Gnosis Creators Points to ETH Adoption Through dApps, not Users

Gnosis is a decentralized market created by Martin Köppelmann. According to him, the Ethereum adoption rate should be calculated through how the network itself is affected by dApps as opposed to how many users are operating on its blockchain.

Decentralized Applications

Ethereum’s blockchain, operating as a decentralized processing platform, allows decentralized applications and users to process information through P2P. No medium or third-party trust is required by users of ETH to operate any dApps. Köppelmann has stated that Ethereum’s rate of adoption should be calculated through how dApps are affecting the network and their efficiency in utilizing digital contracts belonging to other apps on Ethereum in regards to data processing.

For example, the decentralized 0x exchange protocol is a founding layer that backs decentralized trading platforms on the blockchain. Ethereum’s 0x is supported by many cryptocurrency exchanges like Paradex, Aragon, Augur, and others. Between all these exchanges, each one operates on the 0x protocol which enables decentralized trading.

Fred Ehrsam, the co-founder of leading company Coinbase, said that these protocols allow decentralized apps to share digital contracts among each other and support the operations of additional platforms on ETH grant the ability to create an entirely new environment where every user will profit from decentralized applications and their compatibility throughout the entire network.

Should founding layers like 0x and decentralized applications such as MakerDAQ and others that offer special functions related to and benefitting these applications in several different categories will undoubtedly see updates and enhancements on each network, a large dApp network, also decentralized, will be created and many of these apps will operate together and benefit of each other. He attributes the upgraded effect of the network and the connectivity of all decentralized applications operating on the platform as the main reason fueling the eventual adopting and consistent growth of Ethereum within the mainstream.

In regards to the users of these platforms and apps, although a vital aspect in measuring adoption, it will still climb as scalability, effect and application user interfaces hold onto the consistent display for unprecedented growth and advancement. Should these dApps be used as a means of creating wagers on exchanges like Gnosis, as well as utilizing decentralized cloud CPU systems such as Stori become relatively easy to use, Ethereum will see its users surge in volume.

2 years ago

Start Weekly Digest

Similar news