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Ethereum Future Outlook

Updated: Feb 8

Author: Mari Otagiri

Date of Publication: 02/06/2023


Ethereum

Ethereum is a popular cryptocurrency that ranks second only to Bitcoin (CoinMarketCap 2023). So far, Ethereum has steadily gained demand as a platform and its price has remained steady, but what about the future? Here, we will explain in detail the future perspective of Ethereum. Let’s zoom up on the positive aspects of Ethereum.




Factors to positively affect Ethereum


The following factors are expected to work positively for future changes in the value of Ethereum:


● The long-standing scalability problem is expected to be resolved

● Continuing updates over the next few years.

● Increasing in demand for Enterprise Ethereum


The long-standing scalability problem is expected to be resolved


The Ethereum chain has long had scalability concerns. For example, the scalability Issues cause high transaction fees and long processing times. Also, Ethereum's decentralized infrastructure has no central point of control. By this, Ethereum aims to achieve speedy transactions and cheap fees. Yet the platform is too big to achieve it.


However, the major update “The Merge” was implemented in September 2022. In fact, it has a lot to do with scalability issues. So, it is expected that the situation will be greatly improved in the future by applying updates.


Continuing updates over the next few years


Furthermore, according to the roadmap, the next 5 stages of updates are planned as follows:


● The Surge,

● The Scourge,

● The Verge,

● The Purge, and

● The Splurge


These updates further improve convenience and security performance. What’s more, the Ethereum co-founder Vitalik Buterin says that as of January 2022, Ethereum is about 50% progress in its development .


Moreover, the Ethereum chain has already gained a high share as a development platform for DApps and NFTs. If these updates further improve convenience and security performance, its foundation will be even more solid.


Increasing in demand for Enterprise Ethereum


As a platform with smart contracts, the Ethereum chain has the potential to be used for business by companies as well. Therefore, the Ethereum Enterprise Alliance (EEA) was established in 2017 to promote the use of the Ethereum chain in companies.


EEA members include well-known companies such as Samsung Group, J.P. Morgan, Mastercard, and Microsoft. So, if EEA efforts can expand the playing field of the Ethereum chain, its value as a currency will naturally improve.


Conclusions


So far, we've only looked at the relatively positive aspects of Ethereum. Although Ethereum still has long-term issues to be solved and is still a work in progress, its future looks bright. In the next article, we will see some challenges and problems. It could help to explore the technical analysis of Ethereum.



 

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