The founder and CEO of the billion dollar company OmiseGo, has endorsed the upcoming adoption and massive scaling of Ethereum in the next two years, all around the world.
Over the past year, a vast number of startups have emerged which use the technology of Ethereum blockchain protocol, and the numbers are increasing. The year turned out to be in the favor of investments of Ethereum as the volumes increased drastically. The ICOs and token sales also collected billions of dollars in each quarter of 2017, every time exceeding the last amount as the number of startups and acceptability continue to increase exponentially.
Not only were the investments and speculation inclined towards Ethereum, but the investors also showed interest in most of the other cryptocurrencies which was evident when cryptocurrencies like Bitcoin, Ripple and Ethereum saw dramatic surges in their prices in 2017, but after the surges, a huge depreciation event dragged down the values of these cryptocurrencies to 30-40% of the value.
In 2017, the Adviser of OmiseGo and the creator of Ethereum, Vitalik Buterin, said that if a huge impact on the finance sector is not made by cryptocurrencies and blockchain, the $500 million cap milestone is not justified and earned. He said:
So total cryptocoin market cap just hit $0.5T today. But have we earned it? How many unbanked people have we banked? How much value is stored in smart contracts that actually do anything interesting? The answer to all of these questions is definitely not zero, and in some cases it’s quite significant. But not enough to say it’s $0.5T levels of significant. Not enough.
He also emphasized the need for the adoption of the cryptocurrencies as opposed to helping them increase prices. He tweeted:
I think there’s too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.
— Vitalik Non-giver of Ether (@VitalikButerin) July 29, 2018
According to the Tweet, the crypto adoption can be significantly increased by introduction of pre-loaded cryptocards on corner stores. According to him, the more people are at ease buying little amounts of cryptocurrency, the more the adoption is going to increase, hence the advice of launching $5 to $100 worth of pre-loaded cards. To this, a lot of questions rose, that how convenient is it to buy usual commodities using cryptocurrencies. He replied that the cards are to be used for various purposes such as to pay transaction fees, and micropayments in applications. The cards will be an easy way of obtaining cryptocurrency.
The idea found little opposition as a person tweeted:
This is a false comparison. BTC and ETH are polymorphic, meaning they function BOTH as investments and a medium of exchange/commodity. ETFs simplify the INVESTMENT aspect, while cards/payment solutions would simplify the medium of exchange use case. BOTH are important…
— David Weisberger (@daveweisberger) July 29, 2018
To this, Buterin agreed, saying that he personally thinks that it is true but the current level of adoption is imbalanced. There is too much talk about investment and too less about actual usage of the money.
Since the time the cryptocurrency was left crippled to 40-50% of their reached high values, the community has made significant progress in blockchain technology and has improved the applicability of cryptocurrencies. Jun Hasegawa said that 2018 has been a year of ecosystem building, and righteously so, we’ve seen a huge number of startups and other blockchain projects that have muscled their way in the industry by raising huge amounts of funds and ICOs.
According to Hasegawa, the year 2019 would see business adoption of blockchain and decentralized applications would be made. While his prediction for the year 2020 was totally in favor of Ethereum. He wrote:
2017: Speculation (ICOs)
2018: PoC / Ecosystem build / Scaling solutions ( L2 #Plasma #OmiseGO/ L1 #Sharding #Casper ) / Interchain protocols
2019: Real business adoption / UIUX focus tools / More Dapps
2019 to 2020: Ethereum massively scale and used by gov. We will see huge difference between real adoptable protocol and toxic speculation project.
He also endorsed the success and potential of Ethereum in the recent tweet:
The Ethereum platform alone (not the whole ecosystem) has more developers and dapps than any other platform (see https://t.co/M2nesqSCXc), and the whole Ethereum community probably* has more developers than every other crypto platform and project put together.
— OmiseGO (@omise_go) July 25, 2018
The number of startups and decentralized applications that are emerging on the blockchain technology already support what Hasegawa had to say about the progress of blockchain and dApps. Although there are a lot of professionals and experts who oppose the developments being made, but the statistics about the market caps and the volumes suggest otherwise.