Waiting To Be King? The five things that must happen for Ethereum to take the Crypto-Crown
Ethereum has gained a reputation as the king of Smart Contracts, is a well-deserved title, due in large part to the fact that a large amount of blockchain companies base their systems and tokens on the Ethereum Blockchain.
It is a crypt that is treated, in some way, to become the king of the crypt as a whole, but how is it responding to these expectations? We are listening more and more from the "new etereum" blockchain like Stellar and NEO, but what is the problem with the "Old Ethereum"?
And, hypothetically, what would Ethereum need to do to glare in front of these new "New Ethereum" coins, while also being able to supplant Bitcoin as the undisputed master of Crypto?
The answer to this lies within the Ethereum ecosystem rather than the Ether token in question. Ethereum is smarter, more sophisticated and more talented than the Bitcoin protocol. With decentralized apps (dApps) and Smart Contracts together, they have the potential to revolutionize and create a whole new Internet generation, what we call "web 3.0 & # 39 ;.
While the main banking activities go to the financial world as a whole, they spent a considerable amount of time trying to achieve the developments surrounding the blockchain, but now they are starting to work intensively with Ethereum ; using it to build dApps uses it as a base.
This is a notable undertaking for Ethereum, especially if we consider the fact that its creator, Vitalik Buterin, was only 19 when he put it all together to create what we and many of the most important company names use today.
Unless smart contracts are really on the road to Bitcoin, it's about transactions, while Ethereum is much more nuanced.
The possibilities, especially when it comes to applying the Ethchato blockchain and smart, the contract systems have been vast; from the worlds of banking and finance to the one that easily applies to a huge number of games, there is a lot of exposure that Ethereum is getting. With this in mind, what else would it take for Ethereum to ascend on the metaphorical throne of Cryptocurrency?
1 – A System to Validate the Pole Test
One of the things that Ethereum managed to make that Bitcoin did not do it, a whole other system was used away from the "work proof" mechanism. 39 ;. Proof of Work, as it is, is a decidedly obsolete concept that needs to be updated for wider spread usage.
But while Ethereum has "Proof of Concept", it is not exempt from limitations and the current Casper FFG is not doing enough work, but the fact that it has made a significant amount of improvements when it comes to limits important safety is a good thing. It does not completely replace mining, but only shifts the power and gains to the validators.
The hybrid version of Casper that we have at the moment is a temporary step, but Ethereum and, by extension, Buterin, do not see the time of day when the community of cryptocurrencies is finally able to abandon the evidence of work, with the most economical and efficient system that takes its place.
Bitcoin's big problem is transaction fees and the time it takes to process. Ethereum is trying to cut the cost of a transaction and create a usable system.
The reality of the Ethereum situation is that if this scenario is to take place, where the test of work is finally abandoned, their ecosystem must become more efficient. This is in reference to its current transaction commission algorithms, protocol alignment centers and mining processes, some of which are proving effective in addressing
This requirement goes beyond current validation. test, but turns out to be a starting Command for future changes.
2 – Dapps There must be better
When it comes to using any phone, as long as it has a very effective and efficient interface, with a system that works, it's all that is required This same rule is true for the world of blockchain and decentralized apps (dApps) that populate it at the moment.
When we walk in the cryptocurrency and bitcoin forest, we tend to get lost in the excessive growth of areas like Initial Token deals, token prices, including bulls and bears in the market. But it is important to know that Ethereum, in its essence, is entirely based on functionality and efficiency. Ethereum was not built to make money, it was built to change the world. The first is simply a happy by-product of this last.
Ethereum is one of the most frequently used blockchains for a large number of companies and developers, so it's no surprise that there is a large population of dApp built on Ethereum. And really, it's not a shock at all,
Smart contracts mean we can get complex agreements without human involvement. Thanks to the Ethereum Smart Contracts system, the element of trust between the respective human users can be completely removed from the equation, as it does not require a component at all.
