Top Reasons Why Ethereum (ETH) Can’t Die, Not Any Time Soon
It’s no doubt that Ethereum (ETH) is second only to Bitcoin (BTC) in terms of market capitalization. It’s also widely anticipated that most of the cryptocurrency projects will bust and that only a percentage (less than 5%), will survive.
Concerns have been raised on all crypto, including the top two. It’s predicted that Bitcoin and Ethereum are as much at risk of dying as are the other coins. While that may eventually come to pass, here are the top reasons that prove Ethereum isn’t going to melt into oblivion.
Ethereum isn’t a “thin air” project.
In short, Ethereum isn’t just a project in some GitHub. It has real support from people who value its growth, especially the EEA based in Switzerland.
The interest that the Ethereum project has elicited over the years has grown into massive proportions. The project that already boasts a strong presence with some of the brightest minds in the industry is backed by a rapidly growing Enterprise Ethereum Alliance, ConsenSys, and Blockchain LLC.
The EEA has been growing rapidly with companies and government institutions coming. All these initiatives aren’t driven by the need for price gains, but by the recognition that Ethereum’s technology has a lot to offer.
ConsenSys is one of the largest blockchain companies that have one dedicated goal: to build and develop Ethereum’s ecosystem for further growth. They have played a big role in incubating and supporting worthwhile companies that have built on Ethereum including iExec RLC, Grid+, and Gnosis.
Ethereum’s smart contracts are here to stay
Ethereum’s incredible network continues to grow and its smart contract functionality will only become better. There are more people and institutions building on Ethereum, and as the ecosystem grows more projects will keep coming up. Already popular projects use the Ethereum network:
- Request Network; and
The potential for Ethereum dApps and smart contracts to be applicable and deployed for greater development has caught the eye of governments and institutions. Canada, for one, began testing the implementation of Ethereum projects. It’s one of the first to recognize the value of smart contracts built on Ethereum.
The National Aeronautics and Space Agency (NASA) also seek to use Ethereum-based smart contracts to explore deep space. These efforts mean that the network has been found to be stable, reliable and worth building upon.
Ethereum’s constant upgrades
Even though Ethereum has faced issues of scalability and ballooning transaction fees, the platform appears set to make this sticking point in history. In the past, founder and CEO, Vitalik Buterin has opined that the crypto is after people (academicians and other professionals) for the purpose of upgrading the platform.
To that effect, Ethereum has been working on a number of upgrades and implementations that will make it better and bigger. Ethereum’s lead developers and proponents have been applauded for being among the most transparent and cooperative.
It’s due to this that it’s almost public knowledge that the platform will not experience current problems for long. Scaling upgrades like sharding are coming soon, pulling in more institutions and companies.
The Casper implementation too will make the network better and secure, as will the Plasma protocol. All these upgrades point to one thing, Ethereum is going to be around much longer.
One of the reasons Ethereum isn’t here to die relates to its existence in the first place. The platform, unlike many others, wasn’t built to replace Bitcoin. The main idea behind Ethereum was to deploy applications that could end up changing lives for the better. It doesn’t try to take over as a payment currency, and that has helped it to grow exponentially.
The focus of the leadership at Ethereum is to find the best possible ways to improve the technology for dApps. For this reason,
There are many reasons that make Ethereum a stronger project. Even though it faces a regulatory challenge, the main components to aid it in moving forward are there. The focus of a bigger part of the crypto community may be on prices, but fundamentally, Ethereum (ETH) is here to stay.