Summary of Ethereum May Spring Surprises in 2017

Summary of Ethereum May Spring Surprises in 2017

According to reports, in spite of the difficulties facing the platform at the moment, most predictions clearly indicate that the Ethereum network is l

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According to reports, in spite of the difficulties facing the platform at the moment, most predictions clearly indicate that the Ethereum network is likely to emerge sturdier and realize the milestones it had set forth to accomplish in 2017, particularly those touching on smart contracts.

Vitalik Buterin (the co-founder of Ethereum) through his paper titled “Opportunities and challenges for private and consortium Blockchains” which was released by R3 consortium clearly underlined the key milestones. They included:

  •  The Serenity: the release of this proof of stake version of this BlockChain which also features a series of EIPs (Ethereum improvement proposals) 101 and 105 is expected during the first quarter of 2017.
  •  The web assembly release: dubbed Ethereum 1.75, it is a relatively faster virtual machine that is set to be rolled out in the course of 2017 as well.
  •  The Ethereum 2.0: though it is yet to be named, reports indicate it is an initial scalability release that is expected to be rolled out in the course of 2017 as well.
  •  The Ethereum 3.0: although it is also yet to be named, reports indicate that it is an unlimited scalability release set to debut in the last quarter of the year 2018.

As a matter of fact, even the set roll out of metropolis (the much anticipated mist browser that was anticipated by summer/fall of 2016) also ended up being delayed owing to numerous issues. The biggest concerns to date are the continuous attacks directly on the network which as a matter of fact have in turn necessitated 4 different hard forks with the past months.

Advantages of the Ethereum ecosystem 

It goes without say that the above mentioned milestones would be of huge significance to the Ethereum ecosystem but only if most or all are realized. Take note, as it is the case with Bitcoin, the Ethereum protocol too has its own fair share of strengths and weaknesses.

Ethereum for instance, has managed to popularize the idea of smart contracts. This is expected to significantly raise the significance of its asset, ETH or Ether. In fact, according to Kraken Chief Executive Officer Jesse Powell, this currency is reported to have appreciated close to 10 times in comparison to about 3 times in the case of Bitcoin (over the past twelve months). Its appreciation however was characterized by a couple of slight drops every now and then.

In the presently ongoing Kraken contest, 13 of the teams participating (from different institutions across the globe) were requested to select their preference between Ethereum network and Bitcoin for a one million dollar potential investment set to run for a 5 year period. 3 teams choose Ethereum.

In reference to this case, one interesting development was the report by the team which was representing the Robert A. Foisie business school at WPI. It is worth noting that the team dedicated 100% of the investment pledged to Ethereum arguing that the platform to them showed a lot of potential in generating revenue streams. The team also stated that they were convinced that it (the platform) had the capacity to serve as the primary operating system for partnerships with government or corporate agencies such as international governments, publicly traded monetary institutions and the federal reserve all of whom have openly expressed keen interest in blockchain applications in a bid to cut down on costs and significantly improve transparency.

Ethereum-based projects still continue to spring up

it has not come as a total surprise that in spite the state of the platform, ethereum based projects still continue to spring up. Examples include: decentralized poker, Ethereum DApps prototypes pokereum and dappersy.

In addition to all of the above, there is Chainy, this is an independent Ethereum based smart contract designed to engrave data, for instance: personalized texts to loved ones and information that is critical to businesses on the Block chain for all eternity. What’s more, there is also a status which allows for seamless relations with the emergent ecosystem of DApps.

Taking into consideration the above, it is clearly evident that these new initiatives have provided another flicker of hope besides the millstones already set out to be accomplished in 2017. This has since created a generally positive feel about this secondly placed digital currency win reference to the market cap.