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There are a plethora of cryptocurrencies in the market as of late. So many that one may be confused about what digital asset to invest in right now. With that in mind, crypto believes that this digital currency has the potential to become a trillion-dollar platform in the years to come provided that the market conditions are just right.
Ethereum toppling bitcoin?
Yes, Ethereum (ETH) comes right after Bitcoin (BTC), though this is not yet too late for would-be investors to give it some love since crypto pundits out there believe that the crypto’s popularity will skyrocket in the near future. Add to that the increasing number of digital applications and up-and-coming use cases introduced into the network.
Further, analysts believe that an upgrade would without a doubt raise the bar of its model, not to mention strengthen the digital currency’s bullish case that would put the bears to a hush-hush. These pundits are even calling it now that in five years, Ethereum’s value could be shooting at a whopping five trillion dollars.
Smart contracts
Ethereum has undoubtedly taken blockchain technology to another level as it provides developers with the ability to dream big through these smart contracts alongside other features that would surpass settling up a retail price. Also, ETH has diversified on BTC’s decentralized network for payments to make a marketplace for dApps (decentralized applications).
With that in mind, developers can depend on the platform’s efficiency, user control, and security to flex beyond the clear as day fintech operations. Additionally, Ethereum is being used by digital platforms for various reasons, some of them include identity and supply chain management, advertising, auctions involving non-fungible tokens, and even on gaming.
Ethereum 2.0
The cryptocurrency community is also aware that both bitcoin and Ethereum are using the proof-of-work algorithm whenever these two are mined. Theoretically, this may be effective. However, folks are well-aware of the amount of energy these two gobble up in the mining process hence, the proof-of-stake algorithm is preferred.
As mentioned, Ethereum is all set to tweak its algorithm from proof-of-work to proof-of-stake. Such a move would result in the improvement of the platform in terms of transaction costs and speed, not to mention the environment-friendly way of mining the cryptocurrency.
With that in mind, Ethereum heading towards its 2.0 iteration will probably be done sometime in 2022. This will facilitate the cryptocurrency to go up against trendier digital currencies that are flourishing thanks to Ethereum’s flaws, which will be addressed in the said migration.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
