Published on March 28th, 2022 | by Bibhuranjan0
What Does The Future of Ethereum Hold?
Ever since its creation in 2015, the Ethereum blockchain has been a key driver of the crypto economy. Amongst the first projects with a clear purpose, it hosts thousands of applications, smart contracts, and other crypto tokens.
Created by Vitalik Buterin, it was never intended to be just digital money. Instead, the objective was to improve on Bitcoin and build a global decentralized platform. Being a blockchain-based network, it has several use cases in a range of industries. These include entertainment, decentralized finance, music, and gaming.
Its ticker ETH is the second-largest currency in the world by market capitalization, outranked only by Bitcoin.
Before we dive into what the future holds for Ethereum, let’s take a look at how it fared in the last year.
Ethereum’s last year’s performance
Ethereum’s price jumped to an all-time high in November’21 to almost $500 billion. This was because Ethereum is not limited to just being a store of value. Its endless uses led to a massive rise in its market cap. If you want to invest in Ethereum, check the conversion rate of 1 ETH to INR.
Ethereum 2.0: What does the future hold?
In 2022, Ethereum shows even more promise due to its planned upgradation to include more real-world applications. It aims to transform the way digital money will be consumed, in a way that Bitcoin cannot.
Here’s what the future holds for ETH:
Rise as the world computer
The reason why Ethereum almost toppled Bitcoin and gained such momentum is its ability to run smart contracts. These smart contracts allow users to own a huge range of items such as artworks, houses, cars, and more, especially from other countries. All of this minus the bureaucracy of the banks or governments.
It supports uncensored information
All the large media giants such as YouTube, Instagram, Facebook, Twitter, have the right to delete, edit, and modify content. This takes away from the ethos with which the Internet was launched- as a free and democratic information exchange.
Since any third party or the government does not regulate the information stored on the Ethereum network, including the smart contracts, decentralized applications, and other data, it will keep offering unbiased information. Allowing people to gain education about important issues and allowing them to make decisions, is what will make Ethereum gain more popularity.
NFTs, or non-fungible tokens, are all the rage right now. Traded over the blockchain, NFTs are certificates of ownership of valuable and unique digital assets. These include artworks, music, videos, GIFs, and even tweets.
Since almost every high-value NFT is secured by the Ethereum blockchain, it will be a key driver. Though other platforms such as Solana and Avalanche have NFTs, the market for these tokens is much smaller when compared to Ethereum. So, if more and more people continue to invest in NFT Ethereum will keep gaining more momentum and popularity.
Despite the crypto bubble, Ethereum didn’t die. Instead, it gained more momentum and strength. And it can be safely said that it will continue to do so. This is because of the exciting new developments that are being built on its network.
Users will see everything ranging from electric vehicle charging stations, mortgages for houses, crypto-collectibles, and much more.
Ethereum will also see more adoption by industries where there is a higher risk of human error and impacts life-saving interventions. Due to this strength of Ethereum blockchain, more healthcare and tech companies will adopt it to solve complex real-world problems.
Ethereum will continue its functional, innovation-led, and sustainable growth in 2022. It is a strong currency to invest in and diversify your portfolio along with other currencies such as Dogecoin, Bitcoin, and Ripple. Before you decide to invest in Ripple, check the XRP to INR rates.
Cover Photo by Vitaly Mazur on Unsplash