Ethereum Mass Adoption
Even though nothing can be said regarding the future prospect of Ethereum, but several indicators reveal this crypto coin is likely to garner substantial traction in an upcoming future.
The historic surge in the ether prices in the last few months has grabbed the attention of many crypto enthusiasts. Despite the massive surge in ether prices, skepticism amongst the peoples persists regarding the massive adoption of Ethereum. Many peoples are wondering whether this crypto coin is viable for large-scale adoption.
Some crypto experts are of the view that Ethereum can currently process 20 transactions per second which make set apart from other crypto coins. But it is nowhere comparable with the traditional payment processing system Visa Card that can process 24,000 transactions per second.
Another argument that sounds a bit disappointing for the Ethereum user is that it requires technical expertise to configure an Ether wallet.
These are all speculations of the industry experts regarding the future prospects of Ethereum. Even though there are caveats that hamstrung the mainstream adoption of Ethereum, but we strongly believe it is heading in the right direction.
Since the advent of the Internet, it didn’t receive significant traction from the users till the Tim-Berner-Lee developed Hypertext Transfer Protocol (HTTP), and it gains more popularity when search engines like Google, Yahoo, and Bing comes into the picture. The same is the case for Ethereum cryptocurrency.
In early 2017, all the Blockchain-driven startups offer an Initial Coin Offering to address their financial constraint. From there on, every singly crypto startup somewhere around the world is issuing tokens to raise capital to fund their idea.
In this scenario, seasoned investors see some sort of similarity between the bullish sentiment of the market toward the crypto ICOs and the dot-com bubble that exploded in 2011.
What makes these ICO so appealing is that many startups have managed to raise millions of dollars through it. They would not be able to raise behemoth funding via the traditional fundraising ways like Venture Capital firms and private entity.
Unfortunately, most of these businesses do not achieve their desired goals. However, some of these startups play a decisive role in the mainstream adoption of Ethereum and Blockchain.
Proof of Stake
The transaction is verified on the Ethereum network with an aid of the Proof-of-Work consensus algorithm. Peoples who are responsible for this job are called ‘miners’ and they deploy gigantic hardware mining rings to solve complex problems of Ethereum’s Blockchain.
As a result of their hard work and investment in running mining rings, miners were incentivized with ether coins.
However, a proof-of-work consensus algorithm isn’t a feasible solution for the long-term since it is a resource-intensive solution. Besides, it is very less resilient to a 51% network attack and it can verify very few transactions each second.
Herein the real irony lies. That’s why many Ethereum developers are desperately looking for an alternative consensus algorithm. In the pursuit of their efforts, they have come up with an idea of the Proof-of-Stake (PoS) consensus algorithm.
In the Proof-of-Stake consensus algorithm, there is no need to invest hefty capital in energy resources and hardware mining rings buy Ether holders can use their stake to verify the transaction.
The fact the Ethereum can process more transactions than Bitcoin and its mining is less resource-intensive spurred the massive adoption of it.
Top Companies Accepting Ethereum
Today we collected 2400+ different merchants where you can pay with Ethereum.
Here is the list of top companies accepting ETH as a payment:
- COIN.HOST Privacy-infused crypto hosting
- Snel.com | Friendly hosting Provider
Companies Offer Discounts and Bonuses with Ethereum
Here is the list of all the companies that offer special price cut and bonuses if you select ETH as a payment method.
• Jura Luxury Watches
• Blockchain Wallet
A well-known crypto analyst cryptwerk, has done an extensive study on the adoption of Ethereum. According to their studies:
• It was ranked #2 amongst all the crypto coins
• Currently, 2492 merchants are accepting it as a default medium of payment
• Merchant recently ranked it 2.1 which is not very encouraging right now, but it is likely to improve in the foreseeable future.
• Its popularity and adoption escalates by 44% since its inception
• Recently, there are 70 payment gateways that will help you to accept ETH in your store.
Ethereum mass adoption and merchants map
You can use our world map to observe the process of ETH mass adoption or to find a necessary company accepting Ethereum or other cryptocurrencies near by you!