What is Special About Ethereum?

By April 26, 2018 No Comments

Cryptocurrency has garnered a lot of investors and traders in the past few years. And its major credit arguably goes to the popularity of Bitcoins who valuation has increased exponentially in the last couple of years. But it is also a fact that encouraged by monumental success of Bitcoins, several other competitors have also emerged in the market. And one among them is Ethereum which has steadily climbed up the leader to reach just second to Bitcoins in valuations.
Massive boom in valuations of Ethereum has spurred the rise of other competitors in the cryptocurrency market.
What is Ethereum?
Ethereum has become the second most valuable digital currency after Bitcoin as per current market valuations. It runs on the unique technology called ethereum blockchain. It is not just a blockchain. Ethereum is decentralized programmable blockchain-based software platform. This means that the code written on the ethereum blockchain can’t be hacked to jeopardize its security. This tamper-proof feature is a huge boon for developers and users. A bitcoin programmer, 19-year old Vitalik Buterin was the first to describe this technology.
The second most valued cryptocurrency has skyrocketed in both popularity and price in just few months. For perspective, total valuation of every bit of Ethereum in circulation was $73 billion on December 27, 2017 and at $736 per coin in comparison to $268 billion value of all the 15,000 Bitcoins.
Experts are seeing ethereum as an improved version of bitcoin. It can be said that if Bitcoin was V 1.0 then Ethereum is V 2.0. It is allowing the development of decentralized applications over it. Just like Bitcoin, it also facilitates a decentralized payment network using its own cryptograpic currency. It also allows anonymous transactions across the length and breadth of the internet without any requirement for a bank or other third party financial institution.
Who is the developer of Ethereum?
Unlike the anonymous creator of Bitcoin, Ethereum’s developer has always been in open creating complete transparency about the cryptocurrency.
Buterin is a Canadian citizen born in Russia. He first proposed his idea of this kind of digital currency in 2013 at the age of just 19 as “decentralized mining network and software development platform rolled into one”. Later, he also succeeded in setting it up over the next two years. He started working for dedicated Bitcoin websites at the age of 17 after hearing its idea from his father.
The mathematical genius de also won coveted bronze medal at the International Olympiad in Informatics in 2012.
Usability of Ethereum
At present there are more than 15 million cryptocurrency wallets like Belfrics which are holding Ethereum in the form of investments or to execute transactions for trades. The cryptocurrency is a delight for users who want to do anonymous transactions and stay immune from any kind of fraud and theft. All its transactions are logged in decentralized ledger and one can transact huge sums sans any fees due to elimination of middlemen including banks.
One of the major differences between Ethereum and Bitcoin is that Bitcoin is just a cryptocurrency transacted through exchanges like Belfrics but Ethereum functions on a ledger technology also used by companies to develop new programs.
Apart from that, there is huge support for Ethereum’s technology through ‘The Enterprise Ethereum Alliance’, which is a cluster of Fortune 500 companies who are working in synergy to understand and develop upon Ethereum’s blockchain technology. It is also referred as “smart contract” technology which means challenging business applications can automate complicated applications.
Ethereum is seen as the future of technology due to its great potential to be levered in IoT processes and projects. It has opened several doors for technological innovations through which transactions and process can be executed like a breeze in a fast and secure manner.
It can also be called that if Bitcoin has disrupted the world of currency then Ethereum is successfully disrupting the world of equity. In the coming near future it is poised to become one of the most popular block chain technologies to take over the world and facilitate transactions faster and more secure.

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