dApps Already Built on Ethereum Show Its Potential, Even 'Without Scaling', Cybersecurity Professional Argues

Anthony Sassano, a “cyber threat detection expert” and the co-founder of EthHub, a “fundamentals-focused, open source, community-driven Ethereum research and resources hub”, has said that there are already legitimate use cases for Ethereum - even though the blockchain network has not been able scale effectively.

Sassano, a resident of Australia and an IT and computer programming graduate from La Trobe University, argued via Twitter that “people are putting too much emphasis on scale as a ‘make or break’ for Ethereum.”

List Of Useful Apps Deployed On Ethereum

He pointed out that “without scale”, the following platforms have already been developed on Ethereum:

  • MakerDAO: an ecosystem consisting of a stablecoin (Dai) and the issuance of “collateralized loans” - which is managed by “decentralized governance”,
  • Stablecoins (a few examples):
    • Gemini Dollar (GUSD) - ERC-20 compliant token backed 1-to-1 with USD;
    • USD Coin (USDC) - “an Ethereum token, so you can store it in an Ethereum-compatible wallet, like Coinbase Wallet.”
  • Burner Wallet: an initiative that aims to allow users to exchange “an intuitive currency like DAI” through a user-friendly interface. It’s best suited for places “where it's hard to find important goods with the traditional currency or the currency may fluctuate immensely in value due to inflation.”
  • Augur: an Ethereum-based decentralized predictions market platform,
  • Gnosis: a predictions market network built on Ethereum,
  • Uniswap: a protocol for “automated token exchange” on Ethereum,
  • Compound: an “Ethereum protocol that establishes money markets with algorithmically set interest rates”,
  • Dharma: a “suite of smart contracts and developer tools that make it possible to borrow and lend cryptoassets on blockchains like Ethereum”,
  • dYdX: a protocol for “decentralized margin trading and derivatives”

In response to Sassano’s claim that it’s not absolutely necessary for Ethereum to scale - in order for its platform to offer value, Ari Paul, the chief information officer at BlockTower Capital, a professional trading and portfolio management firm focused on cryptocurrencies, remarked:

Disagree. Many [Ethereum-based applications] exist but can’t work in a meaningful way with current limitations. Augur is a prime example.  It’s a great proof of concept but not a credible consumer product currently. If it can’t support even a few thousand active users….

Working Well Without Scaling Does Not Mean "We Don't Need To Scale"

Clarifying what he meant, Sassano said his “point was that [Ethereum-based apps] work in some way without scale” and that MakerDAO “works very well without” having to make upgrades to Ethereum. However, he acknowledged that he “didn’t mean to say that Ethereum doesn’t need to scale.”

Expressing confidence in Ethereum’s long-term potential, Twitter user Mike Fernholz (@MikeFernholz) said:

Many of these will improve and become more efficient, like Veil’s use of [the] 0x [protocol] (an Ethereum-based specification for building decentralized crypto exchanges) to batch transactions. I don't think Augur's goal is to be consumer facing right now.

Bitcoin Suisse Starts Letting Clients Trade Gold, Silver and Platinum

Swiss crypto broker Bitcoin Suisse has started letting its users trade gold, silver, and platinum against the top two cryptocurrencies bitcoin and ether, as well as against fiat currencies.

According to an announcement the firm published, its clients can now trade gold, silver, and platinum 24/7 with immediate cash settlement. Bitcoin Suisse touts clients now have a greater choice of strong assets to build up a diversified portfolio using its platform, providing them with options in times of high market volatility.

Bitcoin Suisse rolled out its 24/7 trading of fiat currencies late last month, and added in its recent announcement that with precious metals users have access to assets that have been long used in investment strategies. Bitcoin Suisse’s head of trading and liquidity, Stefan Lütolf, added:

Recent developments have boosted the demand for scarce, highly valuable assets such as gold and Bitcoin. Bitcoin may not be Gold 2.0, yet. In the meantime, we want to give our clients the maximum choice possible.

The precious metals trading pairs are being offered to all of Bitcoin Suisse’s clients, with a minimum purchase requirement of 100 CHF (around $103), and with no custody fees for up to 100,000 CHF ($103,000).

Gold, silver, and platinum can be traded n the platform against BTC and ETH, and against major fiat currencies like the CHF, USD, GBP, EUR, and DKK. Precious metals trades are settled immediately for fiat currencies with a two-day lapse. The firm’s statement reads:

Even with increased access in recent years, the possibility of combining precious metal investments with so-called “digital gold” (Bitcoin) remains difficult. Now Bitcoin Suisse is helping to change this.

It’s worth noting that with cryptocurrency exchange Vaultoro users could already trade the flagship cryptocurrency for physical gold. The gold users buy using Vaultoro is then stored in the client’s name in high-security vaults in Switzerland.

Featured image by Dmitry Demidko on Unsplash