Ethereum, currently the second largest cryptocurrency after Bitcoin, will experience a "monumental and definitive global breakout" when smart contracts can accept external data
The bullish prediction of an influential technology expert, Ian McLeod of Thomas Crown Art, arrives while the price of Ethereum has risen by 4% on Monday, adding about 8% from last week, to a maximum of $ 210.
Mr McLeod comments: "Ethereum has returned to the bull territory and is on track to enjoy substantial gains before the end of the year." I maintain that we can expect Ethereum to reach $ 500 by the end of 2018 and continues with a general upward trajectory throughout 2019.
"However, what will be the monumental driver and determinant for his global breakout? Oracles: 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."
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.
Ian McLeod continues: "Oracles are a huge step forward in the practical use of smart contracts – they allow smart contracts to accept external data to decide on an action – and this has a myriad of cases. use of the real world highly requested in almost all sectors.
"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 ".
He adds: "The use of a blockchain to authenticate graphics is an ideal case for smart contracts, offering the possibility to archive a permanent and immutable recording of works of art at the time of creation. which can be used to authenticate registered works, Oracle will further improve this concept and lighten the work processes of smart contracts. "
McLeod concludes: "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."
Last month, Mcleod noted: "We can expect Bitcoin to lose 50% of its cryptocurrency market share to Ethereum, its closest rival, within five years.
"Ethereum is already light years ahead of Bitcoin in all, except in terms of price – and this gap will become increasingly apparent as more and more investors enter the crypt."