Ethereum Development Status: 2019
Editor's Note: This article comes fromBlue Fox Notes (ID: lanhubiji)Editor's Note: This article comes from
Blue Fox Notes (ID: lanhubiji)
, author: ConsenSys, translation: HQ, published by Odaily with authorization.
For the most part, the blockchain ecosystem has been reborn after a record-breaking run throughout 2018 and then a swift crash. Discussions surrounding the much-discussed bear market are slowly gaining consensus: Although market prices remain volatile, the friction of activity across the industry has allowed the crypto winter to begin to thaw and grow a strong, stable, and growing ecosystem. For Ethereum in particular, 2019 has been full of activity, market interest, and technical upgrades.
network activity
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Ethereum has processed more than 500 million transactions since its mainnet launch (500 million transactions as of July 17). In 2019 alone, more than 130 million transactions have been processed, and network utilization remains fairly stable, averaging less than 90%. Over 70 million unique addresses exist on Ethereum, of which 16 million (16%) were created since the beginning of the year.
On June 1, there were 616,000 active addresses transacting on the network, the busiest for the network in 19 years. The total supply of Ethereum is 106 million, with an average of 2.28 ETH per address. Excluding the top 500 addresses by ETH owned (37% of total supply), the average holding per address is 1.43 ETH.
Daily Transaction Volume [Left] | Unique Address Growth [Right] | Data Source: Aleth.io
The Ethereum network underwent the Constantinople upgrade in February, a planned hard fork to upgrade the network and bring it closer to the multi-stage Serenity upgrade, in which Including (among other things) switching to PoS. The Constantinople upgrade includes a total of 5 Ethereum Improvement Proposals (EIPs). Notably, EIP 1234 reduced the block reward from 3 ETH to 2 ETH, a development known as “The Thirdening.” (Ethereum’s third block reward halving).
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Enterprise application
The release of Libra demonstrates people's desire for user data privacy, despite many ideological, regulatory and technical considerations. In April, PegaSys, supported by ConsenSys, released Pantheon 1.1, which will introduce Orion, a trusted computing and privacy component, to specifically address enterprise concerns about Ethereum privacy. In May, EY launched a set of standards and protocols to improve private transactions on Ethereum. Released as open source on Github, the project, called Nightfall, allows any ERC-20 or ERC-721 token to be traded in "complete privacy."
Consulting companies and research institutions have affirmed the rapid exploration of blockchain technology by enterprises. A June Gartner report estimated that blockchain will add $176 billion in value to businesses by 2025 and $3.1 trillion by 2030. Of that $3.1 trillion increase, less than $100 million came from in-house innovation and improvement exploration.
Source: Gartner
At the end of 2018, Deloitte released a report after interviewing 1,000 business executives who are bullish on blockchain technology, summarizing their 19-year plans. Of these, 95 percent said their companies plan to invest in blockchain technology in 2019. Nearly 40% of executives plan to invest at least $5 million. 84% of executives believe that blockchain is scalable and will achieve mass mainstream adoption, but 39% of executives believe that the technology is currently "over-hyped." In the Deloitte report, executives from the automotive, oil and gas, and life sciences industries were the most optimistic about the prospects for blockchain technology, followed closely by executives from the financial services industry.
Deloitte Source: Deloitte
Looking at the overall trend, business executives are cautiously exploring the opportunities brought by decentralized technology. One such example is Wall Street investment banking giant Goldman Sachs, who quietly posted a job offer for a digital asset project manager to join their internal incubator program.
Countries eager to try
In 2019, governments of various countries have gradually shifted from investing in blockchain exploration to launching related pilot projects to modernize public sector operations. For example, the Luxembourg government supports blockchain start-ups through projects such as Mind & Market, Horizon 2020, Lhoft, Letzblock, and LuxInnovation; Germany funds blockchain projects through the German Blockchain Bundesverband project; the Swiss government supports blockchain through Blockchain Federation project,
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Zigurat School of Innovation and Technology Business
Currently, Europe is leading this trend. Among the 44 European countries, 29 have signed the European Blockchain Partnership (European Blockchain Partnership) to cooperate in establishing the European Blockchain Service Infrastructure (ESBI). Some governments around the world are also exploring the application of blockchain technology in national government operations: for example, Georgia uses blockchain technology to simplify the land registration process, and Changzhou City in China cooperates with Alibaba to develop the use of blockchain technology to ensure medical care. Data security, the Australian government uses blockchain technology to trace and track its key export commodity - sugar.
