Yesterday block number 10.000.000 was mined on Ethereum. The Ethereum network was first proposed at the end of 2013 and the main network went live in July 2015. Block number 10.000.000 being mined marks another milestone in the coming of age of the network. Ethereum was the first and is currently the most important smart contract platform in the industry. Smart contract platform refers to the capability of executing “if” scripts on the platform. This means that if event X happens event Y has to happen. This feature makes it very suitable for business adoption, such as various financial processes being digitized. In addition smart contracts are the main differentiator between Ethereum and Bitcoin. Whereas Ethereum offers native build in smart contract features, Bitcoin does not. This is the most novel feature the Ethereum network offers.
The utility derived from the native smart contract support is also indicated in various data points. For instance the total fees paid on Ethereum have on occasion surpassed the total fees paid on Bitcoin. Additionally a few weeks ago, on the 12th of April to be exact, Ethereum moved more value (measured in USD) in a 24 hour time frame compared to Bitcoin. All this while the current Ethereum market cap is around 140 billion USD below the current Bitcoin market cap. We believe the higher fees paid and value moved to be a result of increased utilization of smart contract capabilities offered by Ethereum by a wide range of entities. These include major corporates, start ups, governmental organizations and various NGO’s. Because of this we see a bright future ahead for the Ethereum network over the course of the next 10.000.000 blocks.