Ethereum is now eight years of age, and many experts have come out to praise the world’s second largest digital currency by market cap.
Ethereum is Now Eight Years Old!
Ethereum first emerged in 2015 and was designed to be more of a network rather than a currency. This has worked well over the years given how much popularity it’s earned amongst developers who prefer its technology to bitcoin’s when it comes to creating new blockchains and assets.
Not long ago, Ethereum underwent a few changes known as the Merge and Shapella that aided in its transition from proof of work to proof of stake. In an interview, Amanda Cassatt – the CEO of web3 marketing company Serotonin – said that she’s very excited about the future of Ethereum, and she thinks the asset will go far. She commented:
I’m really excited about zero-knowledge proofs. You can get excited about ZK Snarks being integrated into Ethereum and ZK rollups on L2s. This concept is going to help move the needle on the next bull market narrative and unlock significant impact and growth. There are many use cases and examples of business logic that make sense with configurable private data that don’t make sense in a world where all data, not just a representation or abstraction of it, are on the public blockchain.
Stani Kulechov – the founder of Lens Protocol and Aave – also threw his two cents into the mix, saying:
The upcoming upgrade, Dencun, is expected to bring costs down and increase scalability, which should expand awareness of Ethereum beyond its well-known role in decentralized finance and prepare the network for mainstream usage.
Rachel Wolfson – a crypto journalist with Coin Telegraph – was asked what her favorite Ethereum use cases were. She answered:
Peroni Beer’s use case of Ethereum and Polygon Scan for food traceability. Peroni Beer is a popular Italian brewery that features a scannable QR code on most of their products that allow consumers to understand how their beer is produced. By scanning the QR code, consumers can see the source of the beer ingredients from the very beginning of production until products hit the shelves.
At the same time, she also offered some criticism regarding the network and discussed what could be changed. She said:
Gas fees on the Ethereum network are too high. Data shows that the average gas fee required to make transactions on Ethereum was about $20 on July 16th.
Wrong People in Charge?
Thomas Klocanas – head of venture at Block Tower Capital – was also asked what worried him about ETH. He responded with:
A tendency to elevate the wrong folks to positions of thought and company leadership. See the consequences with FTX, Celsius etc. With every cycle, crypto [becomes] more mainstream. Thus, every bad piece of PR hurts and sets us back even more.
