Microsoft Executive: Ethereum Will Become the Decentralized App Store By 2023

Yorke Rhodes, the Director of Digital Transformation at Microsoft, has acknowledged and hailed the outstanding use cases embedded in Ethereum, the world’s largest smart contracts platform.

According to Rhodes, Ethereum is growing to gain even more adoption in the future and become the go-to hub for apps by 2023.

Read Also: Ethereum Launches First-Ever Public Testnet for Full Upgrade to Proof of Stake Known as “The Merge”

Rhodes made this prediction via a tweet. In the post, he confidently aired his trust in Ethereum potentials. He said this against the backdrop of falling revenues from traditional app stores such as Google and Apple.

Yorke Rhodes tweeted, “Prediction: Ethereum becomes the Decentralized Appstore by 2023 – low fees vs appstore revshare – no commerce lockin to Apple – no single point of control by one large corporate – distributed, decentralized, single sign in across apps – payments, identity, & commerce.”

Read Also: Ex-President of Argentina Says Ethereum is one of the Most Innovative Technologies of 21st Century

As a flagship marketplace for web3 applications, Ethereum adoption could skyrocket within the next two years. The idea is based on the potential of the Ethereum network as a hub for decentralized applications.

Rhodes’ prediction for 2023 could also be tied to the transition of Ethereum network from proof-of-work (PoW) consensus algorithm to proof-of-stake (PoS), which is expected to be a huge transformation for the network.

Regarding the importance of blockchains (Ethereum and others) to the new wave of metaverse or web3, Ben Thompson, a former Microsoft employee wrote:

“This is the type of role blockchains will fill: provide uniqueness and portability where necessary, in a way that makes it possible to not just live your life entirely online, but as many lives simultaneously as you might wish, locked in nowhere.”

Read Also: BBVA Switzerland Becomes First Traditional Bank In Europe To Incorporate Ethereum (ETH) into its Crypto Services

Number of Dapps on Ethereum Network Keeps Increasing

Currently, Ethereum blockchain hosts relatively 3,000 decentralized applications (Dapps) and it’s obvious that the number will keep increasing.

According to the data provided by Glassnode, for over one year, Ethereum whales with over 100,000 ETH in their wallets have been distributing their holdings. This is also significant to the growth of Ethereum (ETH) price in the future.

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