Ethereum and the Future of the ÐApps! (2024)

Often I’m asked this question that — Which Blockchain technology platform would you use to build a ÐApp which focuses on connecting people and enabling P2P interactions?

Answer: At this moment, I would use Ethereum to create such application which would be helpful in connecting billions of people on this planet while bringing transparency and reliability into the system. Ethereum is not just another cryptocurrency but also features a blockchain based platform with many aspects. It features smart contracts, the Ethereum Virtual Machine (EVM) and its smart contract applications are powered by Ether, its blockchain based cryptocurrency also enabling peer-to-peer transactions. It is also described as, “a single shared computer that is run by the network of users and on which resources are parceled out and paid for by ether.” It is having a large network of miners to support its platform and is very popular in the blockchain space.

Its also mostly used to create digital tokens that can be used to represent virtual shares, assets, utility tokens which can be used for fundraising, represent shares etc. The Ethereum Enterprise Alliance (EEA) are working with dozens of enterprise grade companies in all verticals from banking to healthcare and in recent days the price of its cryptocurrency ETH has rocketed.

Lastly how can I forget to mention the core strength of Ethereum which is its strong developer community led by Vitalik Buterin, its founder and consisting of other developers as Fabian Vogelsteller, Marek Kotewicz, Péter Szilágyi etc who are key contributors on shaping the future of the project.

Now begins the kicker part, We have several other blockchain platform similar to Ethereum which makes the application layer decentralized but still we need the network, data link and transport layer, which are centralized, for our apps to function. To understand this lets dive deeper into understanding the 7 layer Open Systems Interconnection model (OSI model). For those who already understand this can skip this part.

The ÐApps are dependent on the session layer which provides the mechanism for opening, closing and managing a session between end-user application processes. Communication sessions consist of requests and responses that occur between applications and are facilitated by the transport layer. The transport layer manages packetization of data into sizes suitable for the network layer and is responsible for the delivery of these packets, including checking for errors in the data once it arrives. The Network layer (“Internet” layer) maintains logical addresses such as IP addresses for devices on the Internet and is also responsible for routing these packets in the right direction so they get to their destination, one hop at a time. In IP networking, this mapping is accomplished through the Address Resolution Protocol (ARP).

IPv4, which is the basis of the Internet. It inter-connects the networks exposed in the data link layer. The data link layer provides the functional and procedural means to transfer data between network entities and might provide the means to detect and possibly correct errors that may occur in the physical layer. The Data Link layer protocols are Ethernet, Point-to-Point Protocol (PPP), HDLC and ADCCP for point-to-point (dual-node) connections and Internet Protocol Suite (TCP/IP). Lastly, At Layer 1, the Physical layer of the OSI model is responsible for ultimate transmission of digital data bits from the Physical layer of the sending (source) device over network communications media to the Physical layer of the receiving (destination) device. At the Physical layer, data is transmitted using the type of signalling supported by the physical medium: electric voltages, radio frequencies, or pulses of infrared or ordinary light.

Coming back to our original topic, The current global network lacks connectivity, is hugely technically and administratively centralized, totally controlled by governments and monopolies, making it vulnerable to censorship and intervention. This shouldn’t be considered as the only media for global distributed systems including public blockchain as Bitcoin, Ethereum, etc and file storage systems as IPFS and other peer-to-peer applications like Swarm and many other upcoming applications in the near future.

Under the motivation of creating a Decentralized internet an Ethereum Improvement Proposal named Decentralized Base Network Service was presented. This included creating a mesh network which provides independence from authorities such as IANA, RIRs, ICANN and Internet Service Providers (ISPs) and governments which potentially have the option of affecting the functional usage of ÐApps using techniques as:

Data interception: This enables sniffing Ethereum node traffic to analyze the metadata, intensity, messages types, sniff raw swarm content and correlate it with specific actions on the chain to connect personal identities to addresses.

