Yorke Rhodes, who serves as the director of digital transformation at Microsoft, believes that Ethereum (ETH) will gain momentum thanks to its excellent features. Microsoft executive Rhodes predicts that the network will be the hub for applications by 2023.
According to Dapps Radar, there are more than 9,000 decentralized apps in the system. Rhodes stated that Ethereum will become a Decentralized Application Center by 2023, as revenues from traditional applications such as Google and Apple fall.
Rhodes' prediction for 2023 may depend on the Ethereum network's transition from a Proof of Work system to a Proof of Stake. This shift will usher in a new era for the network. The switch is seen as a major solution to the high gas fees and scaling problem associated with Ethereum in recent months. Already, Ethereum co-founder Vitalik Buterin has revealed some short-term scaling solutions for the network.
While Ethereum was the first to venture into decentralized applications like CryptoKitties, competition from newer blockchains like Solana and Polkadot has come under threat. After Ethereum's transition to the new system, it is predicted that the competition will gain even more momentum. The transition of Ethereum to the Proof-of-Stake system is expected to be completed in 2022. The network has more than 3,000 DApps built on top of it. NFTs and DeFi are the undisputed leaders.
The claim that Bitcoin is an effective protection against inflation has been on the agenda for a long time. Bitcoin's returns over the past few years have been much higher than the inflation rate, which is currently over 6 percent and is expected to increase further in the coming months. These data are an indication that the asset is solidifying its position as the best hedge for inflation. However, the leading altcoin Ethereum is ready to rival BTC in this regard. Ethereum is the second largest cryptocurrency by market cap and is increasingly outperforming Bitcoin.
The leading altcoin is not yet at a fully threatening stage to Bitcoin, but a new study suggests that this will soon change. According to research, Ethereum could dethrone Bitcoin as a better inflation hedge. A new study led by researchers from the University of Sydney and Macquarie University has revealed that Ethereum may have the potential to replace Bitcoin as the leading inflation hedge. The researchers explained that as cryptocurrencies become mainstream, investors now see digital assets as a better hedging tool than gold, especially Bitcoin.