While the fall in the price of Ether (ETH) over the weekend may have left investors worried about the digital asset, members of the public on Reddit led a discussion of Ethereum usage cases that could push the price of the asset higher.
On the Ethereum subreddit, a user asked fellow community members what the use cases for the ETH they believe are capable of pushing the market cap of the asset to $ 500 billion. Criticizing smart contract use cases for real estate, the Redditor noted that it has not seen a strong case that could confirm the value of ETH, in the same way that bitcoin (BTC) is considered a substitute for gold.
In response to the thread, Redditor WarhorseLand offered to refute the thread author’s opinion on smart contracts and real estate. According to WarhorseLand, although no applications have yet been made, the real estate industry can prevent “electronic closed day fraud” through the security that smart contracts offer.
In addition, WarhorseLand has confirmed that universal authentication without a reliable intermediary is “the best use case” for smart contracts. The Redditor believes that if a use case emerges that allows people to unquestionably prove their identity, it can inspire positive action on the price of the digital asset.
Participating in the discussion, Reddit user SgtHappyPants discussed a number of use cases, including decentralized certificates and financial contracts. In addition, the Redditor stressed the importance of Decentralized Autonomous Organizations (DAOs). According to a Reddit user, Ethereum is a global interaction platform that nurtures a new class of organizations.
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In response to the thread, another Ethereum participant compared it to popular platforms such as Craigslist and Ticketmaster. The Reddit user mentioned that Ethereum can enhance these platforms by replacing third-party blockchain, enabling secure transactions with reduced fees.
Meanwhile, Ethereum founder Vitalik Buterin recently shared his thoughts on blockchain usage cases. In a blog post, Buterin mentioned non-financial applications like data storage and retrieval and censorship trust and resistance. In addition, the founder of Ethereum also shared his thoughts on the appropriate voting mechanisms.