Ethereum (ETH) has had bad news lately. Meanwhile, the Ethereum dApps are moving to other networks; the prices are at the bottom. At a conference not too long ago, a cryptocurrency trader described token ether as "Virtually shit". But through all the trials and tribulations, some projects are mobilizing to defend the great old lady from growing hostility. Ethereum is all but perfect, they say, but it's better than the other platforms out there.
Uriel Peled is the co-founder of Orbs, an application for well-known consumer brands using blockchain technology. The globes are based on the Ethereum network; its main purpose is to offer the technological equipment and the infrastructure for large companies to build their own decentralized applications that are scalable, effective and secure. The project raised 118 million dollars in its ICO, which ended in May of this year.
Talking about Crypto Briefing On the phone, Peled explained how he had previously worried about the platform: he did not think Ethereum had a future, due to paralyzing scalability problems that bothered the trust. "The network simply did not work" He said. "It was a good proof of concept, but my initial opinion was that it would be replaced by the next generation of platform networks."
"Now I think the Ethereum network does not go anywhere", He added.
The network offers the security of dere Ethereum
Peled thinks of Ethereum as the basic technological standard for the industry. There are hundreds of active ERC20 tokens (of different quality) in space. Most of the projects originally launched their public sales on the network, and the token ethers were the French currency during the ICO boom last year. "People and projects are simply more familiar with it [Ethereum] that are with other projects ", He said. "I have not yet seen a single network that can directly challenge them."
Moreover, and more importantly, it is a secure network. Ethereum dApps can not be compromised by the platform itself. Peled thinks this is often a factor overlooked by projects that set their focus on scalability. Explain that the Orbs were able to create a scalable network while still being based on Ethereum.
"Projects themselves can look to improve performance, of course" He said. "But the key factor is that it is not possible to add security retrospectively. If the network itself is not so secure, hackers and bad actors will have a backdoor in your dApp. As far as I know, there's very little you can really do if that happens. "
The community should see Ethereum as the ideal base layer, says Peled. It's safe and familiar to most people, but projects can add features such as scalability or privacy as additional layers. Essentially Ethereum will become the best decentralized network if it is considered as a basis or base on which other projects can overlap.
"Do we need a whole blockchain for privacy payments?"says Peled. "No, we do not." Projects like Zcash and Monero are good at what they do for sure, privacy is important, but building up an entire network for what is virtually a feature is excessive. "
"You could create a privacy payment layer just as good on Ethereum" Adds.
The best of blockchain platforms?
The prices of the ether, which are all too often the only metric for the value of a project, have been on a trajectory of up to about $ 1350 at the beginning of the year. Some are hoping that the price of $ 200 is the minimum price of the project and that any movement above represents a bullish signal.
Could you ever return to its ancient glory? Who knows. Some suggest that Ethereum could be one of the big winners of 2019, with a 300% increase in value. Still there are numerous forecasts on the contrary that continue to think that the price of ether will fall to $ 0.
The price is always given to the first place, but what Peled says is different. In the long run, it will not be the price itself that matters, but rather the utility of the network. In this context, attributes like security matter a lot more.
The launch of the EOSIO main network (EOS) was hampered by security problems. At one point, hackers managed to access the Block.One email address and send thousands of spam e-mails to EOS owners. The community likes EOS because of its transactions and its scalability. But if the basic level is compromised, it will always be limited. The Dapps running on EOS could be fundamentally compromised.
The great old lady has suffered a substantial couple of strokes over the last year. But security could help protect her from further damage, and Ethereum's dApps run to the rescue.
The author is invested in ETH, which is mentioned in this article.