The Ethereum network is one of the largest cryptocurrency projects rallying on the global leaderboard. However, the wide use of the network has also plagued it with issues like massive gas fees and transaction speed breaks. Under these circumstances, projects like Solana and Polkadot have started to gain more traction among investors as Ethereum alternatives.
Many Ethereum enthusiasts still believe that the network has not reached its full potential yet. The director for digital transformation at Microsoft, Yorke Rhodes, iterated the same during a recent interview. He claimed that the Ethereum network is the perfect candidate for becoming the one-stop shop for decentralized applications in the future.
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During the current year, investors have started to look at Ethereum-alternative blockchains to shield themselves from high gas fees. However, Microsoft has already taken a big leap into the Web3 office-related development projects has big plans for the network. Rhodes claimed that by 2023 Ethereum will be able to offer its services as a dApps store for blockchain users.
He also pointed out that the Ethereum network has managed to set important trends like CryptoKitties in 2017 and support many DeFi projects. At press time, the network is hosting a whopping 3000 DeFi projects. However, the biggest barrier for Ethereum to move forward is the Proof-of-Stake transition in the near term.
The interest of tech giants like Microsoft in Ethereum blockchain indicates a highly anticipated and inexorable rise of blockchain technology during the coming years. Among some of the most distinctive new features emerging from it are concepts like Web3. On the other hand, increasing interest in decentralized applications is changing the financial expectation of the masses.
Cryptocurrencies are now seen as a way of taking financial independence and inclusion to a wider circle of people than ever before. Dapps have started to integrate with peer-to-peer networks that allow them to increase operational autonomy. Products like NFTs, DAOs, dApps, and DeFi are already set in motion to change the basic makeup of the internet and e-commerce.