The price of Ethereum, the second largest cryptocurrency after Bitcoin, is expected – by some – an increase by the end of 2018
"When Ethereum-based smart contracts are powered by reliable and reliable information through oracles to make accurate and correct judgments, the price of Ethereum will explode."
Cryptocurrencies, probably the hottest story of 2017, are ready for a rebirth. Or are they?
The price of Ethereum rose 4% on Monday, adding about 8% from last week, to reach a maximum of $ 210. This is significantly less than the $ 1247 price seen in January of this & # 39; year, which highlights the volatility of this space. Although some experts believe that blockchain – the technology behind cryptocurrency – becomes more widely adopted in companies, it will also increase the capital and reputation of these virtual currencies.
The influential technology expert, Ian McLeod of Thomas Crown Art – the "world's leading art technology agency" – shares this view and predicts that Ethereum will experience a "monumental global breakout" when smart contracts can accept data external.
Coinbase: is it a scam because users complain of withdrawal problems?
The explosion of cryptocurrencies has led to the emergence of platforms in which users can buy a variety of digital currencies and take a slice of the cake growing. Read here
McLeod commented: "Ethereum has returned to the bull territory and is on track to enjoy substantial gains before the end of the year."
"I argue that we can expect Ethereum to reach $ 500 by the end of 2018 and continue with an overall upward trajectory throughout 2019."
"However, what will be the monumental and determining driver for his global breakout? Oracles."
"The oracles link the smart contracts of Ethereum to the real world and will be responsible for the digital currency to enter a whole new phase of mass adoption".
Bitcoin, Ethereum and other cryptocurrencies increase
Cryptocurrencies, supported by blockchain technology, continue to rise and affect all levels of weather evaluation. Read here
The oracles are reliable data feeds that provide information in the smart contract, thus eliminating the requirement for smart contracts to directly access information outside their network. Typically, oracles are usually provided by third parties that are authorized by the organizations that use them.
"Oracles are a huge step forward in the practical use of smart contracts," continued McLeod. "They allow smart contracts to accept external data to decide on an action – and this has a myriad of highly sought-after real-world use cases in almost every industry."
"For example, they can help insurance companies that pay for flight delays, sports betting companies with information on results from various reliable sources, and can help us in the art world by permanently demonstrating the provenance of works of art. art quickly and easily ".
Blockchain in art
Blockchain technology can be applied to every sector. Now it's time to wait for companies to change their mind and allow technology to solve the problems they face.
In the art world, for example, "the use of a blockchain to authenticate works of art is an ideal case for smart contracts," said McLeod.
"They provide the ability to archive a permanent and unchanging record of artwork at the time of creation that can be used to authenticate the recorded works.Our Oracle will further enhance this concept and lighten the work processes of the smart contracts."
What will be the impact of the blockchain on businesses in 2018?
The fever of speculation around Bitcoin will influence the adoption of blockchain by short-term companies? Read here
"When Ethereum-based smart contracts are fueled with robust and reliable information through oracles to make accurate and correct judgments, the price of Ethereum will explode."
"Ethereum is already light years ahead of Bitcoin in all, but at a price – and this gap will become increasingly apparent as more and more investors enter the encryption," concluded McLeod.
Last month, Mcleod noted: "We can expect Bitcoin to lose 50% of its cryptocurrency market share to Ethereum, its nearest rival, within five years."