Ethereum has risen around 7% since yesterday, reaching a market cap of nearly $22 billion, while its price has made a new high of $238.97 at the time of writing.
The currency has tripled in two weeks, from $80 to now $240, as it continues to attract attention and utilization of its smart contracts in a diverse range of industries, from manufacturing, to energy, to music, and, of course, finance.
Its adoption may be reaching a different level as Vitalik Buterin had a brief conversation with Putin, Russia’s President. What exactly was said is not known, but Russia’s Press Secretary stated they discussed the possible utilization of blockchain technology in Russia.
This is the highest level meeting for anyone in this space and comes just days after a number of household brands, including Samsung, Toyota, The Depository Trust & Clearing Corporation, and many others, joined JP Morgan, Microsoft, BP, and others, in the Ethereum Enterprise Alliance.
The alliance aims to improve ethereum’s protocol so that it can handle enterprize level demand. The main focus appears to be on a private, Ethereum based, blockchain, but they say they will contirbute to the public ethereum blockchain as well.
Very much uniquely in the public blockchain space, Ethereum has had adoption by household brands, such as Innogy, a subsidiary of RWE, Germany’s energy giant. While Toyota announced eth based proof of concept car sharing to prepare for a self-driving future.
Siemens has been collaborating with a startup to pilot a public ethereum based micro-grid that allows peer to peer solar powered energy sale. With advertising now a potentially new industry to be disrupted as BAT ICO sells out in seconds.
Yet, it might be finance where eth may have the most disruptive potential as a new intriguing idea has now been raised of using ethereum’s public blockchain to create national token currencies on top.
The effect would be to turn money from static into digital, making it far more efficient in movement as it would require no clearing houses or other middle men, thus would considerably bringing down costs, while raising productivity.
“This is the future,” said Olga Skorobogatova, deputy chairwoman of Russia’s central bank, referring to “national cryptocurrencies.” That means if such future is built on eth, then the protocol will become not just of national, but of global vital interest, perhaps more so than even the internet.