Is Ethereum Getting Ready For Mass Adoption?
The massive jump of Ether price in the past few months has caught the attention of lots of investors. However, many of them are still questioning whether this cryptocurrency is viable for being adopted by the crowd.
Some common arguments are that Ethereum can currently process around 20 transactions per second, while Visa is capable of handling over 24,000. Another argument can be that it is challenging for somebody with little technical experience to set up an Ether wallet.
These are all valid logical reasonings. However, there are also some facts that may indicate that Ethereum is actually moving towards mainstream adoption.
The Internet didn’t go mainstream the moment Tim Berners-Lee developed the Hypertext Transfer Protocol (HTTP). It went mainstream when search engines like Google, social networks like Facebook and email services like AOL were introduced.
We may be seeing a similar trend with the Ethereum network right now.
Since early 2017, the crypto space saw a massive Initial Coin Offering craze. Nearly every single day, there’s a company somewhere around the world that is issuing a token to collect enough capital to start developing their idea. Investors that were active in the late 90’s will see the similarities between this and the dot-com bubble that burst in 2001.
The good part about the current exuberance in the ICO space is that a lot of startups that would have never obtained funding through traditional ways like VC’s are now raising millions in just seconds. Of course, most of these businesses will end up failing in the long-term. However, some of them will survive and play an important role in the mainstream adoption of the Ethereum Blockchain.
It is yet to be seen if projects like Status, True Flip and ICONOMI that recently had successful ICO’s will manage to become those “Killer Apps.” One thing is sure mainstream apps will come. And at the current pace of one ICO per day, it probably won’t take too long.