The founder of ConSensys and co-founder of Ethereum Joseph Lubin said that despite the decline in the price of ETH, the Ethereum platform is growing rapidly. He said the drop in the value of the third largest cryptocurrency by market capitalization is a non-issue so long as the open source developers continue to demonstrate progress in development, scaling and adoption. He stated:
“Blockchain is more than a market. It’s a movement. Market cap doesn’t refleft (sic) activity. Decentralized networks are growing. 10 billion daily API requests served by Infura. 1 million Truffle downloads. 1 million MetaMask downloads. 12,000 live Ethereum nodes. 48 million unique Ethereum addresses. 3 times LinkedIn blockchain job openings.”
According to Lubin, Ethereum’s products Truffle, Infura and MetaMask serve as the backbone of the platform’s infrastructure.
Truffle is a web framework that compiles blockchain contracts, inject them into a web app and run a test suite against them. The tool aims to make life easier for Ethereum developers. Infura processes requests through its node infrastructure. MetaMask, on the other hand, is a web browser plugin that works with Firefox, Google Chrome and Opera Mini. It is basically an ERC20 wallet.
Despite the recent market meltdown which has seen Ethereum shedding nearly 40% of its value in three weeks, the platform has remained the most popular blockchain platform for the development of dApps.
Lubin stressed that the use of Ethereum blockchain in third world countries such as the Philippines has begun to grow. For example, the Philippines now uses a crypto-cash payment system to connect rural banks.
Given the fact that Ethereum has continued to grow in the midst of bear market in spite of the drop in the value of the Ether token, Lubin maintained that Ethereum platform would continue to grow.
“I believe in blockchain technology because of the people behind it. The developers, engineers, and technologists who build. The smart contract experts who audit and secure the code. The designers who care deeply about user experience. The marketers who tell the story of Web3,” he said.