As Ethereum approaches its fifth anniversary, many of the industry experts shared their views on it. The most common view shared by most experts is that the future of Ethereum blockchain depends on Tether and Decentralized Finance tokens.
While speaking on this, the Chief Technology Officer of Bitfinex and Tether, Paolo Ardoino, has claimed, “Ethereum blockchain will play a central role in the digital asset ecosystem in the years ahead, as Ethereum-based Tether can continue to support and empower growing ventures and innovation in the blockchain space”.
USDT Has 78 Percent Market Share
He further said that one of the fastest-growing DeFi product in the market currently is USDT because it supports the alternative financial system. Ardoino mentioned that he has been working on this so that it remains the reserve currency of DeFi.
The market share of USDT among Ethereum-based stablecoin is 78 percent, as it uses the maximum amount of gas in the blockchain.
Ardoino also talked about the launch of OMG Network Plasma sidechain which would help the Ethereum blockchain by mitigating its pressure and network load.
A report states that the integration of sidechain into Ethereum blockchain might lead to a cheaper transaction.
Although the transaction cost on the network has increased recently, some of the industry officials are still waiting for the next upgrade version of blockchain as a solution.
ETH2.0 To Change Definition Of Blockchain Tech
While talking about the updated version of Ethereum, the Chief Executive Officer (CEO) and founder of MyEtherWallet, Kosala Hemachandra has said that the updated version of ETH 2.0 will change the definition of blockchain technology, as it would develop a secure and sustainable system which could easily compete with centralized scaling solutions.
On July 10, Reddit Ask Me Anything published a report which stated that one of the analysts of Ethereum, Justin Drake, claims that ETH 2.0 would get launched in the market by January 2021. But the co-founder of Ethereum, Vitalik Buterin predicts that it would be released in the market by November 2020.
Articles You May Read.