If the contract is able to meet all the required work obligations, then the receiving party will be paid regardless of the intentions of the other users. This only factor means that the trio of middle management, incompetence and personal interest is cut from the system.
At the moment, there are over 40 dApp available on Google Play and the iTunes app store respectively. But for Ethereum to grow significantly, that number must increase exponentially from a small minority to a powerful player by itself.
3 – The ether needs to become more readily available
The number of members of the general public who frequently trade cryptocurrency coins for a significant amount of time is sorely lacking, with many more members of the same group who have no idea what a coin exchange is.
The same rings are true for the number of these people who actively know and want blockchain technology in their products. The real solution to this? Do not let the public watch it, insert it into the product without anyone knowing.
Blockchain in general is not something that the average person needs to know, Ether, on the contrary, as a cryptocurrency should surely earn as much exposure as possible. As a high-profile cryptocurrency, it should be publicized and made as easy as possible to access, purchase, sell and use.
Buterin believes we should be able to buy a prepaid card at any store and that day is almost certainly coming. It is not an otherworldly desire to fill this gap: whole cryptocurrencies have been created, from the white paper to the initial transactions, as a way to fill this same gap that exists between cryptocurrencies and fiat.
Giving individuals immediate accessibility and ease of buying the cryptocurrency like withdrawing cash from an ATM is a truly enviable position, and is what would give Ethereum the crypto-crown if it were able to get it.
So what would it mean if Ethereum became immediately available in the same way as other currencies? It would become an international currency for its merits, turning it into an even more practical and functional crypt for multinational companies. Inevitably, they will have to accept the legal currencies, but the frictionless nature of an etheric payment could lead to discounts that attempt mass public adoption.
4 – Ethereum needs mass adoption in and out of the mainstream cryptocurrency market
When it comes to people and human behavior in general, we are very similar to a herd in our nature, therefore, this makes the concept of using something new and revolutionary as blockchain a hard sell.
During this phase of its development, it remains a hard sell, but once it is out there, working perfectly, people will throng. In this sense, it is where smart city initiatives, particularly those from areas such as Estonia and Dubai, act as poster cities for the value of long-term blockchain. Together with these pioneers, Australia has now signed with IBM to create blockchain services and the business world is recovering.
Blockchain, on the whole, is gaining a significant amount of momentum, but the various protocols are currently attempting to scratch out their place in a number of markets. Of these known names, Ethereum is perfectly positioned, but the encrypted world is so new that it would not take much to overturn the balance.
5 – Ethereum needs a lively social network
Social Media is a marketing tool, as many companies will know, but like Facebook, becoming continually ostracized by the general public, Facebook has relegated itself, because calls to users at #DeleteFacebook get stronger.
With this becoming the situation on a growing scale, could it be time to throw these centralized and unreliable platforms for pastures in a new and decentralized way? In this regard, a follow-up question is essential: is it time to take control of Minds, the blockchain-based social media platform?
We think it could be, and this would help bring Ethereum to a whole new level. If the social network is based on Ethereum, it is a small step to promote it to the masses.
While it was founded in 2015, Minds has a social media population of over 1 million, while it is greatly diminished by the Facebook 2 billion decrease, the Mind has some advantages that Facebook is not able to offer. In addition to committing himself not to censor political opinions, Minds also wants to pay its users for their contribution.
While this token system is in its early stages, it means that users can only use them to buy company shares, but they are there as a reward where their precedent was not an incentive for centralized social media. Even there, there is a tipping system to other users, so with these aspects, Minds has all the potential to beat up on Facebook.
And what is Minds moving about? Ethereum.
If its value decreases or flows, Ethereum will continue to develop and evolve with the increase in the number of people and companies that use it. And as this growth continues, the number of corporations, multinationals, large and small will know it in a much closer way. The blockchain will gain legitimacy, technical excellence, flexibility and exposure. If Ethereum remains on its current course and incorporates these changes, it could be the horse to bet.