Ethereum as Platform has been successful
If you are on the road then you are “absorbing” this straight from your Android or iOS smartphone. The phone is “smart” because through it you can do just more than making phone calls and sending texts. These two functions—aside from playing snake—could be swiftly done by an earlier version of Nokia—remember Nokia 8810? Funny how time moves, right?
But, the main reason why you bought that smartphone in the first place is because of the convenience it brings alone. Powering this “convenience” are solutions via their app stores—Google Store or Apple Store. These stores are the melting pot for iOS as well as Android developers. They are lucrative and despite the middlemen and centralization, it is global and anyone can participate, launching their ideas via apps. If they are in demand, then well, it’s the pathway to financial freedom.
Ethereum as a World’s Computer
It is the same way Ethereum as a smart contracting platform was created. Ethereum is nothing more than a world’s supercomputer and designed to take on corporations like Amazon, Google, and Facebook that on more than one occasion has been charged for their egregious handling of user data. Remember Cambridge Analytica? There are at least a dozen multi-million data related lawsuits in progress across the US and Europe.
Of course, ETH—the native currency on the platform has been hammered, sliding 95 percent from Jan 2018 peaks but that is a non-issue. Yes, the price is one of the many metrics but even as ETH prices against the USD take a beating, Ethereum as a platform has been wildly successful.
All this is thanks to the EVM—where users can launch their dApps and its smart contracting capability is what propelled the proliferation of last year’s ICO market driving demand for ETH prices. But, just like coin issuers rushed to sell fiat for ETH and BTC, they are now dumping ETH for fiat worsening the slide.
Increasing Interest Despite Falling Prices
This up and downs are just the demand-supply dynamics of the market. The intention of Ethereum creators was not to create an “investment” but a platform. A platform through which users can take back control of their data against the megalith like Google or Facebook who track user activity, model marketing plans and auction this for the highest bidder. In fact, you are their product—there is nothing for free.
Therefore, whether Ethereum was a platform for dApp development or a conduit for projects to raise money, the project remains a success—even if prices are plunging. Developers are still working on scalability, governments are making inroads embracing blockchain and to some extent using Ethereum as their first-choice platform.
As a matter of fact, there has been a cult-like following around Ethereum and the powers of EVM where open-source programmers talk about it the same way as investors or those who want to store value or exchange goods talk of Bitcoin—and other similar alternatives.
What the Future Holds?
Yes, there have been unfortunate events and hacks like the DAO and the scalability problem like we saw early this year—it is being worked on, but even with this we must admit that Ethereum is a “toddler” and has a long way before it is mainstream.
It is three-year-old and is opening up possibilities, allowing developers to create anything from anywhere without sticking to any rules set by anyone other than the protocol itself.
Unlike Bitcoin, Ethereum is flexible—and even malleable—and as it drives towards re-architecting the internet in ways never seen before, Vitalik’s objectives are slowly being met.