The future of the crypto project has arrived and is here to stay. ICO marketing dominance is one thing, but when a new platform such as blockchain technology becomes popular, you have to take notice. The biggest cryptocurrency in the world right now is Ethereum due to its application in the best selling game of all time – CryptoKitties. With a new world order taking place, could this be the rise of an era where cryptocurrencies are clearly outshining fiat? Hardly anyone can say for sure, but it appears that we are halfway there with this revolutionary coin!
1. Market Dominance
Right now, Ethereum is the second most traded cryptocurrency on the market. That being said, it has lost its spot to Ripple for about a month now. Still, there is a chance for Ethereum to rise again with more news on new platforms and even more countries getting involved in cryptocurrencies. Currently, there are already over 1 million live users of CryptoKitties and this number is growing rapidly. The game was reportedly downloaded around 260 thousand times in just its first week!
2. New Partnerships
Ethereum is always working with new partners. Recently, IOTA and Cardano announced that they are teaming up with Ethereum to create a decentralized marketplace for the internet-of-things (IoT). This announcement has already resulted in a giant spike of around 20 percent in the price of Cardano. Even though it is not what we saw during December 2017 when Ethereum was easily worth $1000, it will still be a surge for any investor looking to make some money. Another Ethereum based blockchain project called ICON recently closed their ICO after raising about $42 million dollars which is entirely run by Korean fintech companies. This project is looking to connect different tribes of different cryptocurrencies together. News approved site is here.
3. Next Generation Blockchain
Ethereum has proven itself as a leader in the blockchain and smart contract arena, but now it appears that it is being replaced by a new generation which will be even more revolutionary. The DAG (Directed Acyclic Graph) technology used by IOTA stands for “Tangle”. While the concept is still being worked on, no one can deny that this technology has a higher possibility of becoming popular than Ethereum’s smart contracts when it comes to future proofing and maintaining efficiency of blockchains. This is because the Tangle technology can handle more transactions than a normal blockchain and even more than the Visa network in some cases.
4. Ethereum 2.0
Ethereum is constantly working on a new version of itself, but it is still some time away from being ready for mass adoption by developers and companies who are looking to use it in their products. The upcoming Ethereum 2.0 will have a few new features that are currently being worked on, but it will also have a few things that could be changed or removed all together once they begin testing these new versions of the platform. Since Ethereum is an open-source platform, anyone can work on it and change whatever they want. This is done to allow developers to create their own unique versions of the Ethereum platform.
5. More Regulation
Another thing to look out for in the future of cryptocurrencies will be more regulation from different governments and regulatory agencies that have not been used to the world of digital currencies. While some things may be taken lightly, others may be taken very seriously – for example, taking away cryptocurrencies such as Bitcoin as legal tender or making government currencies illegal tender. While the latter can never happen or will hardly happen, there is a chance for things to get heated up in the future for manual link building. If this happens, Ethereum may definitely have to work with some regulatory bodies in order to keep the platform alive. It will be quite interesting to see what happens in the crypto world when countries begin cracking down on digital currencies as a whole.
6. More Popularity
Right now, Ethereum is backed by one of the most popular cryptocurrency exchanges on Earth – Coinbase. This means that people who want to get involved in cryptocurrencies can easily use Ethereum and not feel too much risk. In the future, there will be more exchanges opening up which will allow people to trade between different cryptocurrencies. This means that Ethereum’s market dominance may decrease when decentralized exchanges become more popular, but this is only a very small possibility for now.
7. More Applications
There are some platforms such as NEO and Qtum that are based on Ethereum and have smart contracts as well, but they also have additional features such as digital identity management and even machine-to-machine communication (m2m). Ethereum is great for the internet of things, but what if you want to create a decentralized exchange? What if you want to build a decentralized application or even a decentralized application? Ethereum may not be able to provide what you want. However, there are other platforms such as NEO and Qtum that can actually do all of that which will hopefully be implemented in the future.
8. More Countries
While it is unlikely that Ethereum will ever overtake Bitcoin in terms of market dominance, it can definitely become more popular and one platform that looks to rival Ethereum both from a technical perspective and size is NEO. Right now, the NEO community is working on NeoCash for Crypto which will be used as proof-of-work for transactions within the network.