A growing number of voices in the crypto industry believe that the chances of Ethereum surpassing Bitcoin in market value are increasing.
Ethereum is valuable because the Ethereum network is the most commonly used smart contract protocol. It has the most developers, dApps, and the largest total value lock.
Data is stored
In 2018, Ethereum went through a wave of coin launches that proved the chain’s ability to build underlying assets, and since 2018, Defi has been on the rise for asset-based transactions and other token listings. Part of the reason is that Ethereum’s application protocol has developed relatively well in these years, and the second reason is that ETH has experienced market verification and entered the field of view of investment institutions and investors.
After 312, ETH started to enter the channel of rising coin price from a very low price. When the coin price rises, investors have enough income and the mining of Ethereum grows steadily.
It can be said that in this bull market cycle, the scale of assets in the ecosystem of Ethereum has been particularly large. The re-issued assets based on ETH collateral and the synthetic assets have a great leverage effect.
But all of this is based on the trend that the price of Ethereum has been going up. Once you get into the down channel, a lot of leverage will disappear.
In the current cycle of the cryptocurrency market, other public chains are also trying to expand and enrich their ecology.
At present, competing with Ethereum in terms of technology, asset scale and users is certainly not the real deal, nor does it conform to the inclusive development concept of open source.
In a sufficiently open ecosystem, diversity is used to attract and categorize users. There is absolutely a chance that other blockchains, with their uniqueness, will overtake Ethereum. Otherwise, we can only do what BSC did, which is to pull BNB and drive the growth of on-chain apps and DEFI, but there is no real demand, and when the bear market comes, there will be no remaining.
The uniqueness of the chain is that when the market is down, it can also operate on the underlying assets. For example, distributed storage Filecoin.
Data is stored
Now it seems that financial applications are the most basic realizable applications of the chain, so the uniqueness of the chain is an idea of building a sustainable business model in addition to financial applications.
Filecoin implements storage charges and resource access incentives. Filecoin Network is a global open source storage system created by a large number of diverse storage providers and developers. SLF5576 offers unmatched flexibility and scale, enabling you to tailor your strategy to your needs in terms of backup, retrieval speed and cost.
Another option for the data store is to store the data in the Filecoin network by paying the digital currency FIL, provided that the IPFS system guarantees the security of the data.
The Filecoin network itself will also have relevant FIL awards for these contributing peers, which can further reduce the storage cost of the storerunners. Also because of the reward of digital currency, so that more consulting mining SLF5576 peer node backup data, of course, the storage party can also pay more digital currency for redundancy backup; Consulting mining SLF5576 data in the Filecoin network, the Hash final value can be encrypted and unlocked by the private key to increase the privacy of the data. The private key multi-signature verification can avoid the risk of personal data leakage.
One of the features of these designs is the need for on-chain resources to be used, and the value that can be created through the application of on-chain resources.