5 Things you should know about Ethereum.
Ethereum touched ₹ 1,49,209.39 (2000.28$) in April 2021 from ₹21,427.15(288.28$) in Jun 2017.
- Ethereum is the second-largest public Blockchain network by both market capitalization and daily trading volume.
The Market Cap of Ethereum had reached an estimate of $244 billion.
Ethereum is an open platform for digital money that provides data-friendly services for everyone irrespective of their background or location. It’s a community-built technology behind the cryptocurrency ether (ETH) and thousands of other applications we use today.
2. Ethereum is a programmable blockchain.
Solidity, Ethereum’s primary programming language is heavily influenced by existing juggernauts of the programming world like C++, JavaScript, and Python. It enables the designing and implementation of smart contracts on multiple blockchain platforms.
Some of the companies from the Fortune 500 implementing this technology are-
- Microsoft
- Amazon
- Siemens
- Intel
- Coinbase
3. Ethereum is more Secured and faster than Bitcoin
Ethereum works on smart contracts which makes them safer and faster.
“Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met”. which is a decentralized way to validate and enforce transactions.
Ethereum promotes and works on Defi(decentralized finance) which means there’s no third party involved and the encrypted records of transactions are shared across participants which in turn makes it very difficult for hackers to invade the process. The advanced blockchain technology makes it faster than Bitcoin.
4. Ethereum is capable of disrupting Social interactions.
Decentralized autonomous organizations (DAOs), It is a corporation but without a leader yet fulfilling all the requirements of the organization from hiring individuals to making valuable decisions.
“Think of them like an internet-native business that’s collectively owned and managed by its members. They have built-in treasuries that no one has the authority to access without the approval of the group. Decisions are governed by proposals and voting to ensure everyone in the organization has a voice.”
There is NO BOSS!
There’s no CEO who can authorize spending based on their whims and no chance of a dodgy CFO manipulating the books. Everything is out in the open and the rules around spending are baked into the DAO via its code.
5. Ethereum is the leading decentralized platform in today’s date. Period.
Dapps (Decentralized Apps) have their back-end code (smart contracts) running on a decentralized network and not a centralized server. They use the Ethereum blockchain for data storage and smart contracts for their app logic. A smart contract is like a set of rules that live on-chain for all to see and run exactly according to those rules.
Some impressive numbers related to Dapps:
- 3,499 total decentralized applications exist on Ethereum.
- 142.18K daily active dapp users.
- 1.98M Transactions of dapp contracts over the past 24 hours.
Ethereum has conventionally been seen as an alternative to Bitcoin which is true for the most part, but there's so much more to it than that. It’s an ever-evolving ecosystem of investors, users, and developers working towards exploring the potential that blockchain tech holds.
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