Ethereum : Dapp Ecosystem Booms
Ethereum is getting big…
What started out as a pipe dream from former Bitcoin Magazine editor Vitalik Buterin, Ethereum has now grown to be a major player in the cryptospace. Since it’s creation, Bitcoin has led the way to most other rival cryptocurrencies with over 90% marketshare. However, as of June 2017, Bitcoin’s market share has dropped to as low as 44%.
This sharp decline is mostly due to the potential of rival cryptocurrency, Ethereum. Ethereum promises on where Bitcoin has failed to deliver. Not only can it be used as a digital asset, it also provides developers an easy, intuitive and emerging platform to build their decentralized applications(called Dapps) upon. In 2016, Ethereum was released with an accompaniment of 124 Dapps being built upon it’s network. The following year was a trial by fire test for Ethereum; 2016 saw the DAO attack in which an Ethereum wallet was compromised and several millions of dollars worth of tokens were stolen by hackers. As a result, we saw only 90 Dapps being built upon the network as confidence wavered and many developers were concerned about the longevity of Vitalik’s cryptocurrency.
Ethereum survived the attack and thrived since. In just the first half of 2017, we saw an explosive increase in Dapp creation and development with 183 currently being built within the network. This is a 48% increase from it’s initial release and 103% increase from 2016. Investor and developer confidence is at an all time high and is reflected on the amount innovative and intuitive products that are emerging from Ethereum’s rich developer ecosystem.
Dapp creation increase by the number:
The following data was provided by Dapps.ethercasts.com — State of the Dapps
While we still have a long way to go, we may be witnessing a revolution of the digital age as Ethereum’s network grows more feature rich and innovative by the day.
