From a universal trustless authentication to decentralized autonomous organizations, Redditors discussed what use cases can drive Ether’s value up.
While Ether's (ETH) price dip over the weekend may have left investors worried about the digital asset, community members on Reddit conducted a discussion on Ethereum use cases that could potentially push the asset's price upward.
In the Ethereum subreddit, a Reddit user asked fellow members of the community about ETH use cases that they think are capable of pushing the asset’s market capitalization to $500 billion. Criticizing smart contract use cases for real estate, the Redditor noted that they have not seen a convincing case that could solidify ETH’s value similar to how Bitcoin (BTC) is viewed as a replacement for gold.
Responding to the thread, Redditor WarhorseLand offered a rebuttal to the thread poster's perspective on smart contracts and real estate. According to WarhorseLand, while there have been no applications yet, the real estate industry can prevent "closing day wire fraud" through the security offered by smart contracts.
Additionally, WarhorseLand argued that a universal trustless authentication is "the best use case" for smart contracts. The Redditor believes that if a use case that lets people prove who they are without a doubt arises, it can spur positive price action for the digital asset.
Participating in the discussion, Reddit user SgtHappyPants brought up several use cases including decentralized certifications and financial contracts. Apart from this, the Redditor highlighted the importance of decentralized autonomous organizations (DAO). According to the Reddit user, Ethereum is a global interaction platform that enables a new class of organizations.
Answering the thread, another participant compared Ethereum to popular platforms like Craigslist and Ticketmaster. The Reddit user mentioned that Ethereum can enhance those platforms by replacing the third party with the blockchain, allowing secured transactions with lower fees.
Meanwhile, Ethereum founder Vitalik Buterin recently shared his thoughts on blockchain use cases. In a blog post, Buterin mentioned non-financial applications like data storage and retrieval and trust and censorship resistance. Apart from these, the Ethereum founder also shared his thoughts on voting mechanisms that are ideal.