In Absence Of Competition, Ethereum Is Still On The Roll

In the absence of serious competition, Ethereum remains the final destination for developers as new Dapps are being created on the platform on a regular basis.

After the smart contract hack around the middle of the year, a lot of predictions were made about Ethereum that did not suggest a bright future for the platform.

Several months later, the platform appears to be waxing stronger as new Dapps are seen to be developed on the platform day by day.

A brand new Blockchain industry

Insurance on the Blockchain is a new trail that Inchain is blazing. The UK based company, with team members dispersed across the globe, has embraced Ethereum in building its system because for them it seems like it's the only way to go.

Sergey Primachik, co-Founder at Inchain:

“We plan to build Inchain on Ethereum because Ethereum is the most worked Blockchain today where we can do it.”  

With the assumption that developers could retain a negative bias about Ethereum owing to the breach of the DAO and subsequent lingering disagreement which has seen the community split into Ethereum and Ethereum Classic, developers would be expected to be cautious when adopting the platform. On the contrary, the platform seems to be flourishing probably due to the absence of any serious competition.

“We understand that if there will be any other Blockchain with abilities to build distributed apps, perhaps we can move Inchain there,” adds Primachik.

Audit suggested

However developers seem to have eventually come to terms with the fact that in the DAO case, it was not an Ethereum hack. What it seems to be is that a smart contract got hacked.

To prevent such cases, Primachik suggests the use of specialised consensus.

He concludes:

“Under such circumstances, smart contract can only initiate money transaction, but for executing, it needs to be signed by DAO delegates. DAO contract should be made as simple as possible and putting all smart contracts through mandatory and independent audit is the key in achieving this.”