When Blockchain technology got popular in late December 2017, many tech analysts, IT experts, and ordinary users had an idea that the industry was heading into an unprecedented revolution era. At that time Bitcoin was all over the news making popular headlines as prices kept getting high. Ethereum came into the spotlight just after the Bitcoin. Now, Ethereum has been ruling the Cryptocurrency and smart contracts world since 2015. In terms of growth, Ethereum observed wider and myriad growth. The growth was so high that it challenged the dominance of Bitcoin. Let us unfold why Ethereum gained popularity.
What is important to know about the Ethereum
Like other Blockchain solutions, Ethereum is an operating system designed to feature smart contract functionality. It works as a blockchain-based distributed computing platform with open-source ability. The blockchain platform is established to provide users with a secure and protected method of storing information and making quick and convenient transactions.
Ethereum project went live in 2015 and it was the time when Ether was launched by the open-source Blockchain network as its own cryptocurrency. Regardless of shedding a significant amount of its value in the last couple of years, Ethereum has still managed to hold its position among the top three cryptos in the market.
What does the Ethereum offer?
Ethereum is the platform that can be used to create decentralized ledger- the Blockchain. Since this doesn’t involve third-party interference or any hidden bank fees, it is paving the way for new platforms of transactions like:
- Interactions on the Blockchain
- Decentralized networks
- Fintech mobile apps
Using Ethereum or working on this platform for transactions adds Blocks or records of transactions. This takes place at a faster rate as compared to Bitcoin and hence makes it the best choice for creating a decentralized future.
Another reason why Ethereum is growing and picking up fame is that it has four times more coins’ circulation in the market as compared to Bitcoin. Ethereum is pertinently observed as the future of Blockchain as it permits the apps to run on its platform which empowers transaction differently. The platform has evolved since 2015 and keeps on offering an excellent choice for those who are looking for app development on a decentralized platform.
In addition to turning into a platform for decentralized app creation, and cryptocurrency exchange, Ether’s software also empowers the creation of smart contracts. These pre-programmable contracts find extensive utilization across different industry. One can use smart contracts for transactions, execution of payment, and so on.
So, now you know Ethereum is more than a cryptocurrency, it is a platform. Today, there are many Blockchain companies that are adopting this open-source platform to carry out some crypto-related projects. Ethereum provides one of the most secure and reliable platforms for using cryptocurrencies. With Ethereum it is difficult to experience third-party interference, censorship or even fraud; it runs exactly as programmed.
How Ethereum can benefit your company?
Many experts and professionals in the industry strongly believe that Ethereum as a viable Blockchain Technology can be used to create other applications, as well as initiate major changes in a wide range of industries. Already some Blockchain companies have begun to adopt Blockchain technology for it provides security of financial data and other important information.
It is interesting to see how this technology is being used to check on certain challenges associated with digital transactions including currency reproductions, frauds, chargebacks, cross border transactions, data security, and double-spending across.
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