The cryptocurrency ecosystem is often saturated with news and information related to different token prices. This is as true when it comes to the mainstream media approach, as much as for more focused niche sources of information. In other words, people tend to take notice when a cryptocurrency network like a bitcoin suddenly gains or losses in its fiat price equivalent. Beyond these changes and movement, the general audience, even that with crypto affinity, thanks to steering clear of the technical elements and changes any network might go through.
Yet, the truth is that the technical side of any blockchain system is probably the most important element dictating it nearby stand future. In fact, the same even dictates the ability of any network or setup to survive the test of time. As 2020 started, those who are looking at the long-term in the cryptocurrency market are once again examining the technical aspects and ignoring the present price movements of individual networks.
In this regard, possibly surprisingly to some, ethereum seems to be leading the pack, just like it did in the previous years. Once again, this offers a range of interesting topics and implications I did not just do ETH but also the whole cryptocurrency domain.
Gavin Andresen Is an IT engineer who took part in the development of products based on the bitcoin network back in 2010. This happened only a year after the bitcoin network started working, which is one of the reasons why he is still a well-known name in the crypto community. Back then, neither bitcoin nor cryptocurrency, in general, were familiar to ordinary users. Blockchain as the technology was so new and so unusual that even the informational tech experts were clueless about it. Yet Andersen was right there at the beginning of this incredible technological breakthrough.
Today 10 years after his seminal work, Andersen believes that the most interesting development is not taking place on his old turf. Instead, he feels that the cutting edge technological development in crypto is actually taking place on the ethereum network. He also regularly follows the developments on the same blockchain and believes that it has been on the front lines of innovation for more than two years. He is also certain that the same trend will continue in 2020 as well.
Powered by Ethereum
According to Andersen, ethereum managed to be the most interesting blockchain development field in 2018 and 2019. Two years ago he named CryptoKitties as the biggest and boldest project that is pushing the blockchain technology forward. In the previous year, he named PoolTogether the most interesting thing that happened in this realm of development. CryptoKitties needs no introduction being that it quickly became a global phenomenon in 2018. The ability to create and then sell and trade pets on a blockchain network fast turned out to be not just the most popular ethereum dapp but also one that provided an insight in a huge capability of blockchain. This was the creation of unique tokens that did not serve as currency by themselves, but as distinctive pieces of digital information.
The other dapp is no less impressive. PoolTogether is a savings game where the users get rewarded after they deposit cryptocurrency in a shared pool. The reward is based on luck, but even if they fail to win anything, they can always pull out with their holdings unscaled. Both applications are so-called dapps, meaning an app that was built on an ethereum token and its wider platform.
Both are also so intricate in the sense that they could not function without a specialized upgradeable token that exists on a blockchain solution. Key elements to both of these applications are the fact that they utilize the blockchain capability that provides a brand new product, service, or content. In the age of digital ventures like esports and social media, this capability is beyond crucial for any successful undertaking.
2020 and ETH
When it comes to the protection of the state of the ethereum network in 2020 most will focus on the idea of the value of its token. However, Andersen, like other voices in the development community, is taking this discussion more towards the technology and the ability it has to provide something vastly different. The two mentioned dapps show that this is more than possible for this blockchain setup. Andersen is certain that the same will continue to happen in 2020.
In other words, ethereum will keep on spearheading the development of different uses and services of blockchain solutions. This is further underlined by the simple fact that there are no other viable competitors to this network. Bitcoin is the biggest cryptocurrency in the world in terms of price value and market capitalization, but its development is far behind that of ethereum. 2020 will not change this fact even slightly, which is why so many are certain that it is going to be the year of new blockchain tech breakthroughs on ETH token.
There is plenty of optimism and security about the future of blockchain development on ethereum, but some are pointing out to the fact that the real competitors might not be the massive networks of the present day. Instead, ventures like EOS and tron provide something more similar to ETH talking than the much more popular bitcoin. There is plenty of truth in this notion however, where is not enough developer potential behind it.
It is also a fact that both of these platforms provide a great opportunity for cryptocurrency betting solutions, which generally do help anything technological that is looking for fast development. Both of these already see a lot of betting action on their blockchains and 2020 will likely see even more come to the fray. But when the chips are down, chances are that most developers looking to work in the most advanced environment of blockchain will still choose ethereum over any other network startup or company that might offer them a job.