In a recent blog post on June 1, 2018, ConsenSys, a blockchain software technology company, collated Ethereum’s data and its total impact on the blockchain ecosystem. The company exclusively builds dApps on Ethereum.
Social Media Giant
As stated, the word “Ethereum” was searched on Google more than 110 million times since its inception in 2015. Additionally, “#ethereum” gets tweeted 20,000 times daily on microblogging platform Twitter.
Regarding transactions, the ETH network has processed over 240 million since 2015, with an unprecedented 1.3 million transactions on January 4, 2018, alone.
Ethereum’s Dynamism Noted
The smart contract platform was regarded as a “dynamic tool” for the blockchain ecosystem, due to the massive number of dApps and cryptocurrency projects built on its protocol. Of the top 100 largest tokens in terms of market cap, 94 cryptocurrencies are ERC20 tokens. Additionally, 87 percent of the top 800 tokens on CoinMarketCap are based on Ethereum.
Undeniably, dApps are the technology’s unique selling proposition, with a total of 1,552 projects already built on the platform. The blog stated:
“For the future of cryptocurrency and decentralized networks in general, Ethereum will play an important role in the development of the next stage of the internet — Web 3.0.”
Over 240,000 Developers Working on Protocol
The protocol has unarguably the most significant developer community amongst all cryptocurrency projects, with an estimated 250,000 developers working on its maintenance. The blog noted that Truffle, an ETH development framework, exceeded 200,000 downloads in October 2017. Further, over 220,000 Ethereum commits and 14,000 repositories have been cited on GitHub.
Popular browser extension MetaMask, which allows users to run Ethereum dApps without running a full node, exceeded 1 million users on February 9, 2018. The blog concluded:
“Governments worldwide looking to utilize blockchain technology have largely used Ethereum. Brazil this year decided to place petitions on the coin’s network.”
The statement was made in regards to several countries using Ethereum’s framework to build their own functions. In Canada, Ethereum is being tested as a platform to ensure citizens can appraise corruption in government grants. Zug, a small but affluent city in Switzerland, is building a platform to offer digital IDs to citizens, and Chile tracks energy grid data using it.
Critics Shed Light on Findings
Interestingly, ConsenSys builds dApps exclusively on the platform, in addition to holding a large number of full nodes on the Ethereum network. Thus, the findings display vested interests for the blockchain company, with several critics uncovering the network’s fallacies.
While the company prides itself on Ethereum’s 17,000 full nodes, critics called out against using them as a measure of decentralization:
it's really funny, cause the stats do lie. no one has a handle on what the on-chain data means. article coming soon
— nic carter (@nic__carter) June 3, 2018
In addition, Ethereum’s top dApps did not impress some industry observers:
It's been almost 3 years since Ethereum was released, over $10 billion raised. So I decided to check top-10 dApps and how they're changing the world… (by little_homie) [image] https://t.co/X2eDSk9zqv pic.twitter.com/iQfcJDLS96
— r/Buttcoin (@r_Buttcoin) May 24, 2018
The impact of CryptoKitties on the network in December 2017 was also satirically called out:
also, the public ethereum blockchain was unusable for a day because it was clogged with cat pictures. when the world throws you artistic perfection on that level, you have to just delight in it.
— David Gerard (@davidgerard) May 25, 2018