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The rapid increase in demand for public blockchain networks such as Bitcoin and Ethereum has made it considerably more challenging for developers to implement the necessary scaling solutions to sustain the capacity of blockchains.
Without efficient scaling, the transaction fees and costs of running decentralized applications will increase for both the developers and users. The anticipated success of Sharding , Plasma and ZK-SNARKs integration, as well as improvements to the consensus protocol of Ethereum, will facilitate the commercial success of decentralized applications in upcoming years.
Ethereum co-founder Vitalik Buterin has been highly critical of ICOs as a method of fundraising due to their centralization issues. In October, he specifically spoke out against open-source projects conducting ICOs. He emphasized that it is neither practical nor reasonable for Ethereum-based projects that do not require native crypto-tokens to operate to utilize the ERC 20 token standard in raising funds. After announcing his intention to create a personal fund which would provide capital and resources to non-ICO open-source projects, Buterin gave high praise to the structure of EtherDelta.
To date, it is the most successful decentralized application and cryptocurrency exchange on the Ethereum protocol by the number of Ether transactions it processes on a daily basis.
Through off-blockchain ecosystems and sustainable business models, it is possible for decentralized applications to operate with maximum efficiency.
By processing the transfer of assets, crypto-tokens and cryptocurrencies on a platform that leverages the security of a public blockchain network like Ethereum, this can very well be achieved.
The development team of EtherDelta has managed to run the platform without an ICO or external funding from venture capital firms. This is thanks to their sustainable revenue stream, which comes from the fees it charges traders on its decentralized cryptocurrency platform.
I think the https: This low-fee structure and transparent business model has allowed EtherDelta to grow rapidly over the past few years, as shown by the increase in its daily transaction volume. These policies were enforced in by the three major cryptocurrency exchange markets, including Japan, the US and South Korea. By virtue of its simplicity, the popularity of EtherDelta has continued to grow within the cryptocurrency market and could see it evolve into the largest decentralized application on Ethereum.
Placing an order involves signing a message, which doesn't cost a gas fee. This means that placing an order on EtherDelta is completely free: The one and only platform fee EtherDelta charges is a 0. Fred Ehrsam, the co-founder of Coinbase and former Goldman Sachs trader, revealed in a research paper that EtherDelta currently handles 2 percent of the trading volume of centralized exchanges.
Due to its decentralized structure and dependence on the Ethereum network, EtherDelta is limited to that volume. Nevertheless, non-ICO and sustainable decentralized applications will eventually be able to compete with centralized service providers, trading platforms and exchanges. This will be supported and enabled by hard forks, like the latest Byzantium hard fork, and the integration of various Ethereum scaling solutions, such as sharding and Plasma, into the network.
EtherDelta is still described as a decentralized exchange protocol, not as a decentralized exchange. Ehrsam emphasized that in order for EtherDelta and other platforms, such as OasisDEX, to evolve into decentralized exchanges, they will need to support order books. CryptoCribs is another popular decentralized application on the Ethereum protocol which achieved success with a non-ICO model.
Essentially, CryptoCribs operates as a decentralized AirBnB — allowing homeowners to list their properties on the platform and users to rent rooms, houses and spaces for a certain period of time. Within a month, CryptoCribs added new listings on its bitcoin and Ethereum-accepting platform. The reduction follows a rewards schedule that works as follow. Many users have indeed taken to Ethereum forums, such as the Ethereum Subreddit and Twitter, to complain about the inefficiency of EtherDelta in executing orders and processing trades.
However, EtherDelta and other decentralized applications on the Ethereum protocol, including CryptoCribs, will undoubtedly be able to optimize their smart contracts and scale proportionally once the Ethereum network improves as a whole. Cryptokitties, an online game built on the Ethereum blockchain, has quickly become the most used contract in the Ethereum network which, as a result, has created significant transaction delays. Turns out there are a lot of cat lovers in the crypto community: While some call Cryptokitties a gas guzzler, others believe that the game might help bring blockchain to the mainstream.
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