3 reasons why Ethereum fundamentals are strong: ConsenSys co-founder

Publicado en by Cryptoslate | Publicado en

Ethereum has seen an increase in user activity throughout 2019.

According to Joseph Lubin, the co-founder of ConsenSys which is considered to be the largest blockchain development software firm, the fundamentals of Ethereum are strengthening.

According to Lubin, since 2019, more than 20 million Ethereum accounts were created, $650 million has been locked into DeFi, and 4.5 million ETH has been issued from block rewards.

The growth of DeFi, as reported by CryptoSlate, directly affected the rise in the user activity of Ethereum in recent months.

In the medium to long-term, efforts to scale the Ethereum network would further boost the practicality of DeFi-related services.

ConsenSys said in its report that it plans to bring one million developers into the Ethereum ecosystem.

"ConsenSys launched its initiative to bring 1 million developers into the Ethereum ecosystem. This year a lot more effort went into analyzing developer communities. At the midway point of 2019, Electric Capital released a report showing that Ethereum's developer community is 4x larger compared to any other crypto ecosystem."

The main criticism towards Ethereum by developers of competing blockchain networks has been the struggle of the Ethereum community to adopt scalability solutions quickly due to its size.

The Ethereum developer community being bigger than most other communities is a net positive, but can be a negative factor in implementing major solutions to scale the network.

All developers on Ethereum agree that the network has to scale to supplement its growth.

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