Price isn’t everything – Ethereum’s massive growth

The price of cryptocurrency has not seen the same pace of growth it did last year, but that doesn’t mean there is less work being done in the space.

Bitcoin’s Lightning Network continues to roll out, allowing the cryptocurrency to become usable as a fast payment method, and blockchains aimed at other applications are seeing impressive advances.

Ethereum, however, is unparalleled in terms of developer interest.

From games to frameworks for managing decentralised organisations, developers are building a variety of applications on Ethereum.

While its token value is relatively stagnant, this price is an artefact of speculation and does not reflect the amount of work and development occurring in the space.

Public interest in the Ethereum blockchain is rising as cryptocurrency enthusiasts look past the volatile markets and inspect the potential of the underlying technologies.

Surging interest

According to data published by blockchain company Consensys, Ethereum has seen steadily-increasing interest from both Google searches and social media platforms.

While this could be interest from potential investors, the amount of activity on the Ethereum blockchain has also been increasing since 2017.

This activity directly relates to the number of transactions on the distributed ledger and is a measure of the technology’s adoption.

Ethereum transaction chart

Consensys also stated that Ethereum is the most decentralised blockchain in existence, with over 17,000 active nodes worldwide.

Developers have started to move to the blockchain to develop cutting-edge, innovative products on this decentralised backbone.

Perhaps one of the most informative metrics on the blockchain’s adoption by developers, however, is the increasing number of Truffle downloads.

Truffle is a popular development framework for Ethereum, which has now passed 550,000 downloads.

While each of these downloads does not represent a single Ethereum developer, the figures point to the blockchain being the biggest in terms of developer uptake.

Evolving dApps

CryptoKitties Galaxy S8

The products being built by these developers are also seeing mainstream interest.

Judging from online discussion and the discourse around blockchain projects, members seem to be less interested in the various ICOs and potential scams which were rife throughout 2017, and are now more focused on potential use cases for the technology.

Last year, a flood of new investors eagerly looking for a quick return caused hundreds of scam tokens and ICO-backed projects to pop up, allowed by limited regulation in the blockchain environment.

Now that the prices of cryptocurrencies have dropped and consumers have wised up to brazen scams, the focus of community excitement has shifted to upcoming projects.

Many of decentralised applications are being implemented on the Ethereum blockchain, and many are set to launch this year.

From blockchain-based games like Neon District to next-generation smartphone platforms like Status, cryptocurrency enthusiasts have a lot to look forward to in the near future.

Additionally, infrastructure like Plasma, Raiden, and the dAppChain offerings being built by Loom Network could greatly improve the average user’s experience when interacting with the blockchain.

Now read: Regulated cryptocurrency custody is a game-changer

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Price isn’t everything – Ethereum’s massive growth