Ethereum: Lamentations of a Phoenix

Ethereum: Lamentations of a Phoenix

Ethereum is one of the most promising ecosystems on Blockchain. Over time, many have created a lot of applications by implementing its system. Vitalik Buterin, the creator of Ethereum wanted to create a platform that was open for all to use. In fact, its genesis block is open sourced and one can access it to create new and private test net Blockchains.

It is an easy to create platform that uses programming languages such as Java, Go, C++, Haskell, JavaScript, Ruby, Rust and Python amongst others. After surviving a brutal hard fork and a DOA attack, Ethereum’s rise has been similar to that of a Phoenix.

Without the amazing highs experienced at the tail end of 2017, Ethereum’s Ether (ETH) token has fallen a whopping 47.5 % in the first quarter of 2018.

See Also: How To Mine Ethereum On Your Laptop

What Are The Reasons Behind This?

With multiple factors coming into play, one needs to focus on the biggest one. With the US and Japan governments all set, with rolled up sleeves for strict regulations on cryptocurrency exchanges, such a dip was bound to happen.

Japan had previously released a set of protocols that were meant to be implemented by every exchange. In lieu of it, it has shut down several crypto exchanges.

Following the same path is USA. It too sees the potential of the decentralized currencies and hence wants regulations placed on them. Taxation is merely the tip of the iceberg for the US government. The entire anonymity that is availed by Cryptocurrency investors, traders and miners is something that they are not ok about.

Secondly, Vitalik Buterin has gone on record claiming to cap off the limit of Ethereum. In what was supposed to be an ‘April Fool Prank, he proposed a fixed supply cap on the total number of ether (ETH). He claimed to do so keeping in mind the economics of the network to ensure rewards for node providers and developers.

In a turn of events, however, after looking at the amass positive responses to his post he confirmed said this proposal could definitely be considered in the future.

Afterall, Ethereum has always kept the communities interest as priority.

When Will The Tide Turn?

For long-term Holders, we say this. Hang on! For those who had invested in this token with the intent of earning a quick buck, we beseech you to know this that the platform is much bigger than the value of its token. To judge Ethereum based on merely its token value is like comparing an Ostrich by the height at which it flies!

Price speculation of Ethereum discourages and takes away from the advanced development it is making. The core developers at Ethereum are focused on making it the most robust and promising smart contract creating a platform of all on the Blockchain.

Ethereum has grown beyond its Token value. Maybe with time, the token too shall catch up to crowning glory that Makes Ethereum so unique.

Next Read: Ethereum Fork: All You Need To Know

A traveler who has eaten with Bedouins, gotten lost in mist, and walked a kilometer to get net connection. When not writing, Nisha reads tech magazines to shampoo bottle labels

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