Ethereum Dominance is under Threat
In reality, Ethereum is still the dominant smart contract and dApp platform. After launching in 2015, it has attracted developers from all around the globe and where there are developers, expect traction in that there will be products that may end up disrupting status quo. Indeed, in the ICO frenzy of late 2017 and early 2018, many projects promised heaven, but with regulators intervening, the chilling effect that came over these projects froze development.
As a result, the demand for ETH tapered, and the end game was a crypto winter—which is nothing compared to the AI winter between 1987 and 2009. Anyhow, part of ETH decline from dominance has been solely because of the current modus operandi. It is open source, and before implementation of any EIP, there must be a consensus.
We now have the Raiden’s Red Eyes, but is its release a little bit too late? Note that when developers were wrangling over Constantinople, alternative smart contract and dApp launching platforms as Tron, EOS, Waves and even NEO were busy improving user experience, deploying necessary infrastructure that addresses scalability and charging less—if nothing for on-chain transactions.
Though development will carry on as laid out in the original roadmap, competitive pressures shall likely cap gains on ETH and Ethereum as a whole once developers realize that even if there is widespread support of Vitalik’s baby, other solutions are superior.
The ICO, Smart Contracting and dApp Race
As competition heats up, we expect Ethereum competitors to refine their dApp, smart contracting and ICO platforms or all. Already Waves is hitting the ground running allowing for easy launch of crypto assets.
The best thing about Waves ICO is that you don’t need to have the necessary coding skills to start. Their user interface is one of the best, and all you do is specify the name of the token, input a brief description and the total supply. Because incentive is necessary, a mass distribution feature is also in place for Airdrops.
Waves went ahead and incorporated a DEX that’s easy to use than existing Ethereum based DEXs. This mean coin users willing to exchange their coin holdings with other liquid tokens within the platform can do so knowing that there is no risk of losing private keys.
Not far behind is Stellar and at this pace, it is likely that these fast, scalable and cheap platforms will attract ICO utility projects that would have otherwise launched on the Ethereum platform.
Furthermore, the path to padding the ground in readiness for the internet of value and complete decentralization depends on how fast dApps gain traction. In that case, the race for dApp dominance will shape 2019.
As privacy and wrestling back control of ownership from megaliths as Facebook and Google is top priority, dApps that rely on DLTs as distributed databases and decentralized file storage systems preferably with baked in wallets—or any form of custody—will hit the ground running, attracting use and perhaps dislodging dominant centralized apps like Twitter in years to come.
Most are in development, and all they have to do is ensure that consensus is done on the underlying DLT in use, is fast to connect to databases and most important the dApp is quick to load.