The days of explosive growth in the blockchain industry have probably gone and come now the average person is aware of its existence, according to Vitalik Buterin, co-founder of Ethereum.
"The blockchain space is coming to the point where there is a ceiling in sight," Buterin told a conference on Ethereum and blockchain in Hong Kong. "If you talk to the average educated person at this point, they probably have heard of blockchain at least once." There is still an opportunity for a further 1,000-fold growth of anything in space. "
The growth of Bitcoin and other cryptocurrencies in the blockchain community in its first six or seven years depended on marketing and sought to widen adoption, Buterin said.
"That strategy is approaching a deadlock," he said.
The next step will be to ensure that people who are already interested in cryptocurrencies are involved in a deeper way, said Mr Buterin. "It passes from people interested in the real applications of real economic activity," he said.
Ether, the cryptocurrency that feeds the Ethereum blockchain, has plummeted more than 80% from a January high this year and is now trading at a price below $ 250, depending on the price of Bitstamp exchange compiled by Bloomberg. Ether is used as "gas" to pay for transactions on decentralized applications running on the Ethereum network.
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The Ether losses accelerated in August as some start-ups paid in the digital currency during their Initial Coin Offerings collected to cover expenses, and concern for a broader fall in prices among virtual currencies, according to industry observers. Bitcoin has fallen by over 50% this year.
Ether could fall further on a $ 155 support target against rising competition, market volatility and a booming sector, according to a September 7 forecast by Bloomberg Intelligence commodity strategist Mike McGlone. This is still a 2000% increase from the end of 2016.