Ethereum Targets China Base, Resources Portal Now in Chinese
19 of the most important EthHub pages have been translated into Chinese in an effort to ramp up the Ethereum network’s knowledge base and growth in the Chinese space.
As a source of research to learn about Ethereum focusing on open source documentation, Ether-related podcast and a weekly newsletter that covers news, updates and ecosystem bits from the previous week, EthHub’s translation is a big push at simplifying Ethereum’s global reach agenda.
Gaining ground in the Chinese market will fortify competitiveness with China-based blockchain projects which continue to grow on their home turf to launch an international presence.
Ethereum still currently powers about half the crypto ecosystem. The spreading of the network’s goodwill message is to bolster its strength as an incomparable platform to several other altcoins seeking similar interest on a global scale.
From Loopring’s zkRollup exchange and payment protocol to Compound trading its new governance token COMP as the current most valuable token in decentralized finance (DeFi), the launch of new products on Ethereum continues to speak to the network’s might.
The #dapp has increased its 24h users by 74%.
— DappRadar (@DappRadar) June 15, 2020
The rise of DeFi is a major factor that has strengthened Ethereum’s fundamentals – even much more than in 2017 – when the initial coin offering (ICO) craze took the space by storm and forced many altcoins to their all time high records. With cryptocurrencies in general – particularly Bitcoin like in 2017 – getting more attention this year due to macro backdrop that seems to be favouring their narrative as crisis-resistant, the outlook for Ethereum is quite bullish down the line as the Ethereum 2.0 is ushered in.
Ethereum will have to contend with the likes of Ontology enterprise blockchain to stand firm in the Chinese space though. Ontology recently partnered three DeFi platforms (Aave, 1inch, and Kyber) to further expand the scope of its platform and bring more blockchain applications to ONTO wallet users.
Erick Pinos, Americas Ecosystem Lead at Ontology, said their overall expansion drive into DeFi includes adding support for many different DeFi applications into their multi-token mobile wallet, ONTO, by encouraging existing users of the three DeFi platforms to come onboard.
“Our ONTO wallet averages 700 to 2000 weekly active users, many of whom are situated in Asia,” he said about what the expansion means to the crypto ecosystem especially in China and Asia. “By adding support for DeFi applications, we aim to bring more awareness of the benefits of DeFi to Asian markets.”
Adding support for DeFi applications gives Ontology users worldwide access to services such as lending, swapping, and trading as the platform grows its international presence outside the Asian market to Europe, Russia, the US, and Latin America.
These partnerships are representative of “a larger shift in the blockchain space from isolation to collaboration”, adds Pinos, citing that cross-chain collaboration will be vital for creating interoperable internet of blockchain applications for the future as the blockchain space is “moving away from the idea of applications existing solely on one chain and more towards the idea of applications being supported by multiple chains.”
Another related development is Digital Asset Holdings partnering Tencent-owned virtual bank, WeBank, to work together through the open-source protocol FISCO-BCOS – China’s largest blockchain initiative with over 10,000 developers contributing to projects based on the technology. Digital Asset sought the China partnership as a way to advance its DAML against rivals such as Ethereum and its estimated 300,000 developers working on it and related projects.