Ethereum is an open source, public, blockchain-based distributed computing platform and operating system featuring smart contract functionality. ETH was developed by Vitalik Buterin in late 2013 and after that it has been increasingly upgraded and improved. With the growth of its Dapps network, Ethereum will grow stronger in the coming years.
People have just discarded the concerns and complaints against the World Computer’s Blockchain when it is reported that ETH is on a major upgrade trend in the coming months. However, despite the many opinions that nobody is using Ethereum, data recorded of Coinmetrics gives conflicting opinions.
In order to increase performance, Ethereum will quickly switch to the Proof-of-Stake algorithm. Peter Todd, a former Bitcoin Core developer, attacked Ethereum co-founder Vitalik Buterin when he said Ethereum was a scam. Additionally, Buterin also emphasized that Ethereum’s 2.0 upgrade could be a scam. And Some high-profile cryptocurrency commentators claimed that this project is unpopular.
Nevertheless, a new post called “The Evolution of Ethereum Tokens” by Coinmetrics, describes the changing and evolving state of the network. It also demonstrates how the network is being used as an asset insurance and programmable money network.
Report Highlights
Coimetrics starts by giving the difference between the value of the network as opposed to the token value to see how ETH has evolved over the past two years. The second-highest cryptocurrency project in terms of market cap is witnessing its value being chased away by the aggregate market cap of tokens launched on that platform.
This ratio is called the “Network Value To Token Value” (NVTV) ratio, as suggested by Chris Burniske.
2/ ERC20 value catching up to value of ETH. I think token value will far surpass ETH value in the future
This is good…Ethereum is a gravity well for digital assets
Not a threat to security unless permissionless assets start to exceed value of ETH:https://t.co/Ftyn6bvOTn pic.twitter.com/EtyxeojcU2
— Ryan Sean Adams – rsa.eth (@RyanSAdams) November 12, 2019
As planned, the network has recently begun making transactions more and more often. The report stated that, the number of Ethereum’s non-token transaction count has been higher than the aggregate token transaction count.
However, in the third quarter of this year, an incident occurred in which the number of ERC-20 transaction counts exeeded the number of ETH transaction counts and currently has more than 80% of the market share of the transaction counts of ten commodity tokens.
People do use Ethereum
When it was defeated at the peak of CryptoKitties by major competitors such as NEO, Cardano, EOS and Stellar, Ethereum lost its attractiveness. However, data in many fields point to a different conclusion. Ethereum has certainly faced a brick wall when scaling up, but this will soon to be solved in an upcoming upgrade.
Ethereum’s need to scale up could also be an indication that its performance on the network is still quite adequate. According to Ryan Sean Adams, “Ethereum contract calls have grown from a couple thousand to a couple million in less than 2 years. Ethereum is being used for its intended purpose: settlement for programmable money”
6/ Next time someone says “no one uses Ethereum” send them data
Ethereum contract calls have grown from a couple thousand to a couple million in less than 2 years
Ethereum is being used for its intended purpose: settlement for programmable money
And we’re at peak capacity pic.twitter.com/VFS4DFteTk
— Ryan Sean Adams – rsa.eth (@RyanSAdams) November 12, 2019