Factoring in its market capitalization, Ethereum is the second most popular cryptocurrency on Earth, next to Bitcoin. As the popularity of the latter increases, so in turn, will the popularity of Ethereum. In this article, experts discuss 8 future Ethereum developments that could skyrocket its price.
The Ethereum Enterprise And Facebook’s Libra
“Ethereum started the year trading around $130 before adopting a bull run that peaked in mid-June when it hit a 10-month high of about $330. In the near future, this price is expected to skyrocket if the factors that caused the second most popular coin’s price rally in the first half of the year, persist. These include massive adoption of the coin’s underlying blockchain infrastructure by major global institutions through the ever-expanding Ethereum Enterprise. A noticeable Ethereum price jump, however, came about after Facebook made public their intention to lunch their Libra blockchain by mid-2020. And after the U.S Congress and several G8 member countries expressed concerns about the project, Ethereum price dropped to its current $225 price level. The success of Facebook in selling their Libra idea to these leaders and convincing them to support the blockchain would, therefore, play an influencing role to the skyrocketing of Ethereum prices.”
Edith Muthoni, Chief Editor, Leanbonds.com
A Practical Solution For Users To Control Their Data
“Ethereum is structured less like a payment method than many of its other crypto counterparts. It functions more as a platform for derivative protocol and smart contract creation which gives its a little more weight as a tool both for business-facing solutions to be created and to possibly eliminate certain business operations. I think at this point we are still waiting for a practical solution, which will allow users to be more in control of their data and to be able to effectuate agreements between themselves in an easily modifiable and user-friendly way that’s accessible to the masses. If we see something like this built on the Ethereum blockchain, we could see a price spike.”
Mike Miglio, Cryptocurrency Attorney, Partner, Wolfe Miglio
Hacking-Proof Network, Incentivizing, Scalability, POS, And A Mobile Wallet
“To highlight all the changes which can really impact the price of the Ethereum I have listed below with their strong reasons.
Create a Strong Hacking-Proof Network: Ethereum is working on Proof of work mechanism where the mining or validations of the blocks are done through excessive hash power of the GPU – Which create a monopoly in the market if big investors or the mining pool combine more hash power to get that block mines.
The Ethereum network could be hacked if any single source or owner of the network can generate more than 51% of the total hash power at a time and that is a possible case.
We need immediate change with the mining mechanism from Proof of Work to Proof of Stack mechanism where the best variation is delegate Proof of Stack mechanism.
This ensures that no single person using its combined hash power can manipulate the network as in this system, it requires the actual stacking of ether token and that’s not easy to grab more than 51% in total.
If anyone gets this, there will always be chances of losing or burning out those tokens if they tried to defraud the network, as before mining they have to stake those token in the blockchain network. So, nobody will try to manipulate or validate fraudulent blocks unless they get more reward in that block than what they staked.
This really increases the confidence of small retailers or the industrial businesses to use Ethereum blockchain as their secure network and price may skyrocket.
Incentivized by Active Participation: Even after stacking, the selection of the block producers should be done by the voting mechanism where the person who holds an Ether token will vote them on a 1 token 1 vote basis. The Top 20 will be shortlisted to mine the complete block and once successfully mined that reward must be distributed among all the block producers and voters in a defined ratio.
This increases active participation of the community and incentivizes every contributor to the network. With more participation, then more use of the network and directly increase the demand and price of the ether token.
Scaling the Blockchain Network: Currently, Ethereum is having the ability to clear around 15 transactions as compared to another blockchain network like EOS having ability clear 4000 TPS and even millions of transactions in the future. The success of any network will totally depend on the scaling ability of the network as the user base increases the blockchain network should be scalable accordingly. Future adoption of Etehereum will totally depend on the ability of the network to handle millions of transactions per second.
To solve these problems with Ethereum, first, we need to have minimum block producers which can be achieved by delegate proof of stacks where only 20-30 BPs should be chosen to scale that job.
The second part is having a side blockchain where once the sender and recipient connect first will be immediately moved to side-chain where they can have millions of transactions per second. This will increase the capacity of the existing blockchain to handle only setup
first-time connection – if this happens, the network will be scalable and wide adoption will happen and the overall price of the Ethereum will get skyrocketed.
Wide Adoption as Point of Sale (POS): It doesn’t require proof that if the small retailers start accepting Ether token the same as centralized currency, then no one else can stop the Ethereum price from skyrocketing. This can be possible by issuing a credit or debit card which allows transactions of Ethereum and should have POS terminals at the retailor end to accept Ether tokens. The way PundiX is working should be implemented in the same case of the Ether token to get worldwide adoption. If you can use the Ether token for purchasing any products, no one can stop the success to Ethereum.
The challenge here is the price volatility but at least we can kick off the beginning chapter by introducing ATM and credit/Debit cards.
Introducing Mobile Mining or Wallet: According to Statista, there are around 4.28 billion active mobile users worldwide. If Ethereum can target those audiences to get user-friendly with an Ethereum mobile wallet or mining, it can change the whole world. Mobile mining was first introduced by Electronium but due to the smaller community, it won’t get that much success. Ethereum can bring that footprint forward where it already has a strong community behind it.
No one can stop the wide adoption and having a mobile wallet where users can pay like Google Pay or any smart money, can really help to grow the Ethereum market.”
Kirtish Vyas, Founder and Director, Mrvyas Idea
Ethereum it is often overshadowed in the media by the omnipresent Bitcoin. Yet, unlike its older crypto counterpart, Ethereum can do much more than offer secure financial transitions. It was the first cryptocurrency to introduce smart contract technology into the blockchain, which in turn, forever changed the crypto space. Based upon the future developments discussed by experts in this article, Ethereum’s price could very easily skyrocket to compete with Bitcoin.