Ethereum has been booming as of late, not just in price, but in attention. Many financial firms claim that the day will come when Ethereum outdoes bitcoin in stature, and now the CEO of Point Pay Andrew Svyatov says that Ethereum is a more democratic form of crypto that all companies and firms should be investing in.
Ethereum Is Growing in Reputation
Over the past several months, we have seen a multitude of companies invest heavy funds into bitcoin, the world’s largest and most popular cryptocurrency by market cap. The asset has garnered the attention of the likes of Tesla, MicroStrategy, Square and others, all of whom have invested anywhere between a few hundred million to several billion dollars into the asset.
But when it comes to Ethereum, the asset is popular for several other reasons. For one thing, the currency has generated a lot of attention amongst crypto developers, or rather those who are looking for sustainable networks that can keep their decentralized applications (dapps) and new assets afloat. Ethereum is now the most popular network for these kinds of projects given its capabilities with smart contracts.
In addition, the Ethereum blockchain is considered far more efficient when it comes to making payments. Ethereum is allegedly much faster than bitcoin, which thanks to its old and aging technology, has become quite slow in recent years. Ethereum is also moving closer to working through a proof-of-stake module, which can potentially allow asset holders to make money on what they already own.
Earlier in the year, Ethereum underwent several changes that allowed it to offer faster network transactions. The blockchain also works to predict commissions for miners and other figureheads in the space, while a “burn” factor was also introduced to ensure tokens are never double spent or used for illicit purposes when they are put out of commission.
A Lot of Changes Are Coming
Svyatov commented further on this, stating in a recent interview:
Now, the commission on the Ethereum network has dropped by a factor of three and averages $16, which is certainly more interesting for users than the $70 in April-May 2021, but opinions among miners regarding the profitability of ether mining are divergent. Looking ahead to the end of the year, the profitability of ETH mining may decrease. Moreover, the transition to version 2.0 will completely replace mining with a ‘greener’ model that does not depend on equipment capacity – stacking. The transition to PoS will make Ether faster, more environmentally friendly by eliminating mining altogether, and will continue Ethereum’s drive to create a universal platform for developers and write decentralized applications. It is the network’s ability to become a global platform for writing censorship-free apps that could make it the number one cryptocurrency in the future… Of course, if there are no more technically convenient competitors in the market.