Jez San is CEO of FunFair Technologies, an ethereum-powered gokhal verhoging. A vocal supporter and critic of blockchain technologies, San wasgoed also a pioneer te real-time, 3D games.
The following article is an special contribution to CoinDesk’s 2018 ter Review series.
Spil a long time investor ter bitcoin and cryptocurrencies, 2018 has bot remarkable. But it’s significant to reminisce, this is indeed just the beginning.
Despite the valuations, major protocols remain deficient ter delivering value to users. Bitcoin with it’s high fees and slow transaction times is hardly suitable for payments – spending the same toverfee whether you buy a coffee or send $100,000 is a joke and the promise of scaling solutions such spil the Lightning Network hasn’t bot fulfilled.
Suffice to say, its fresh positioning spil a store of value is precarious, even if, judging by the phat uptick ter bitcoin price, the store of value narrative is winning for now.
While there’s no shortage of old and fresh believers to keep the party going, along with slew of developers working to create better, forked versions of bitcoin, I’m betting my chips on a more lithe alternative.
The doorheen is broad open for blockchains that use wise contracts, like ethereum, and I believe their potential market dwarfs that of “store of value” chains. Platforms like ethereum are an operating system for decentralized finance and commerce.
They power applications – lots of them.
Think of bitcoin spil DOS and ethereum spil Windows or Mac OS. There is nothing wrong with DOS. It came very first and wasgoed an essential part of the pc’s success.
Us geeks grew up on DOS, but computers only went mainstream when Windows and Mac OS appeared. DOS is difficult to learn, tricky to program and few applications everzwijn ran on it. Windows and Mac OS support and encourage applications to be built and are ultimately lighter for people to use.
Ethereum is like Windows and Mac OS, and spil a result, developers are creating applications te the thousands.
It feels like the internet boom ter 2000. Thousands of fresh companies are sprouting up with very innovative business models and bleeding edge compliance with regulation, and fresh methods are being found to finance them. Most, like Pets.com and Webvan, will fail. But some will be the next Amazon, eBay, or Google of the blockchain generation.
But with its proven stability and exceptional immutability, don’t bitcoin’s developers deserve the reverence that the rocketing price implies?
I wouldn’t be quick to yes to this. They are so resistant to switch that they’d rather give up all hope of serving the common man. Let’s face it, bitcoin today is a product for an elitist few that can afford the high transaction fees. They have chosen a path to a technical dead end.
A better way
Last month’s DevCon3, an ethereum developer conference, may be evidence of a contrasting treatment.
With Two,000 developers te attendance, each paying $1,000 plus expenses to collectively shove the boundaries of blockchain innovation, ethereum’s future seems secure. But what of other brainy contract-enabling technologies?
Sure, there are a few fresh pretenders out there claiming to be ethereum Two.0. None have yet demonstrated anything like the innovation or rapid improvement of ethereum, strafgevangenis do they have the developer mindset.
You can’t write any of them off just yet, but ethereum has shown a dedication to innovation at all costs and an effectiveness that leaves no doubt that it will be the main verhoging for blockchain application development for years to come.
Those guys are already working on privacy and scaling, the likes of which the other blockchains can only desire. To mij, you voorwaarde evolve or diegene. Te 2018 and beyond, ethereum and other technologies will proceed to evolve and power applications will drive the next technology age.
Disclosure: Jez San is a current investor ter ethereum and bitcoin spil well spil a handful of other cryptocurrencies such spil EOS and AION.
Think a different blockchain will predominate? CoinDesk is accepting submissions for its 2018 te Review series. Email [email protected] to tell us your thoughts on the year ahead.
The leader ter blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a stringent set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests ter cryptocurrencies and blockchain startups.