Will 2018 Be Beneficial for Ethereum? Blockchain Council

Will 2018 Be Beneficial for Ethereum? Blockchain Council

2017 has bot an excellent year for Ethereum with dozens of ICOs using it for distributing their tokens along with significant partnerships. Since the Bitcoin network has bot severely congested for the majority of 2017, most people have moved to Ethereum to conduct their business. Significant exchanges have also added Ether trading pairs alongside Bitcoin trading pairs. With this and other developments, it seems like 2018 could be an excellent year for Ethereum!

dApps on the Ethereum Verhoging

One of the thickest drivers of growth te the adoption of Ethereum te 2017 has bot Decentralized Applications or dApps which run on Ethereum. Services like Etherdelta, which is a decentralized exchange running on Ethereum and CryptoKitties, a spel on the Ethereum blockchain, have bot the thickest gas spenders ter 2017. 2018 is certainly going to see a lotsbestemming more successful dApps spil more and more projects are reaching the utter release version. Spil more projects are deployed on Ethereum, the amount of gas also spent increases which means more usage of Ethereum which should boost the price even further. Some key projects to see out for:

Golem – A decentralized supercomputer on the Ethereum blockchain that anyone can use for computing resources

Civic – Ethereum blockchain based identity verification solution

Economy – An index fund toneel for cryptocurrencies that lets users build their own Digital Asset Arrays (Mat)

Tenx – VISA based card that permits users spend their Ethereum at any vendor that accepts VISA

OmiseGO – Universal, asset agnostic payment gateway that has seen some massive partnerships te 2017 already

For the last several weeks, Ethereum has processed overheen 1.Two million transactions daily, which is more than four times the amount of transactions that Bitcoin is treating daily. Not only is Ethereum treating more transactions, but it is also doing so for the fraction of the cost of Bitcoin transfers. Spil of writing this article, an average Bitcoin transaction cost $30 te fees and about 6-7 hours to get confirmed. Compared to that, Ethereum which is treating four times the flow is doing so for $0.60 vanaf transaction with only a few minutes of wait time for an average transaction.

Ethereum is going to proceed to the leader for scalability spil there are several improvements planned, which include Casper (Proof of Stake), Sharding, Raiden, and Plasma. Ethereum could see some of thesis upgrades spil soon spil Q2 2018 which will increase the maximum explosion of the network by many orders of magnitude. Once Sharding and Plasma are implemented within Ethereum, they will permit for infinite scaling, and at that point, Ethereum will eventually be able to meet its request of global adoption. Meantime, adjustable block size limit will keep Ethereum going until more sophisticated scaling solutions are developed

Developer Network Effects

Ethereum is presently the most actively developed blockchain based project according to GitHub. Spil much spil 80% off all code updates shoved to GitHub overheen the last six months have bot for Ethereum which is a wilsbeschikking to the fact that developers have genuinely embraced Ethereum. An active network of developers is crucial for any blockchain based programming project to succeed because there is so much competition te the blockchain space right now. Having the best developers working on Ethereum means that Ethereum would be the very first toneel to incorporate groundbreaking technical innovations. This can be seen with features like zero-knowledge proofs (zk-SNARKS) which were added to Ethereum recently from Zcash.

Metcalfe&rsquo,s Law and Network Effects

Metcalfe&rsquo,s Law of Network Effects states that the value of a network grows spil a square of the number of users it has. This law has helped predict the price of Bitcoin and Ethereum exceptionally well so far spil both the cryptocurrencies have seen exponential growth spil their user base has enlargened ter 2017. Spil Bitcoin is getting progressively firmer to use with its gigantic fees and hour long wait times, more and more users are turning to Ethereum to use cryptocurrencies. This trend should proceed well into 2018 spil Bitcoin has no medium-term activity plans to improve scalability spil core members are te denial and remain adamant about no block size increases. This is an excellent news for Ethereum spil it means more network usage for Ethereum and therefore an increase ter price to match it.

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