Session/Stream/Connection Logging: In this technique, each translation/transaction with an ethereum node is logged to correlate subscriber’s internal address with external IP and this valuable personalized data is stored for years and often used for legal or illegal prosecution.

Traffic Filtering/Off-Ramping: Access-list based forwarding (ABF), Policy-Based routing (PBR), BGP-FlowSpec are able to re-route specific application by its src-ip, dst-ip, protocol, src-port, dst-port (known as 5-tuple fields) with minimal effort. For Ethereum, it’s possible to either totally ban peers discovery protocol (node will never synchronize with the rest of the network), break IP connectivity with the most popular PoW mining pools with significant impact to the security of the ledger and also able to make Segmentation attack. With off-ramping it’s feasible to make more complex attacks, e.g. redirect discovery messages to the home-brewed nodes running wrong chain, redirect Proof-of-work mining applications to Stratum — Man In The Middle Attack — pointing to another pool/node that will give the unreasonable compute power gain in its favor — Sybil Attack.

Time-jacking: In this technique, the NTP time requests from the Ethereum-running host is redirected to the malicious NTP server advertising wrong time making the client clock drift from reference time. A several seconds difference could result to node synchronization issues making the network state perfect for double-spend attacks.

…and there are many more such techniques existing in the current network.

There are also certain implementations which affects network performance such as Stateful packet filters, NAT44/NAT444, Routing Protocols etc. There has been some implementations on this like the Ethereum Name Service which offers a secure and decentralized way to address resources both on and off the blockchain using simple, human-readable names. There are also explorations in creating a protocol for radio transmission using pseudo-random order frequency hopping from one frequency to another at an acceptable rate of hops per second. This basically removes the ISPs and cloud infrastructure owners (cutting the middlemen) and truly facilitates P2P interaction between cities and can even be connecting multiple countries. Deploying IPv6-capable bootnodes for better node discovery are being explored to optimize end-to-end connectivity (no NAT) as it has much larger address space to perfectly suit distributed applications.

This does seems too futuristic and very difficult to achieve but as we unravel the barriers to realizing human potential, seen from recent developments in science and technology, this can be seen as a question of when and not if.

So long story short, If I have to recommend an existing blockchain platform for rapid application development, based on the requirements and factors as open source/licensed, accessibility, learning curve involved, cryptocurrency usage, transparency, security etc. I would choose between Ethereum, NEM, Hyperledger, Quorum and there are many more which have quite good features offering better security, scalability and immunity to attacks.

I would rather focus on building chassis and other tools than keep reinventing the wheel!

What would you do? I would love to know your thoughts on this…

Reference readings:

Ethereum and the Future of the ÐApps! (2024)

FAQs

How much will 1 Ethereum be worth in 2025? ›

Ethereum (ETH) Price Prediction 2024-2040
YearMinimum PriceAverage Price
2024$3,934.61$4,085.59
2025$5,714.43$5,877.41
2026$8,498.15$8,792.12
2027$12,056.79$12,408.76
8 more rows

Which crypto will explode in 2024? ›

Cryptocurrency Analyst

This article will introduce five top cryptocurrencies that are tipped to explode in 2024: Pikamoon, Solana, The Graph, Sei, and Cosmos. Diving deeper, we'll explore the factors that may contribute to their explosive growth, analyse market trends and insights, and examine investment strategies.

How will Ethereum be used in the future? ›

There is a possibility that Ethereum could see mass adoption, with governments, companies and individuals utilizing it for a wide array of use cases, from a means of payment to decentralized social media.

Which cryptocurrency will reach $10,000? ›

Prediction: Ethereum Will Reach $10,000 in 2030 | Nasdaq.

How much is $1000 in Ethereum 5 years ago? ›

In the world of cryptocurrency, one name stands tall behind the industry leader Bitcoin — Ethereum. When it launched in 2015, few could have predicted how indispensable Ethereum would become in the Web3 ecosystem and as an investment.

