Ethereum Has Become The Platform Of Choice- Part 2
Continuation from the previous write-up on Ethereum. Get more insight into the market capitalization of Ethereum.
What More To Say On Ethereum?
Continuing from the previous post, the development of Ethereum was funded by way of a pre-sale of Ether for Bitcoin where presale was an ICO by another name raising some 31,591 BTC being valued at more than $18.4million at the time as the mechanics of ICOs have long been in practice for several years, the name and label for ICO events had only gained some currency recently. Thus the ICO market has hit a hockey stick growth trajectory with the total number of ICOs listed increased six-fold.
What then is fuelling the massive growth in ICOs as chances are it’s similar to what drove massive growth in the number of cryptocurrencies in the market. Thereby it was noted that the early speculators where then in Bitcoin flush with newfound crypto fortune plunging money back into emerging cryptocurrencies done partially for fun also to chase the same kind of returns enjoyed from Bitcoin investments. Suggesting there might be a similar mechanism, the Bitcoin millionaires are fuelling this ICO instead of explaining that ICO mania is due to early Ethereum adopters making serious returns after the last Bull Run.
It’s Blockchain All The Way Down
Eventually, when it comes to the bull run it has continued unabated as it was the first time that Ethereum’s market capitalization reached half that of Bitcoin’s massive milestone for relatively new blockchain. Explaining the price increase speculation and other factors were no doubt at play here too, as it’s likely the architecture behind Ethereum’s blockchain system making it uniquely valuable or at least flexible and extensible. It is a fact that Bitcoin is relatively barebones blockchain system requiring layers of protocols built on top of it making it a usable platform for utilities similar to smart contracts with platforms like counterparty and Omni both being built on Bitcoin blockchain and have sprouted their collection of digital assets and services riding on top of them. On the other hand, Ethereum was launched with its scripting language baked in making it possible to build complex smart contracts decentralized autonomous originations, decentralize autonomous apps, and even other cryptocurrencies with relative ease.
Combined with the rising price of Ether, this ease of development was desired by early stakeholders to reinvest in the Ethereum ecosystem making Ethereum the platform of choice for crypto-asset entrepreneurs at least for now. Whereas based on the same data extracted, the charted proportional share of Ethereum based assets versus all other assets having either ICO’d already or soon will.
Taking A Quick Roundup On The Ethereum Development
Taking a look at it, from zero percent of the monthly asset offerings to more than half of all closed or announced ICO events tracked on that page is the growth of Ethereum is impressive. With a flexible extensible blockchain system, Ethereum makes It relatively easy for developers to build and launch their DApps, DAOs, and crypto-assets. Whereas the ease of use is not sufficient enough to explain ethereum’s growing traction in the new digital assets space where a disproportionate amount of money is too.
Roughly a third of the assets listed were built on Ethereum which is just over three-quarters of the market value of all assets tied up in assets built on top of the Ethereum platform. Just the top four Ethereum based assets, Golem, Augur, Basic Attention Tokens and Gnosis representing $ 1.27 billion in market value roughly half of all value attached were t Ethereum based assets and more than a third of all the market value of crypto-backed assets and tokens in general.
Divided between those built on Omni and those built on Counterparty the value of crypto assets listed on CoinMarketCap with Ethereum being the platform of choice as it offers a blockchain platform with a built-in abstraction layer serving to unify the ecosystem.
Offering a tantalizing promise of one chain to rule them all, Ethereum is at least one chain to act as the foundations with ether traders, entrepreneurs and developers keen to let a thousand tokens, DApps, DAOs blooming because each of these assets is distinct with their roots run deep and ultimately back to Ethereum.
Wrapping Up The Discussion
The discussion throws light on some of the most important facts about the development of Ethereum. Even though forked, Ethereum plays a major role in the blockchain and subsequently the Bitcoin trading. It was exchanged for Bitcoin and developed from Ether making it good crypto of choice.