If the blockchain of today is what the web was like 20 years ago, Ethereum could be the blockchain of tomorrow. The transition from Proof-of-Work to Proof-of-Stake is viewed as a major solution to the nagging problem of scaling and high gas fees associated with Ethereum in recent months. Already, Ethereum’s co-founder Vitalik Buterin has proposed some short-term scaling solutions for the network. In my view, it is widely expected that after Ethereum transitions, the network will be able to muscle the competition from other blockchains.
Ethereum has the pedigree of being the first blockchain to implement smart contracts, with the CryptoKitties becoming one of the most used dapp. Having its own ERC20 token, the network has well over 3000 dapps built on it, is the undisputed leader in the nascent fields of Non-Fungible tokens and DeFi, and is expected to transition to proof of stake sometime in 2022. They’re being created and used now, but they’ll be the building blocks for a new future of the internet called Web3.
Microsoft has hailed the stellar features of Ethereum and predicts that it will become the go-to hub for apps by 2023. The world inexorably marches towards a decentralized future, so it’s only a matter of time before DApps are beginning to rise in popularity. According to Dapps Radar, there are more than 9000 decentralized applications in existence.