Ethereum Can Lead Blockchain to The Success of The Internet, Fintech CEO Says

Ethereum Can Lead Blockchain to The Success of The Internet, Fintech CEO Says

Ethereum might be a driver for the wider adoption of both blockchain and other cyber-assets.

This network can lead to such a wide prevalence of the latter two as the internet is nowadays, believes one of the fintech top executives.

Another ethereum-related good news this week is that the platform’s solution to the scaling problem has released a testnet before the final launch.

Ethereum Will “Save” The Blockchain

In accordance with the words of Jeremy Allaire, who is an exec and co-constitutor of a fintech entity Circle, it is possible for the blockchain and crypto-coins to get as widespread as the World Web at present.

The entire industry, believes he, can be very fruitful regarding infrastructure, technical and basic issues.

Talking to CNBC journalists, Allaire emphasized that the massive trigger for the blockchain’s proliferation can be ethereum.

He explained that at the moment this network has immense quantities of developer activity.

Why Ethereum?

In Allaire’s opinion, it’s ethereum which boosted the cyber-money market in 2017. He said it was that ethereum allowed devs build applications on top of its net. And the apps included novel tokens and new types of financial contracts. Issuing them was thanks to the tech trend of smart technologies.

As they know it, ethereum is a platform/network which launched the virtual coin ether (ETH). The self-titled business established a platform for apps built on DLT (blockchain).

This technology resembles bitcoin's core, the world’s most known digital token. The ether coin was initially issued for fundraising – to elaborate the ethereum network.

Thanks to ethereum, Allaire continued, ICOs, which are crowdfunding to gather money for cyber money ventures, went up. Within last year token sales brought the income of $3.8 billion. Meanwhile, in the first half of 2018, this number more than tripled. As per CoinSchedule data, this sum was as large as $12.4 billion.

"It also catalyzed a lot of competing infrastructures to ethereum," said Allaire.

The fintech CEO also provided examples naming the novel blockchain networks on the market at present. Among them, there are EOS, NEO, and Cardano.

Raiden Ready For Launch

Another good news concerning ethereum this week is saying that the platform’s scaling solution, called Raiden (counterpart of bitcoin’s Lightning Network), has released the last test network before the launch.

They announced the release of the testnet of ethereum’s payments on July 19 at the Dappcon dev conference in the capital of Germany.

According to CoinDesk’s report, it features the least implementation of the scaling solution. The latter is expected to permit ethereum units to be sold and bought on off-chain payment channels. It is noteworthy that the “fresh” testnet has been released prior to the battle-test of the technology before its launch for mere users.

Solution Details

At the end of 2017, Raiden experienced a testnet evolution. This time there is the novel release which is the implementation of the mainnet release. It presents a “freshly” rewritten code of a smart contract as well as payment channels that can be recovered in case of occasional closure.

Now the testnet is going to be used to spot any potential errors.

Previously, the Raiden crew promised to release the final implementation until the end of summer, yet the exact launch-date remains unknown.

Lefteris Karapetsas, the core dev of the project, explained that the regular code upgrades, as well as other modernizations, are going to keep taking place even after the final release. He also added that the software will work on par with other scaling solutions to maximize the work of ethereum’s platform.

Any Future Goals?

According to his words, Reiden is the payment channel net for ethereum which is expected to scale coins remittances.

In the future, the devs hope to make it possible for people to use Reiden for off-chain coin transfers from their smartphones. As long as it is not an easy-to-achieve goal, Karapetsas said they are going to combine the work of Reiden with other scaling solutions like plasma, sharding and so on.

What About Ether?

Overall, this week has been positive for bitcoin – it managed to surpass the margin of $7,000. In the meantime, the second most valuable coin in the world ether also started to grow slightly this week, going up to $505 after trading at $430 last week. As of writing, ether’s price is $459.