The United States is developing broad definition rules and implementing laws to allow various sectors to explore blockchain technology. For example, the Governor of Wyoming signed Bill HB0070 in February 2019, authorizing the Secretary of State to develop and implement a blockchain filing system for corporate entities and business documents. In March 2019, the Governor of South Dakota signed Bill HB1196, which provides the definition of blockchain technology for specific purpose projects. The state of Arkansas signed a bill (HB1944) that states that smart contracts containing terms related to transactions shall not be deprived of legal force, validity, or enforceability.
In general, innovation in the public sector is relatively slow. It is expected that more governments will be able to explore the possibility and development opportunities of blockchain projects in the future.
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Despite the volatility in cryptocurrency prices, VC money hasn’t stopped flowing to projects and development teams that are building some of the more interesting decentralized applications. In April, according to Reuters, venture capital investment in blockchain startups ($850 million) was nearly $1 billion, and in 2019 it is expected to exceed the record of venture capital investment of $2.4 billion in 2018. In 2018, there were a record 117 venture capital investments, and in April there were 13 investments with a total of 850 million US dollars, which shows that the amount of single venture capital investment is larger and blockchain technology is more popular in the field of venture capital .
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Source Pitchbook | Blockchain Projects Invested by Top VCs [Cumulative Value]
Developer Community and Events
A development report from Electric Capital in March 2019 that tracks developer development in the crypto ecosystem. Ethereum has by far the largest number of core protocol developers, with Bitcoin and Cardano coming in second and third, respectively.
N = 78 projects | Duration: 1/31/2018–1/31/2019 | Electric Capital internal data | Excluding closed repositories Source: Electric Capital
In addition to core protocol development, Ethereum has an average of 216 active developers per month developing total code. The number of developers on Ethereum remains strong and continues to grow, with an average of 240 active developers in January 2019, a 23% increase from 190 in 2018.
Source: Electric Capital
Among total code projects, Ethereum performed the best, outperforming Bitcoin by 8x and XRP by 20x.
Source: Electric Capital
Truffle Suite, for the development of dApps and smart contracts, provides a set of powerful development tools for the whole process from idea to project implementation. Since its launch in May 2015, Truffle's development environment and testing framework have been downloaded more than 2 million times. Ganache, Truffle's second product, provides developers with a private Ethereum client for deploying smart contracts, developing apps, testing, etc. Since its launch in October 2017, it has been downloaded 1,227,844 times, of which 19 It was downloaded 79,546 times in June 2019.
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dApp Wars
Since the early days of the blockchain, the entire encryption community has been fighting for the "killer dApp". The launch of a "killer dApp" will quickly detonate the world and prove the value of a protocol. Currently, though, this mentality has slowly diminished as few protocols plan to scale globally, and thus neither do their dApps. Instead, the dApp industry has grown into a collection of early and mature projects that are delving into their applicability to maximize demand, execute the best UX, and maintain the highest levels of security. In general, financial dApps (including exchanges, DeFi, and trading markets) have been the most important focus of dApp developers in the past year.
Of the top 50 dApps ranked by dApps status (rankings are based on “a number of factors including active users, tx capacity, development activity, profile timeliness, CTR, and user recommendations”), 29 dApps are built on Ethereum .
Here are the dApps for the specified application categories, with Ethereum standing out:
Of the top 50 financial dApps, 42 are built on Ethereum, including MakerDAO and OmiseGO.
Of the top 50 exchange dApps, 44 are built on Ethereum, including Augur and Uniswap.
Of the top 50 developed dApps, 43 are built on Ethereum, including Kauri, Golem, and CryptoZombies.
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Source: State of the Dapps
looking to the future
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