If your value takes a nosedive of 75% over one year, you will probably face a lots of criticism and harsh words from the market. That is exactly happened to Ethereum, one of the leading crypto monikers. Spiraling down from $1400 to $100 is tough thing to process and it is no wonder that Ethereum had to hear its own obituary almost on daily basis. However, price is only one vertical where projects are measured and even though it is the favorite measuring stick hodlers use, it certainly is not the most important one.
Price is sinking but the Ethereum is brewing on the technology front, hundreds of world-class developers paving the way for Ethereum to become the world’s supercomputer and operating system.
Ethereum dApps starting to power through
No doubt, there were lots of toxic ICOs that clogged up Ethereum, robbed off their investors and gave ETH a bad reputation in 2017. However, these scammy and worthless projects are rooting themselves out by utter incompetence and legal noncompliance and the good ones are popping up and getting traction among users.
Ethereum is starting to replace Banks by allowing users to receive loans from the Blockchain. Take a look at experience this Ethereum user had:
“I recently used for the first time MakerDAO’s CDP system that lets you « loan yourself » a certain amount of DAI (= 1 USD) according to the amount of ETH you are willing to use as a collateral.
For the first time in modern finance we are able to loan ourselves money based on our assets at an interesting rate (2.5%) without having to use a central entity like a bank. Basically you receive your ETH back when you return the DAI loaned and if the value of ETH climbs you might never have to reimburse the DAI loaned.”
“Millions of people are using the Brave browser and will be at some point exposed to BAT (an Ethereum token). 3d artists are using the Ethereum Blockchain through Golem to render 3d designs. dYdX lets you do margin trading in a fully decentralized way by purchasing some Long or Short Tokens, I just acquired some Leveraged Tokens on expo(based on dYdX) and I’m amazed..”
There are many more dApps worth mentioning but that is beyond the scope of this article so we will briefly touch upon only some of the most known and working dApps.
Augur is working as a fully-decentralized, open-source prediction market platform built on the Ethereum blockchain for any and all predictive markets. FunFair is a decentralised gaming technology platform which uses the Ethereum blockchain, smart contracts and their own Fate (State) Channels to deliver casino solutions with games that are “fun, fast and fair.” FunFair has been launched for many months now and they working on obtaining legal licenses across different jurisdictions.
Golem has branded itself as “the worldwide supercomputer.” Golem Brass beta was released on the mainnet in Q2, allowing users to sell their computing power and earn real GNT for the first time. OmiseGo is the Plasma decentralized exchange, hosting an open-source digital wallet platform created by parent company, Omise, connecting mainstream payments, cross-border remittances, and much more. They had their White Label Wallet SDK public release which is one of the most useful tools in the developers’ arsenal.
Competitors lack the mainstream recognition
One note about Ethereum’s competitors – ETH will remain relatively unchallenged by upcoming tech like EOS, Tron, IOTA, NEO because of the huge lead it has on the newer projects. This might change after 2019. But for this year, Ethereum is too far ahead for its competition to even think of an “attack” on its dominance.
ETH has a huge lead – it has seen major resources poured into it since 2014. EOS might be a challenger but it can not get to the same level as ETH within 6 months of launch of the main net. Attracting developers, getting them interested to launch projects on the network, getting enterprise involvement and attention is a virtuous cycle that builds over time. You can apply the same logic to any of the new blockchain 3.0 projects.