Expert Comment – Ethereum’s 5th Anniversary
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Last week, the blockchain platform Ethereum celebrated its fifth anniversary. Ethereum has seen incredible adoption and is an integral part of the crypto space. The platform is now taking its first steps to move beyond the Proof-of-Work (PoW) blockchain network it is currently working on to start a Proof-of-Stake (PoS) test with Ethereum 2.0 .
What does the milestone mean for the blockchain industry? Why has Ethereum become one of the most successful platforms in the world? How has Ethereum affected cross-industry companies and what could the next five years bring? The following expert comments cover corporate adoption and data sharing, capital markets, digital assets, areas of room for improvement, and why Ethereum is a developer’s paradise.
Adam Traidman, CEO of BRD – the most secure cryptocurrency wallet and maker of Blockset, an enterprise-class blockchain data integration platform, said:
“Ethereum is one of those groundbreaking projects. I can tell you firsthand that Ethereum is the most requested chain, at the top of Bitcoin that Blockset company has been asking for support, likely due to its private chain building skills. The mission and capabilities go well beyond financial services. Being a full Turing blockchain shows the full potential of DLT and digital computing. it’s about more than just digital currencies.
Every success we see at Ethereum today is just the beginning. I see the future in large corporations shifting some of their business from expensive, proprietary databases to Ethereum’s public ledger and / or creative flavors that private chains can introduce. The exchange of data between companies, the transparency of data and the automation of functions and agreements is a real, desirable use case and an essential reason for the success we are seeing at Ethereum today. “
Eran Haggiag, Co-Founder and Executive Chairman of Clear, said:
“Over the past five years we’ve seen Ethereum evolve from a playground for crypto and ICOs to a more mature financial infrastructure thanks to DeFi. Now we see how enterprise proofs of concepts mature into production networks. Looking ahead, in the next five years, I believe that DLT will become a central infrastructure that enables cross-company financial applications, identity management, and traceability – something that most organizations will no longer be able to do without.
Due to the conservative nature of many companies, most of these networks are now approved, with DLT technology selected based on different parameters, resulting in multiple DLTs for different networks. By enabling a DLT-agnostic infrastructure, cross-network connections can be created quickly and application providers can write an application once and easily deploy it anywhere. With the seamless migration between DLTs, a DLT-agnostic infrastructure will pave the way for future transition to public networks such as Ethereum or integration with them for payment and other DeFi applications. “
Nick Cowan, CEO of the Global Stock Exchange (GSX) Group, a capital markets ecosystem designed to improve the interoperability of traditional financial structures through its integrated proprietary blockchain technology solutions, said:
“One of the main reasons Ethereum is so successful is its innate malleability. Similar to how the rise of Web 2.0 boosted a great deal of momentum from a technological point of view, the emergence of Ethereum was the battering ram for the rise of blockchain in the broader sense. Bitcoin ignited a transformative spark as a breakthrough solution for the transfer of value. Ethereum has added fuel to the flames of blockchain innovation.
Blockchain’s use cases extend to almost every industry and sector, with many of these innovations based on Ethereum as the fundamental level. Many have been inspired by Ethereum, which, as a technology solution suitable for the masses, has contributed significantly to the growing pull of the blockchain. From our own experience in the capital markets, blockchain will take a huge step forward in financial market infrastructure (FMI) development by removing barriers to entry and improving the life cycle of securities trading. Even if there are adjustments to Ethereum or better solutions, I believe Etherum will continue to occupy a prominent place at the table given its excellent track record to date. “
Dan Gunsberg, CEO of HXRO, the platform that bridges the gap between the crypto markets and the gaming space, said:
“Since its inception, Ethereum has been the most prominent and fundamental building block of most decentralized applications in the field of digital assets. Its success is based on the ease with which both hybrid and fully decentralized autonomous systems, applications and organizations can be operated with its framework. The real beauty of Ethereum is that it is the ultimate laboratory for innovation in an almost infinite spectrum of market segments. Anyone with an idea has the ability to become an entrepreneur, quickly turn their idea into action, and then offer it to a global community that collectively decides whether the innovation has value, offers value, or solves a problem. I think we haven’t answered the question of whether Ethereum will play a significant role in a decentralized future for a long time. The developer community makes the most of their first mover advantage. We have reached a point where Layer 3 technologies are only just beginning to permeate the everyday lives of those living outside of our current ecosystem. These next 3-5 years of building user-centric market infrastructure layers will be critical to cementing your place as a hegemon in a rapidly accelerating decentralized world. “
Philippe Bekhaz, CEO of Stablehouse, a market leading payments and forex platform serving stablecoin issuers, traders, end users and traders, said:
“Ethereum was the main track for some of the biggest ICOs and most recently the tracks for the biggest stablecoins that triggered the DeFi (decentralized finance) wave. Ethereum’s ecosystem is unmatched and while fees are becoming a serious problem, ongoing efforts have been made to scale Ethereum into a faster and cheaper network via a PoS system.
Ashish Singhal CEO and Co-Founder as well as CRUXPay and Coinswitch.co, two Indian crypto companies driving cryptocurrency accessibility globally, said:
“Bitcoin, the predecessor of Ethereum, only had one main function – payments. Ethereum, on the other hand, is capable of making payments and also hosts a ton of different use cases on its blockchain, namely dApps and DeFi, through smart contracts. Ethereum is a developer’s paradise. A major reason for Ethereum’s popularity and growth is that, in a sense, it acts as a company with someone like Vitalik Buterin as the CEO of the Ethereum Foundation. This brings efficiency and direction to the ecosystem, with the Ethereum Foundation being able to free up funds for projects that it considers most important to its growth.
A futuristic DLT ecosystem would ideally work more decentrally (consensus algorithm) with better transaction speed and the ability to accommodate other DLTs. Ethereum is actively working on a more efficient consensus algorithm that focuses on better speed and more decentralization. At this rate, Ethereum seems to be able to comfortably lead the pack of futuristic DLTs. “
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