SFOX data Report – A recent report revealed from cryptocurrency prime dealer has outlined a somewhat bleak image of the present state of dApp development on the Ethereum [ETH] platform.
In line with the information obtained fromtheanalysis ofaroundthirtymillion Ethereum [ETH] transactions,the major10 smartcontracts on the networkaredominated by ICOs along with the exchange activities, with a sole spot forthe well-knownCryptoKitties dApp.
The report shows that contrary to the promise of Ethereum asan easyand powerful engine for poweringsmart contracts that dApp developersmightuse for any purpose,the valueand scalingproblems are stillpresentas a major challenge to theactualizationof that vision.
Ethereum [ETH] Smart Contract Promises Vs Actual Reality
Atthe peakof Ethereum’s[ETH] Bull Run fewmonthspast, ETH reached a high of $1,372 USD, a figure that was drivenfor the most partby speculative pressure,howeverconjointlyby hopes sparked by the promise Ethereum offered asa smartcontract anddecentralisedinternationalcomputing platform. To investors, the coreworthof Ethereum [ETH] was the utilityconferredby itssmartcontract capabilities,thatnotsolelycreateda brand newframework forexecutingtrades and transactions,howeverconjointlygave developersthe chanceto formlocalisedapplicationsthat maybasicallydisruptseveralexisting centralised business models.
The recent information from SFOX, however, revealsassociatedaltogethercompletely differentimageofhow the things haveclothedactually.Employing aJupyter Notebookto questionGoogle’s public Ethereum dataset hosted on BigQuery, SFOX hasdisclosedthat ofthe major10Ethereum [ETH]smartcontract addresses bytransaction volume,only 1isheldby a dApp.
Nine ofthe tenaddresses featuredarededicated to centralised exchange activity,decentralised exchange activity and ERC20 ICOs token sales.The soledAppsmartcontract on the listis theCryptoKitties dAppthatcreates non-fungible tokens running on Ethereum’s ERC-721customary. Inalternative words,out and awaytheoverwhelming majorityof Ethereum [ETH] smart contract activityremainsdedicated totradeEther and Ethereum-based tokens. dApps havemerelynotset outwithin themannerthat investors hopedthey might, andthere can beavarietyof reasons for this.
Earlier in Aug., as per a report published Ethereum andEOS hadsolely8 dApps withquitethree hundred active users between them. This factors cited for this lack of activity weremainlygaspriceson the Ethereum network andmeasurabilityissues. Ethereum [ETH],particularly, isill-famedfor experiencing high gas pricesthroughouttimes of network congestion that effectively cripple dApp operations.