The media has been reasonably quiet about ethereum (ETH) this month; most of the focus has been on bitcoin, XRP and litecoin, plus a few other altcoins. However, ETH has been steadily moving up in price and has increased by 112% against the US dollar over the year to date.
But ETH does have its supporters. Jehan Chu, a co-founder and a managing partner at Kenetic Capital, told Bloomberg that the Ethereum blockchain network is here to stay and that in terms of utility, ETH is leading the pathway for the rest of the market.
CCN says, “Since its inception in 2014, the Ethereum blockchain network has been widely considered as a global supercomputer, a decentralized protocol on which developers can deploy and operate decentralized applications (DApps) in a peer-to-peer environment.”
Chu believes this is important and in his conversation with Bloomberg highlighted the rate in which the open-source developer community of ETH is working improve the existing code base of the blockchain network. To his way of thinking this is a sign of healthy long-term sustainability.
And ethereum has been making progress. In October 2018, Octoverse, the annual survey conducted by Github among developers in the community, ranked Ethereum’s Go client as the fifth fastest-growing open-source project in the world.
Chu also referred to the rate of adoption, as well as the network effect ETH has with its large developer audience, as the main factors that would fuel the growth of the network over the long run. He said: “From a utility standpoint, we’re seeing Ethereum as the lead. The rate of adoption and the rate of development that the Ethereum team is providing a decentralized global computer is just astounding. People keep saying Ethereum is going away but it’s not going away and its still one of the largest coins in the world with the largest developer audience.”
And that is why he is betting on ETH.