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Ethereum [ETH] based blockchain technologies may be the next internet: Circle CEO

Akash Anand



Ethereum [ETH] based blockchain technologies may be the next internet: Circle CEO
Source: Unsplash

On 19th July, Jeremy Allaire, the Chief Executive Officer and Co-Founder of Circle has stated that blockchain and cryptocurrency would be as broadly adopted as the internet. He also went on to say that blockchain technologies built by Ethereum will act as a foundation for future applications. He remarked:

“One of the things that really catalyzed the [cryptocurrency] market last year was actually that Ethereum, in particular, kind of got to a place where you could build apps on top of it. You could issue new tokens on top of it; you could create new kinds of financial contracts, using the smart contracts technology.”

Circle, recently received funding from Bitmain, the Japanese semiconductor manufacturer and believes that both Jihan Wu and he share the same vision of furthering the use of blockchain technology. Allaire believes that new technological infrastructures can be built with blockchain technology as the central component.

Circle’s official website states that:

“It’s Crypto-powered and people-centric platform. Money that unites us instead of divides us. With open platforms, mindsets, and possibility. Connecting everyone, everywhere so we can exchange just about anything of value. And fundamentally shape the world for the better.”

He stated that using blockchain, trust-oriented record keeping can be improved with the fundamental beneficiaries being institutional bodies. Allaire went on to say that with a multitude of applications being built and published on the Google Play Store or the iOS App Store, blockchain can play a crucial role in making the applications more engaging and easily available.

To a question about the recent surge of blockchains and cryptocurrencies,  he responded that Ethereum has created the biggest splash in the industry last year. He said that users could use the Ethereum platform to build applications, tokens, and financial contracts.

During the interview with CNBC, Allaire also talked about the trend of multiple ICO’s occurring on a daily basis and warned users and fans that they should be wary of the ones that promise the world and don’t deliver. He claims that the biggest shift in the industry because of the adoption of blockchain technology has been in the developer sphere. Application developers now have an entirely new avenue to hone their craft and blockchain provides them that extra push to create new, exciting and engaging applications.

Allaire said:

“It also catalyzed a lot of competing infrastructures to Ethereum,”

He pointed out that there are a lot of new blockchain platforms on the market right now and mentioned EOS and NEO. He also said that blockchain technology and cryptocurrencies have provided users and developers with a new layer of infrastructure, much like the internet.

Allaire has gone ahead and claimed that blockchain and cryptocurrencies have multiple fundamental applications and assets like Ether, which will become as valuable as oil. From his point of view, all the new developments in the cryptocurrency is a boon to investors as many of them are waiting to pounce on the next ‘internet’.

This week saw Bitcoin[BTC], shoot above the $7000 range benefitting a lot of holders who were disappointed by the slow fluctuations over the past few weeks.

Barry Silbert, the CEO of Digital Currency Group said:

“When the chair of the Fed says a negative thing about bitcoin, and Howard Marks says negative things about bitcoin, and Ken Griffin says negative things about bitcoin, and bitcoin doesn’t move, I think that’s a really bullish sign”

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Bitcoin Dominance Index [BDI] falls short of Bletchley Ethereum Token Index [BETI] in 2019

Biraajmaan Tamuly



Bitcoin Dominance Index [BDI] outperformed by Index based on the Ethereum blockchain in 2019
Source: Pixabay

One of the key factors which is often used to represent or indicate the potential of a particular cryptocurrency’s growth is its market capitalization. When the market capitalization of a coin or token showcases a positive hike, it usually has a positive impact on that particular asset’s market.

According to LongHash, the Bitcoin Dominance Index [BDI], which is used to measure Bitcoin’s market cap had been the dominant index since the beginning of 2019. It was observed that the BDI improved from 53 percent to 58 percent over the past few weeks after the largest crypto-asset underwent multiple price hikes.

XRP, which dominated Bitcoin by 1,600% back in 2017 on cryptocurrency exchange Bittrex in 2017, was currently down by almost 50% against Bitcoin in 2019. Ethereum [ETH] fared better comparatively, but was still down by 14% against the Bitcoin.

However, the Bletchley Ethereum Token, a token built on top of Ethereum, seemed to have outperformed Bitcoin this year.

The Bletchley Ethereum Token Index [BETI] can be utilized by investors for their allocation to tokens placed on top of the Ethereum blockchain. However, it should be noted that Ethereum is not a part of the index as it is an independent entity. The BETI is a weighted index, which means that the tokens with dominant market caps will take up a larger part of the index and the re-balance will take place at the end of a particular month.

For example, Tron [TRX] and Binance Coin [BNB] currently take up more than half of the BETI’s Weighted Index. Since the launch of their DEX, BNB has enjoyed a lucrative year with multiple hikes bringing the coin to $30 from under $6. Tron also witnessed major growth in market cap as it was up by 40% in comparison to the US dollar.

However, it is important to note that the major tokens on the BETI’s weighted index have all launched their own blockchain, at press time. Hence, it can indicate that the dominance enjoyed by BETI over the BDI over the last few months could point to a situation where the Ethereum blockchain was preferred for the launch of various tokens.

Despite the aforementioned reason, it is safe to state that Bitcoin was not the only entity which dominated the crypto-space this year.

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