High expectations are associated with blockchain technology. It can transform business models across many different industries. Circle CEO Jeremy Allaire is a big proponent of Ethereum. He considers it to be a driving force for both blockchain and cryptocurrency on a global scale.
Ethereum Is a Blockchain Catalyst
Hundreds, if not thousands, of applications are being built on top of Ethereum. For developers, it is the blockchain with the highest potential. Unlike Bitcoin’s blockchain, Ethereum offers a lot more functionality. Circle CEO and co-founder Jeremy Allaire considers it to be a catalyst for widespread adoption. Pushing blockchain and cryptocurrency adoption to new heights will be facilitated as more real-world use cases come to market.
Discovering new use cases will happen through a proper blockchain infrastructure. Ethereum is a “fertile space” in this regard, according to Allaire. He praises Ethereum’s fundamental, technical, and infrastructure capabilities. This is despite the network grinding to a halt when a lot of transactions take place. Those scaling solutions will be resolved when Plasma hits the network in the future.
Developer activity is mainly concentrated around Ethereum. It is the blockchain attracting most coding enthusiasts at this time. Being able to build applications on top of Ethereum excites many entrepreneurs. Allaire is also a big fan of issuing new tokens and the creation of smart contracts. These features are no longer native to Ethereum, however. Other blockchain projects have emerged to offer the same type of functionality.
The Future as Seen by Jeremy Allaire
With competing platforms emerging, an interesting situation is created. Allaire briefly hinted at EOS, NEO, and Cardano. All of these new blockchain platforms can become Ethereum competitors in some regards. They do not have the first-mover advantage Ethereum brings to the table. As such, they are viewed with less appeal by most developers and coding enthusiasts.
Bringing blockchain to the masses still requires a lot of work. Financial institutions are experimenting with potential applications and commercial implications of this technology. Some companies specialize in decentralized voting or even provide identity solutions on top of a blockchain. It is these use cases which will help drive mass adoption in the long run.
Allaire also touched upon the ICO industry. Initial coin offerings have become increasingly popular since early 2017. This way of raising money will help blockchain enthusiasts create new potential use cases. The current interest in initial coin offerings confirms a bright future lies ahead. For Allaire, these are all positive signs of future growth. Despite falling cryptocurrency prices, the underpinning technology remains of keen interest to a lot of individuals and companies.
Do you agree with Allaire’s views on ETH and blockchain technology? Let us know in the comments below.
Images courtesy of Shutterstock.