Have you ever had a dream of the next big technology? Well, it could be right in front of your face and you may not even realize it or sniff it out. The key to Ethereum is simple…grow…grow…keep growing.
In 2017, Ethereum has began a year for what developers and startups can be excited about. Different economic sectors are working to become apart of the blockchain for Ethereum. In some ways it reminds me of an Amazon or Facebook because it is on an exponential growth pattern. Below is the things that have come already or are on the way for 2017.
Each of these industries will prove the abilities in Ethereum as a technology. One goal is to get to ‘Proof of Stake’ by 2018 and I believe it will happen. This is only the tip of the iceberg! Many new use cases are being thought of and developed in healthcare, marketplaces, banking, token exchanges, gaming, entertainment, loans, identity management, file storage, business services, payments and more everyday.
So what do we know?
Ethereum provides developers the ability to use smart contracts and protocols to introduce a new commerce. When new innovations begin to flood the market, there will be a natural inclination for consumers to test out the technology — especially if it saves them money.
This introduction which has been talked about heavily at the Consensus 2017 conferences isn’t a bubble or fad. Ethereum is the beginning of something great that could change the world.
Just the other day the Metropolis project was looking for developers to do QA/testing. This software is expected to be completely finished by the end of Summer 2017. One of the upgrades that is noteworthy is Ethereum’s user interface, which will facilitate more adoption by those who don’t know how to use the current format for command-line.
In the next year, we should see transition in Ethereum from a Proof-of-Work system to a Proof-of-Stake system. This protocol is known as Casper which the Ethereum Foundation has been working hard to develop. The main thing driving this transition is the mining difficulty bomb. Over time as mining difficulty increases, block times slow down noticeably.
The Ethereum Foundation will need to figure out a more energy efficient way to reaching consensus (through PoS). When this happens the rest will start to slowly fall into place. Another innovation that could happen is the Mist browser, which would act as a crypto wallet and a browser with the ability to interact with the blockchain and run Dapps directly. As more applications are able to run on top of Ethereum you will get to a more efficient network overall.
In conclusion, the Ethereum landscape has many new developments coming in 2017 that are important to watch. As the growth happens it could translate into higher prices. But i’m not here to tell you how to save money. I’m here to give you the facts necessary to make a decision.