Ethereum [ETH] Breaks $200; Will Ethereum Be a True “Digital Gold” Platform?

By Dalmas Ngetich
Published February 5, 2020 Updated February 5, 2020
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Ethereum [ETH] Breaks $200; Will Ethereum Be a True “Digital Gold” Platform?

By Dalmas Ngetich
Published February 5, 2020 Updated February 5, 2020

For Ethereum (ETH) fans, there is every reason to be optimistic. Not only is ETH rallying but the expectation of the masses is that the platform will eventually disrupt processes and drive to oblivion several projects.

For now, Ethereum remains as a platform that is still grappling with scalability challenges but developers, and especially the project’s co-founder, Vitalik Buterin, remains positive on the future, strongly believing that its development will be steady.

Ethereum is up by 6% Crosses 200$

Meanwhile, as price flirts with the psychological $200-mark, $17 million worth of ETH has been moved out of Binance in the last 24 hours.

ETH chart by TradingView

Of DeFi and First Mover Advantage

Ethereum enjoys a first-mover advantage. It has its own programming language, Solidity, and a Virtual Machine; developers are gravitating despite incentives from competing platforms.

Tron is particular, in 2018, rolled out irresistible products and a compatible VM causing several Ethereum projects to shift to the dPoS system.

Nonetheless, Ethereum remains stronger in terms of development and is the most active, even more than Bitcoin.

A recent report further revealed that Ethereum, in the smart contracting category, has the highest number of addresses.

As far as new users, most of them were attracted by Ethereum’s development and particularly the rise of DeFi and dapps.

Transactions-wise, Tron, and EOS lead with both emerging as a favorite for gaming and gambling apps.

Ethereum Roadmap

But Ethereum progress, like any other decentralized public chain, has been steady and milestone along its roadmap struck.

Since Frontier, Homestead—where definitive events like the DAO forced a hard fork, to Metropolis where miner rewards were slashed by a third, the next and the final phase, Serenity, which will usher Ethereum 2.0, the platform has truly proved critics wrong.

In Ethereum 2.0, the platform will not only be scalable but secure and completely decentralized. Towards that end, several solutions whose foundations were laid in Metropolis would be activated.

Through Sharding, transactions would be verified faster while the incorporation of privacy solutions will shield ETH transactions against trackers.

Meanwhile, Proof of Stake means Ethereum will be energy efficient and holders earn rewards when they stake their coins.

Ethereum being Digital Gold and Multi-faceted

Now, partly because of Ethereum’s robustness and activity, an observer warns that the network “might eat other chain’s entire reason for existing.”

He then lists the multi-faceted nature of the blockchain including the network acting Programmable money chain through DeFi, being an Internet of chains, which will be enabled via Ethereum 2.0 Sharding, and ETH emerging as a true “Digital gold chain” better than Bitcoin.

For this, supporters believe that ETH has the most bullish case in the crypto scene, and one should buy ETH first, and BTC second.

“I love Bitcoin. It is fulfilling its goal of being digital gold. However, Ethereum is the platform for every other digital transaction on Earth (even non-financial)! Ethereum is the greatest asymmetric trade the world has ever seen. Buy Ethereum first and Bitcoin second.”



The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Dalmas Ngetich
335 Articles
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich