Ethereum (ETH) – With things like quantum security & privacy, ETH is a solid long-term bet – Crypto Recorder

Ethereum (ETH) is one of the most bullish coins today. It is up by over 4% in the day, way higher than most of the other top 10 coins.  It makes for a good buy for intra-day traders. But over and above these short-term moves, Ethereum (ETH) is actually a good long-term investment. That’s because, even with the emergence of lots of Ethereum killers in the market, chances are that Ethereum (ETH) will dominate the decentralized applications market in the long run.  On top of the fact that it has the network effect and one of the largest developer networks in crypto, Ethereum (ETH) is also making significant moves in terms of technical development.  During Devcon 4 that ended on November 2nd, Vitalik Buterin made some pronouncements that could have a wide range of ramifications on the value of Ethereum (ETH) in the future.

Of the things he touched on was abstraction. According to him, there were ideas around abstraction, which would allow users to use any signature algorithms they want for their accounts. According to him, this would provide post-quantum security for Ethereum (ETH).  Here is a more detailed analysis of abstraction as explained by Vitalik Buterin.

“In principle, the account abstractions models that we have all considered so far work in a very similar way: All accounts are contracts. Specifically, they are forwarding contracts: when they receive an incoming message, they perform some signature and nonce checks, and then forward the message along to the intended recipient with the intended data (an alternative model that we should consider switching to is, if the signature and nonce checks pass, they run the provided code in the account’s context). A transaction is (or almost is) “just” a call to a specified account contract from some standard “entry point address” (eg. 0xffff…ff). Contracts at specific addresses can only have a specific piece of init code, and there is a special mechanism which allows that init code to be “filled in” (this allows sending money to addresses before that code is filled in).”

Though there are challenges with this model, if implemented, it will mean that Ethereum will be in be safe from the risks that blockchains will face in the age of quantum computers. It’s a massive step forward for this blockchain that already has market dominance in the Dapps ecosystem.

Vitalik Buterin also touched on how abstraction could enable for privacy features on the network. Privacy is one of the most important features in crypto and will play a significant role in the mass adoption of cryptocurrencies. Even Charlie Lee has touched on the importance of privacy in Litecoin (LTC) and Bitcoin (BTC). In essence, if it introduces privacy features, Ethereum (ETH) stands a good chance to grow in value going into the future.

With such possibilities, there is a good chance that Ethereum (ETH) will continue to dominate the market and could see its value get back to its all-time highs above $1000 in the future. It could eat into the markets of most of the emerging blockchains that bet on its decline in order for them to thrive.

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