Joseph Lubin, ethereum co-creator and founder of ConsenSys has said: “Blockchain is more than a market. It’s a movement. Market cap doesn’t reflect activity. Decentralized networks are growing. 10 billion daily API requests served by Infura. 1 million Truffle downloads. 1 million MetaMask downloads. 12,000 live Ethereum nodes. 48 million unique Ethereum addresses. 3 times LinkedIn blockchain job openings.” What he is saying in short is this: forget about the price of ETH; look at how use of the ethereum blockchain is growing.
Etheruem is the largest smart contract in the world, and as Lubin wants to point out, its experiencing exponential growth. Its three major products are Truffle, Infura and MetaMask, known collectively as ‘TIM’, are the backbone of the ecosystem. For example, Truffle is an ethereum blockchain development framework that allows developers to build blockchain products. Infura is a node infrastructure that processes requests on popular applications, while MetaMask is the most widely used ethereum and ERC20 wallet, and it runs on Infura.
Early in November, TIM products achieved some important milestones: MetaMask launched a mobile client, Truffle hit one million downloads, and Infura passed the 10 billion requests mark. Although ETH might be struggling in the current bear market, the number of users signing up to ethereum’s blockchain protocol has increased significantly and the ecosystem’s infrastructure has got stronger at the same time.
Lubin also cited the Philippines as an example of the increase in ethereum use, as the Philippines has connected rural banks via a crypto-cash payment system, an initiative led by Union Bank, which is one of the country’s most influential financial institutions. Lubin said: “I believe in blockchain technology because of the people behind it. The developers, engineers, and technologists who build. The smart contract experts who audit and secure the code. The designers who care deeply about user experience. The marketers who tell the story of Web3.”