Will ethereum succeed in 2018?
2017 was a remarkable year for bitcoins and cryptocurrency in general. Despite the valuations, the main protocols remain wanting in delivering value to users. Bitcoins are no longer suitable for payments due to its slow transactions times and high fees. The implementation of the lighting network has not been fulfilled. These problems pave the way for a currency that uses smart contracts called Ethereum.
Ethereum and bitcoins can be compared to windows and DOS. Computers went mainstream when windows appeared. DOS was challenging to learn and run only a few applications. However, a window encouraged thousands of apps and remained easy for people to use. “Ethereum emerge to provide hope to investors that cannot afford the high transaction fees that bitcoins offers.” In 2018, Ethereum technology will become more valuable in its prices. Here is how it will work: Blockchain technology produces information networks.
The network becomes valuable as more people join the network. Think of it, you use facebook because all your friends are on the platform. Other social network appears valueless to you because few of your friends are on it. Facebook and Twitter dominate the social media space, even with the presence of other social media networks. Ethereum has shown the potential to take blockchain mainstream in 2018. So far, founders have created thousands of digital coin. They will still produce more over the next few years. “Some will succeed, and others will fail.” Ethereum ICOs is a great technology on the blockchain and will dominate Blockchain especially in the second half of 2018. Ethereum technology is positioned to win the war against other technology on the blockchain in 2018.
Ethereum smart contracts will become more relevant in 2108, and beyond. Right now, Ethereum has more benefits over competitors in being the most reliable platform. Trust is the primary factor driving the adoption of blockchain – users need to trust that their data, assets, and money will be secured. If the developers do a great job in advertising its “SMT and EOS,” more users will switch to the platform. The platform provides them with fast transaction speed and minimum fees. SMT has lots of potentials, great support and an excellent marketing team behind it which will help to advertise the advantages of the blockchain technology in 2018.
Ethereum team is currently working on scaling and privacy issues. Right now, Ethereum process more than 1,000 transactions daily with an average fee of $3 compared to Bitcoins with a daily fee exceeding $15. Despite the advantages the currency, there are some things Ethereum needs to be successful in 2018. First, it needs to fix its scaling issues. I suspected that the Ethereum team would encounter problems when trying to scale the system. Ethereum still lacks a widely utilized application.
The current scaling issues will If the network sees more users worsen. Secondly, investors claim that Ethereum is utilized as a currency, but Ether (Ethereum token) was designed to decentralized power applications. Ethereum needs to work on assigning the currency an inflationary monetary value rather than it being a fixed supply. If this is done, more investors will utilize ethereum as a “digital currency” and use it as an original store of value.