Digital currencies and blockchain technology may someday be as broadly adopted and used as the internet today – says the co-founder and CEO of Fintech company – Jeremy Allaire. Allaire said that the blockchain industry is a really fertile and productive place in terms of infrastructure, technical, and fundamental.
Ethereum (ETH) to Be the Driving Force of Increased Blockchain Adoption and Use
One key driving force that could make this happen is Ethereum, says Allaire. He said at the moment, the blockchain project has a massive amount of developer activity. He said one of the major things that caused a spike in the digital currency market last year was Ethereum.
Adding that the blockchain project got to a place where you can create applications on top of it. You could create now financial contracts and issue new tokens using the smart contracts technology.
Ethereum is the name of the firm that created the digital currency ether (ETH). The firm built a platform for apps designed on blockchain – the underlying technology of Bitcoin (BTC). ETH was initially launched as a means of funding the development of the platform.
As a result of this, Mr. Allaire said that Initial Coin Offerings (ICOs) – a fundraising mechanism for raising funds for digital currency projects – have significantly increased. All through last year, only $3.8 billion was raised via ICOs. But in just the first half of this year, firms have raised over 300 percent of that amount.
Meanwhile, digital currency investors are very excited this week as the bulls in the market were able to take the values of digital currencies to a greater height. The largest digital currency by market cap – Bitcoin (BTC), surged over the $7k mark to trade close to the $7,500 mark after trading below the $6k level last month.
Ethereum (ETH) also experienced an increase as it broke major hurdles to surge over the $500 after trading below the $400 level last month.