The ethereum spring continues today, with the currency rising nearly 10% to reach a current trading price of $267 while its market cap is seemingly headed for $25 billion, a market cap bitcoin had just two or three weeks ago.
The currency has experienced a boom the likes of which have never been seen in this space. Gaining significant momentum due to its breakthrough smart contracts technology that have found wide application in many fields.
One of them is ICOs, a new method of raising funds for innovative projects without requiring VCs, opening the market to the public if they are able to get in because many of them sell out in seconds.
There are discussions on how to slow them down, with suggesting of starting opening ICO prices at an infinitely high level, but when the much anticipated Zcash launched, there were rumors some paid $1 million for one coin.
So it isn’t clear whether it would work, but the space is very new and very much in an experimental stage, so different methods may be tried to see what works best.
On that point, China’s PBoC has seemingly suggested that a sandbox may be appropriate for ICOs. That’s quite forward looking for China, which has banned merchants from accepting bitcoin payments.
This difference in attitude towards ethereum and bitcoin may be explained by the endorsment eth has received from many household brands, including Toyota, Samsung, JP Morgan, Microsoft, BP, Detuche Shell, Intel, and sort of everyone.
Their endorsement, in turn, was probably due to ethereum’s stated attitude of “political neutrality” and a focus on technology rather than ideology, making the platform pragmatic and able to reach rational decisions in testing circumstances.
In short, the DAO dunnit. The community turned a potential catastrophe into a success story, letting all know of the full potential of blockchain technology and its applications, while showing everyone that the community is mature and professional.
So now even Putin wants a bit of it, with China’s answer perhaps being the statement by a senior PBoC official that Ethereum is working in the right direction.
The ball is now on America. They have not said much in an official capacity, with their regulatory system seemingly plunging into chaos regarding the Fintech charter. So maybe we won’t hear much at all and instead let businesses, start-ups, innovators, thinkers and visionaries, drive this space from bottom-up.