Ethereum (ETH) has hit a significant milestone with over 200,000 smart contracts being deployed on its network.
Ethereum (ETH), has cemented its place as the second biggest cryptocurrency by market capitalization when developers and projects started deploying smart-contracts onto its Ethereum Virtual Machine (EVM).
This enabled a roll-out of frameworks, applications and token offerings – all built on top of Ethereum’s decentralized blockchain. Since its inception, Ethereum has come a long way, now with some of the largest companies in the world using it.
Big Corporations Working With and On Ethereum
Tech giant Microsoft is one of the biggest companies currently incentivizing development on the Ethereum network. The company released software tools for developers and hosts to build Ethereum-based applications on Azure. Azure’s blockchain development kit is an extension to Microsoft’s code editor Visual Studio Code. This allows software developers to easily create and deploy smart contracts, while leveraging existing open-source Ethereum frameworks such as Solidity and Truffle.
Right now, Ethereum has two main types of tokens – ERC-20 and ERC-721. ERC-20 is the most popular one since it enabled projects to issue their own token, which transcended into the 2017 initial coin offering (ICO) boom. The ERC-721 allows for creating unique token identifiers, also called non-fungible tokens. The most popular use of non-fungible tokens was the CryptoKitties.
Ethereum Kick-Starting Decentralized Finance
Furthermore, entrepreneurs and developers have built a set of applications and tools that is set to challenge the current financial system. The decentralized finance (DeFi) ecosystem on Ethereum has been blooming with over $500 million in value locked into smart-contracts that issue and monitor loans in a decentralized, automated manner. One of the biggest contributors in this industry is Maker, who elegantly designed the USD-pegged currency DAI, which is now used in the borrowing and lending Ethereum-powered markets.
DeFi protocols such as Compound, Dharma, and Uniswap are among the most advanced tools of Ethereum-based P2P lending solutions. Another interesting use case built on Ethereum is the decentralized prediction market platform Augur (REP).
Ethereum Building Web 3.0
With the cryptocurrency progressively unfolding, the paradigm is set to shift from Web 2.0 as we know it – to Web 3.0. This will comprise all applications, tools, technologies and frameworks that will inherently be decentralized. At the surface, Web 3.0 will streamline transactions for consumers and merchants, without requiring intermediaries.
Ethereum is a big contributor to the Web 3.0 standard, with continued development of the underlying infrastructure. Ethereum’s smart contracts could potentially play a key role in bringing Web 3.0 closer to reality. The current milestone achieved is an indication of that.
Presently, there are over 2,500 decentralized apps (dApps) that have been launched on the Ethereum network. Amazon, as one of the largest companies in the world, is already using Ethereum to create and manage blockchains via its Blockchain-as-a-Service (Baas) platform.
Even banks use Ethereum’s network with J.P. Morgan building a blockchain-based platform called Quorum for large-scale enterprises.