2017 was the year of Bitcoin, 2018 will be that of Ethereum

As a long-term investor in Bitcoin and cryptocurrencies, 2017 has been remarkable. But it is important to remember that this is only the beginning.

Jez San is the CEO of FunFair Technologies, a casino platform powered by Ethereum .

Despite the valuations, the main protocols remain deficient in the delivery of value to users. Bitcoin with its high rates and long transaction times is not suitable for payments, spending the same rate whether you buy a coffee or send $ 100,000 is a joke and the promise to scale solutions such as Lightning Network has not been met.

Suffice to say that its new positioning as a store of value is precarious, even if judging by the huge rise in the price of Bitcoin, the store's narrative is winning by now.

While there is no shortage of old and new believers to keep the party going, I am betting my chips for a more flexible alternative along with many developers working to create better bifurcated versions of Bitcoin.

The door is open for blockchains that use smart contracts, like Ethereum, and I think their potential market dwarfs the chains of "value stores". Platforms like Ethereum are an operating system for decentralized finance and trade.

Many of them enhance the applications.

A comparison

Think of Bitcoin as DOS and Ethereum as Windows or Mac OS. There is nothing wrong with DOS. It arrived first and was an essential part of the success of the computer.

Geeks grew in DOS, but computers only became widespread when Windows and Mac OS appeared. DOS is difficult to learn, complicated to program and few applications executed. Windows and Mac OS support and encourage the development of applications and, ultimately, are easier for people to use.

Ethereum is like Windows and Mac OS, and as a result, developers are creating applications by the thousands.

It feels like the Internet boom in 2000. Thousands of new businesses are emerging with highly innovative business models and regulatory compliance, and new methods are being sought to finance them. Most, like Pets.com and Webvan, will fail. But some will be the next Amazon, eBay or Google blockchain generation.

But with its proven stability and exceptional immutability, do not bitcoins developers deserve the reverence that comes with the dizzying price?

It would not be quick to say yes to this. They are so resistant to change that they would rather give up all hope of serving the common man. Let's face it, Bitcoin today is a product for a few elitists who can afford the high transaction fees. They have chosen a path to a dead end without technical exit.

A better way

Last month's DevCon3, a conference of Ethereum developers, may be evidence of a contrasting approach.

With 2,000 developers present, each paying 1000 USD plus expenses to collectively push the limits of blockchain innovation, the future of Ethereum seems secure. But what about other intelligent contract-enabling technologies?

Sure, there are some new suitors out there who claim to be Ethereum 2.0. None have shown anything like Ethereum's innovation or rapid improvement, nor do they have the developer mentality.

You can not write any of them for the moment, but Ethereum has shown a dedication to innovation at all costs and an efficiency that leaves no doubt that it will be the main platform for the development of blockchain applications in the coming years.

Those guys are already working on privacy and scale the likes of the other blockchains they can only dream of. For me, you must evolve or die. In 2018 and beyond, Ethereum and other technologies will continue to evolve and energy applications will drive the next era of technology.

Source: CoinDesk