The Dapps on Ethereum protocol has gone well over 1,200 that is about three times from last year’s number. About 562 of projects from all sort of sectors are currently live on it.
Over 1200 Dapps on ethereum platform!
In May 2017, there were about 400 Dapp projects on the ethereum which has now reached over 1,200, which is risen more than three-fold from last year. About 562 of them are currently running live and can be used, the rest of the ETH Dapps are either in beta or prototype.
From tokenized digital assets, financial applications to games and many more projects are running on the blockchain of ethereum.
In 2015, Ethereum came into the cryptocurrency market with the intention of creating an alternative protocol where other decentralized applications can be built. With its EVM i.e. Ethereum Virtual Machine, the platform allows developers to form their smart contracts and create Dapps.
It basically has an underlying decentralized technology that further means leaving a reply also requires you to pay though it means you have full control of your data.
By opting for ethereum platform to create your Dapp, the user doesn’t need to sign up as he already has an account and a public/private key. Having a blockchain, the data can be stored forever on there along with having no need to integrate with a payment system like PayPal in order to accept the funds from the users. Ether is the common payment means that every user can send as well as receive.
ETH investors and Dapp developers’ interest clash
Ethereum platform came with the idea to develop Dapps, while since its inception in 2015, the integral concept of this blockchain has lost the limelight as the investors got interested in ETH as a digital currency to trade and sell and leverage its price volatility factor to make profits.
The development of Dapps on this platform is certainly on the rise. However, the integral point of interest for both the sides i.e. the investors and the developers that build their Dapps on the platform clashes.
The problem is that there might be downsides to this increase in price and increase in attention. Namely, as the price increases, ethereum apps grow more expensive to use.One one side, investors point to the benefit comes from the rise in ETH prices while the rise in prices means developing a Dapp becomes more costly.
As the above figure from Etherscan shows, the average gas price has in fact risen between the period November 2017 and January 2018. This spike in gas prices has been in correspondence with the eth prices as on November 24, 2017 eth prices were about $411 while on January 3, 2018, it was $903.
As a fact, the gas prices should have supposedly gone down proportionally to the rise in ether price, however, it doesn’t seem to be happening. This certainly makes the ethereum platform costly for the Dapp developers.
It would be interesting to see how Ethereum community get to balance both the facets.
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Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.