Since the Ethereum platform first appeared on the market, interest in it has both peaked and decreased overtime. However, it seems like the popularity of Ethereum is quickly growing, considering the fact that it has just managed to surpass the $7 billion market cap, which is the same level of the Bitcoin market cap, present last year, thus showing just how much it has grown.
During the last couple of days, Ethereum managed to soar from $50 for one Ether, to around $80, thus once again surpassing its all-time high, which is simply amazing for the smart contracts platform.
Economic analysts have pointed out the fact that the increase in price is due to a couple of factors. Some of these include the fact that South Korea is a big fan of the platform, as their three biggest exchanges currently handle twice the ether/fiat volume being handled by Coinbase and Kraken together. This shows just how huge Ethereum has managed to become in South Korea.
At this moment in time, analysts are unsure why South Korea is showing such a high interest in Ethereum, but some have said that it might have something to do with robotics, gaming, and smart contracts, which is understandable. Not only this, but the country is also massively interested in e-sports. It seems like Ethereum’s smart contract capability can make gaming a bit more transparent, while also reducing cheating possibilities, which is great.
While these factors may be playing an influence, it is worth pointing out that another contributing factor could be the recent announcements related to Ethereum, such as the fact that Spotify recently acquired an Ethereum-based company.
Apart from this aspect, there is also news that Ethereum may finally be ready to adopt the proof-of-stake system, which will make it more secure. It has often been said that the system will be adopted by the end of 2017, and it seems like the folks behind the platform are willing to respect their promise. For those who do not know, this proof of work currently running is basically a piece of data that is difficult to produce, yet is easy to verify whether it respects certain requirements used for smart contracts. Proof-of-stake on the other hand, is easier to produce, and is also easier to verify. While some more studies may need to be carried out before it’s applied onto the Ethereum network, it’s definitely coming soon.
Based on everything that has been outlined so far, what do you personally think about the recent Ethereum developments? Let us know your thoughts in the comment section below.