Ethereum is among the most prominent names in the cryptocurrency space. Vitalik Buterin founded the network in 2015, and since its inception, it has made invaluable contributions to the crypto sphere. Today, many predict that ethereum is the future of the blockchain network, but then others claim that the open ledger is already past its prime. In terms of market capitalization, ethereum is the second most valued cryptocurrency with the only Bitcoin being ahead of it in the race. Just so you know, ether is the native cryptocurrency to the ethereum blockchain, and like other digital coins, it can be used for making transactions or transfer value between wallets.
Smart Contracts and dApp
One of the significant contributors to ethereum success is its smart contracts feature. Ethereum also offers a decentralized application platform (dApp) which can be utilized by any organization to build new applications aligned with their business needs. Another distinction to the kitty of ethereum is the use of programming language, which is very first for any blockchain to be included in its operating mechanism.
Ethereum has one of the most significant use cases in the blockchain space, which makes the platform quite popular among its clientele. Decentralized Finance is one of the most popular applications of the ethereum blockchain. This facility provides the convenience of decentralized exchanges, mining of the stable coins, and loans powered by smart contracts, among others. The most notable example in this regard is the MakerDAO, which has been able to successfully create a stable coin (DAI) with ethereum with the value of coin pegged at $1.
The use of Ethereum blockchain for storing the data of the patients across the globe is also counted among its promising applications in the healthcare industry. This makes the accessibility of the data seamless across countries as patients and physicians get the convenience of accessing data from the time and place of their choice. This can be very useful in the case of developing some new vaccines to stop the spread of pandemic or to avert some other global health emergency.
Just like Bitcoin and other cryptocurrencies, smart contracts feature of ethereum can be utilized to exchange values between parties without any compromise on the safety and security aspect. The effect of immutability and cryptography makes a transaction data safe and secure from any unauthorized access. Another application of the ethereum blockchain is the facility of decentralized storage. The storage of the data by big organizations is mostly centralized in nature. This increases the threat of hacking by scammers or loss of data in case of any natural disaster struck the location of the storage. Using the decentralized storage facility, companies can overcome this issue. Ethereum blockchain can help in this regard by encrypting the data and then quickly transferring it between decentralized servers. This will make sure that the data of the organization remains secure without any compromise on its safety.
Initial coin offerings (ICOs) were considered as the distinctive competence of ethereum, but of late, there has been a marked slowdown in the ICOs, which, in turn, has affected prospects of ethereum adoption in a considerable manner. As per Ethereum news, One can easily estimate the flexibility of ethereum blockchain by its ability to convert real-world assets to a digital token. This phenomenon is being referred to as asset tokenization and increasingly, we are witnessing people patronizing this facility by using the ethereum blockchain.
Future of Ethereum:
There are divergent viewpoints about the future of ethereum with a large gulf existing between cryptocurrency experts about the price and valuation of the blockchain. In terms of application and use cases, ethereum is still leading the pack, and there is no other network in the cryptocurrency space that can stand tall in front of its competence. That said, there are serious concerns about the scalability of the ethereum blockchain as it is already operating near its full capacity. The inclusion of more number of clients will put an extra burden on the speed of the network, which is although better than some of the options available in the industry but nowhere near the desirable pace that will present blockchain technology as a credible alternative to the transaction speed of Fiat currency.
In terms of the price prediction, most of the experts agree on the fact that ethereum will add to its present value in 2020. This optimism is rooted in the evidence that the ethereum blockchain is the most preferred blockchain in the cryptocurrency industry. Although there are issues related to the scalability and slow speed of the network, the company is upgrading and finding ways to provide optimum solutions to customers.
There is no doubt about the widespread usability of the ethereum blockchain, which has found a wide clientele base across industries. The blockchain has several use cases which makes it preferred among the well-known organizations not only in the financial technology domain but also among other business segments. What ethereum has to work now is on the scalability aspect of the network and if it successfully improves its transaction speeds as well, there won’t be any doubt about its bright future in the cryptocurrency domain for years to come.