionality can be leading to mass adaptation of an array of Blockchain applications.
“You’re seeing a tremendous amount of growth across a wide variety of industries. Fintech is actually the natural area, but now you’re seeing it becoming increasingly more creative — you find projects in the oil and gas industry, you’re finding government using it in their applications, you’re seeing it in gaming, all kinds of different areas.”
The innovative applications can be used by the developers with the help of Ethereum software. This is one of the foremost examples of the success of CryptoKitties. The popular online game has been a massive success placing strain on the Ethereum network last year. This turned out to becoming the biggest dapp.
“What you’re seeing with Ethereum is an exponential increase in the number of projects. There are billions of dollars being poured into the ecosystem right now, maybe 10 times more projects this year than last year, which could easily lead to a doubling, probably a tripling in price by the end of the year.”