Chinese blockchain startups have the best chance of disrupting it
Let’s just face it, the biggest dApp platform sooner or later is likely to come out of China: NEO, Qtum, VeChain, TRON, etc…However in the meantime, we have to think realistically about the 1,600+ altcoins out there, attracting software developers and startups to your solution means you are the blockchain hub; in 2018 it is Ethereum.
Ethereum escaped regulatory scrutiny as it was deemed by the SEC to not be a security. This means it’s likely to become the defacto leader of dApp platforms for years to come.
With easily 30k developers worldwide and well over 500+ startups, Ethereum has all the beginnings of what we envisioned the blockchain would be like, with smart contracts and a plan in place for overcoming scalability limits with sharding, plasma and an evolving architecture.
For dozens of blockchain startups, Ethereum replaced early-round funding options and completely out-maneuvered traditional Venture Capital options. ICOs flooded the global economy in 2017, and while under regulatory scrutiny now with many of them likely to be deemed securities by the SEC, it’s still a nexus of innovation. Software developers are increasingly attracted to the lucrative blockchain space, as blockchain funds, cryptocurrency trading platforms and corporate backed blockchain experiments pop-up all over the world.
In part, this is all thanks to what Ethereum has accomplished in a very short period. We give too much credit to Bitcoin’s price that skyrocketed approaching $20,000 in December, 2017, but the reality is in the code, and Ethereum is now what all dApp platforms compare themselves with, not the decade old Bitcoin model.
As Ethereum solves the scalability problem, it will effectively untether itself from Bitcoin’s speculative price volatility. If Bitcoin is a bet, Ethereum is a sure thing. The main reason that is is because of the developer community it has attracted and the wide range of startups that use it especially in the early phases of their development. As TRON might find out, once they go independent they may have a more difficult time attracting software developers.
Ethereum must take the piggy-back of ICOs of 2017 and be the open-source public distributed world operating system it was designed to be. It has massive potential to fill and in a crypto vacuum of hype and declining prices, Ethereum is perhaps the last chance before 2020, as the Chinese blockchains take over. The window is disappearing guys.
The future of blockchain can change very quickly. Whether you are NEO, Cardano, EOS or another, there is some semblance of pressure and competition to evolve. Ethereum is clearly the dApp platform of choice for developers, but it may not always be that way.
“I’m most bullish about Ethereum simply because people are actually building on it.” — Alexis Ohanian.
As many of the 1,600+ cryptocurrencies won’t survive, Ethereum has a fair chance of being among the eventual winners. Nothing embodies the spirit of the future quite like Ethereum.
You cannot call Ethereum a bubble when it has spawned so much innovation and so many startups; fueled incredible software developer enthusiasm and is being studied in China by those who will end up building the future of the blockchain. Ethereum is built for software engineers, and is thus attracting more not less, talent.
We talk about the price of cryptocurrencies too much, and not enough about the innovation and future potential of these things. The hype misses the fun stuff. The future of software development ecosystems are being born. That’s what dApp platforms running smart contracts amount to. In an era where Microsoft thinks it can buy that ecosystem, with its acquisition of GitHub, it makes projects like Ethereum feel even more attractive to software developers.
Ethereum was created by Vitalik Buterin, a young programmer who was told about bitcoin by his father and decided to create a similar platform for smart contracts; which bitcoin is not designed to do. The Moscow-native began working on ethereum after he dropped out of college, according to CNBC.
Innovation is born from taking risks. New forums of digital consensus and decentralized ledgers have immense business opportunities; but you need to foster communities of like-minded developers who share a common vision. Ethereum has the most coherent vision and real-world application for software developers to build stuff on the blockchain.
It doesn’t matter that Ethereum’s price has dropped below $500, when it once flirted above 1k, it matters that more software developers are working on it than the total number of software developers that had code on GitHub. Think about what that means for the future of blockchain startups and smart contracts. Ethereum is a new layer in the cloud that popped up as if out of nowhere. It’s now attracting some of the brightest young minds on the planet.
The project was bootstrapped via an ether presale in August 2014 by fans all around the world. Just four years later, we are getting a taste for what Ethereum might become.