How much will 1 Ethereum be worth in 2030? ›

Many experts envision ETH reaching a valuation of $40,000 by 2030. While this might seem ambitious, it is not entirely implausible.

Which coin can go 1000x? ›

What coins will 1000x in 2024? Some of my top 1000x crypto picks include Dogeverse, Slothana, and Mega Dice Token. These three picks are currently in presale, so you'll get the lowest price possible.

Which crypto has best future? ›

Top 10 Cryptos to Invest In April 2024
  • Introduction to Crypto.
  • Top 10 Cryptos in 2024. Bitcoin (BTC) Ethereum (ETH) Binance Coin (BNB) Solana (SOL) Ripple (XRP) Dogecoin (DOGE) Polkadot (DOT) SHIBA INU (SHIB) Cardano (ADA) Avalanche (AVAX)
  • Conclusion.
Apr 15, 2024

What crypto has the most potential? ›

OXT powers the platform and is one of the cryptos with the most potential in 2024. To operate nodes, users need to stake OXT via an Ethereum smart contract. This peer-to-peer tool creates a bandwidth decentralized market through a reliable central authority. This is achieved via a probabilistic nano payment system.

How much Ethereum should I buy to be a millionaire? ›

Reaching $3000 from current levels amounts to a growth of about 33%. To have a million dollars worth of Ethereum at $3000, you would need around 333.33 ETH tokens. The cost of 333.33 ETH at current prices is about $747,333.

Should I buy Ethereum or Bitcoin? ›

Ethereum fees have tended to be higher than those for Bitcoin. But before you complete a trade or transaction for either, it can be good to look at the network fees to see if they're running higher than usual. If it's not a time-sensitive transaction, you can sometimes save money by waiting for fees to go down.

Can Ethereum reach $50,000? ›

Can ethereum reach $50,000? Ethereum prices could surpass $50,000 by 2030 in a best-case scenario, according to VanEck. But that would require a significant rise in activity on the ethereum blockchain over the next six years.

Which cryptocurrency will make me a millionaire in 2025? ›

Ethereum:

With its upcoming transition to Ethereum 2.0 and the promise of scalability and reduced transaction fees, Ethereum is positioned to continue its upward trajectory and potentially reach new all-time highs by 2025.

How high can Ethereum realistically go? ›

Story Highlights. ETH price could end the trade for March 2024 with a potential high of $4,900. By the end of 2030, the predicted Ethereum price could soar to a peak of $26,575.21. The current price of 1 Ethereum is $ 2,999.59248042.

Is it possible for Ethereum to hit $10,000? ›

Ether (ETH) Price Could Hit $10,000 or Higher After Being 'Overshadowed' by Bitcoin (BTC), Analyst Says.

How much will 1 Ethereum be in 5 years? ›

Story Highlights. ETH price could end the trade for March 2024 with a potential high of $4,900. By the end of 2030, the predicted Ethereum price could soar to a peak of $26,575.21. The current price of 1 Ethereum is $ 3,172.04259538.

How high can Ethereum go in 5 years? ›

Price prediction for ETH in 2025

Bitcoin and many altcoins are also expected to reach historic all-time highs 12-18 months after these halving events, so 2025 may be the year we see these increases. Based on these projections, ETH might achieve an all-time high of $6,600, a new low of $2,800, and an average of $3,200.

Will Ethereum reach $15,000? ›

Ethereum Price Predictions: What to Expect in 2024

Morgan Creek Capital CEO Mark Yusko believes Ethereum could rally to between $10,000 and $15,000 if Bitcoin (BTC-USD) is able to reach $150,000 per coin.

What will 1 Ethereum be worth in 2050? ›

Making predictions for such a long period of time is very difficult, especially when it comes to highly volatile assets like Ethereum. For example, if we assume that Ethereum will continue its 3-year compounded annual growth rate (CAGR) of 16.45%, 1 ETH will be worth $186,237 by 2050.

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