Bitcoin scalability concerns may soon open doors for Ethereum to be the world’s largest digital currency by market capitalization.
Steven Nerayoff, one of the creators of Ethereum, definitely sees a possibility for that event known in cryptocurrency circles as ‘the Flippening’ happening this year. In an interview with CNBC he said:
“What you’re seeing with Ethereum is exponential increase in the number of projects […] maybe 10 times more projects this year than last year, which could easily lead to a doubling, probably a tripling in price by the end of the year.”
This may be dismissed as a biased. After all, he’s an Ethereum affiliate but well, his view resonates well with many experts and CryptoDaily bands with his views. The increasing popularity of Bitcoin may turn out to be its undoing because it will inevitably lead to an increase in transaction fees and processing times
These issues are going to become apparent as usage increases. Ethereum is not immune from scalability issues though not on the scale of Bitcoin. However, solutions like sharding which means off-chain transactions are some of the proposals to counter scalability. Besides, the fact that Ethereum is a platform and an ecosystem of apps on its own amplifies the far reaching consequences of scalability.
Weeve and NBT are Leaders in Addressing Scalability
Ethereum is a great alternative because it is not only a token platform but it also offers a wide range of applications and uses on account of smart contracts. However, it’s platforms like NBT and Weeve are already searching and implementing solutions.
Don’t let the rather corny tag the Next Big Thing (or NBT) fool you. This is a functional ‘internet of things’ and blockchain incubator that hosts entrepreneurs-in-residence who operate from their Berlin headquarters. The platform drastically reduces business funding and development time.
The utility of giving businesses alternatives and different perspectives helps companies deal with key technical issues.
This is an off-shoot of NBT. It works with the understanding that increasing global connectivity will constantly churn out large amounts of valuable data. Besides, increasing relevance of the internet of things comes with real security and privacy concerns. Therefore, there is immediate need of ensuring data security of those who generate them.
Weeve comes in by creating a blockchain solution to address the problems of security and private transmission. It utilizes a Trusted Execution Environment in achieving guarantees of security. Most notable is the new TEE-MQTTS protocol Weeve use. This allows for speedy and highly scalable processing.
Even though platforms like Bitcoin and Ethereum make the news consistently for even the slightest change in price, there are platforms working behind the scenes to make the cryptocurrency world tick. Weeve and NBT are leaders in the scalability mitigation sector. It is important for such companies to grow and make management of data easier on the internet of things.