Top 5 Reasons Ethereum Is King of the Blockchains

Author: Sarah Rothrie Date: 29 May 2019

Although Ethereum was the first ever Dapp platform, it now faces fierce competition from the likes of EOS, Tron, and Zilliqa. In the world of blockchain, competition isn’t just about racing for the biggest market cap and the highest rankings. Platforms are jostling for users, developers, and investment in new projects. But despite all that noise, Ethereum is still standing stronger than ever. Here, we list the top five reasons the Godfather of Dapp platforms still has the brightest future.

1. The Ethereum Developer Community Is the Biggest - And the Best

The Ethereum core developer team boasts many names who, in the world of crypto, are pretty much bonafide rockstars. Vitalik Buterin needs no introduction. Joseph Poon previously worked on Bitcoin’s Lightning Network and is now teaming up with Buterin on the development of the Plasma scaling solution, and Vlad Zamfir is the brains behind Ethereum’s Proof of Stake upgrade.

Among the developer talent is SmartDec, the team who will be building out the Digitex Futures exchange! SmartDec comprises over 50 developers with a strong academic background. The SmartDec devs took the number one prize at the Paris Hackathon by ETH Global, and have a proven track record working with the Ethereum platform.

Ethereum Dapp incubator and solutions accelerator ConsenSys puts the developer community at around 250,000, the largest in the world--which brings us onto the next reason Ethereum is the best.

2. More DApps Than Any Other Platform

The vibrant developer community explains why Ethereum is the platform of choice for the majority of decentralized applications (DApps). In the first quarter of 2019, more than half of 500+ DApps were built on Ethereum. Decentralized exchanges (DEX’s) account for a large proportion of these.

A key challenge for many of these DEX’s is liquidity due to low user numbers. Digitex is implementing automated market makers to ensure high liquidity. And with our extremely active community, we’re confident of launching a well-capitalized liquid exchange from the start.

3. Endorsement by Big-Name Companies

You might be surprised by some of the names invested in the Ethereum ecosystem. In the financial world, companies like JPMorgan and ING are both using Ethereum. JPMorgan used Ethereum to create Quorum, a solution for moving work from back-office middlemen in the finance sector to the blockchain. Dutch bank ING is heavily invested in Komgo, which uses Ethereum to streamline trade financing in the commodities sector.

In the IT sector, Amazon and Microsoft both support development on Ethereum. Amazon’s AWS arm recently announced its Amazon Managed Blockchain Service would be available on Ethereum. Microsoft has provided a further endorsement by offering an App Development Kit for Ethereum on its Azure Cloud Service.

With this kind of backing, it was a no-brainer for Digitex to select Ethereum as our platform of choice.

4. It’s Easy to Get Started with Ethereum DApps and Smart Contracts

It’s true that becoming a core developer building foundational technology involves a lot of knowledge and experience. But Ethereum has made smart contracts and DApps accessible to even newbie developers.

Ethereum’s programming language, Solidity, is still relatively new compared to, say, Javascript, but the logic and syntax of Solidity are renowned for being easy to learn.

Because Ethereum has been around a while now, there are also a ton of developer tools available, making it one of the most accessible blockchain platforms for beginner developers.

None of this is to say that building a state-of-the-art futures trading platform is an easy feat. Basic DApps such as a dice game might only involve a few straightforward smart contract commands, but non-custodial zero-fee futures trading is a more complex game. This is why we’ve brought one of the best developer teams on board with SmartDec.

5. The Ethereum Foundation Is Investing Heavily in a Sustainable Ecosystem

Earlier this month, it was confirmed that the Foundation would put $30 million of its own reserves into ensuring that the Ethereum ecosystem is sustainable in the mid and long-term future.

The vast majority ($19 million), will be put towards Ethereum 2.0 initiatives, which include the Plasma and ZKsnarks protocols. The remaining funds will go towards bringing on board developer talent and completing existing development initiatives.

The Foundation’s focus on creating a sustainable and scalable ecosystem is yet another reason why we’re so confident that Ethereum is the right choice for the Digitex Futures exchange.

The Takeaway

For all these reasons and more, ETH is also currently enjoying a healthy bull run. It’s worth mentioning that none of the reasons listed above stands alone to make Ethereum a truly great development platform--they complement each other.

The Foundation works to draw in developers, which means there are more developers building more applications. This generates more throughput on the network, which helps ETH hold its value and, in turn, attracts more talent and high-profile endorsements.