It will not be an exaggeration even if one tells that cryptocurrencies have taken the stage in 2017 and will continue in 2018. Yes, it all started with Bitcoin and today there are many new digital currencies with better feature than the bitcoin. Ethereum is also a part of the game. It is, in fact, becoming more significant than other cryptocurrencies. Gain knowledge about Ethereum.
Introduction to Ethereum
On one side, one might read the word Ethereum first time and get confused even to pronounce the same. But, on the other hand, it is the 2nd largest Cryptocurrency. The market cap is $69 billion and is liked by majority of the industry to have a safe currency transaction.
It is more or less similar to bitcoin evolved from the world of blockchain technology. Ether means the token investor purchasing coins. From Jan 2017 to Dec 2017, it has grown its revenue from $8 to $725. The exact calculation will show that it had 8900% return.
When you analyze, deep Ethereum is still not accepted by any brand-name merchant accepting Ether tokens. But it had the focus on blockchain and thus found its place.
Blockchain is a decentralized and a digital and ledger recording the transactions directly without any financial intermediary like a bank, etc. The benefit here is many using blockchain technology. Top 3 among them are:
- The transaction fee is small as there is no need for any third party help.
- There is no possibility of any cybercriminals attack because it is decentralized.
- Miner work all 24 hours to make quick settlement when compared to the present with current databases.
Ethereum Makes The Difference
Apart from the usual stuff, Ethereum had another component to attract the enterprise clients and called for smart contracts. This protocol will help in verification, facilitation, and enforcement of the contract negotiation most securely and efficiently.
To make it simple, the Ethereum smart contracts will work like bitcoin but do not have any currency restriction as imposed by bitcoins. It will merely manage agreement with the user and act as a multi-signature account to allow spending money upon receiving a request from a group of people. It can refer to the user detail from the stored database and act as a financial service provider. This concept will take Ethereum to greater heights in the coming years.
The noise behind Ethereum can be proved by looking at many partners including the big names that tested blockchain. There are more than 200 companies tied up with the Enterprise Ethereum Alliance to test the concept. To name a few companies as evidence, you can note down Mastercard, Scotiabank, Cisco Systems, Credit Suisse, JP Morgan Chase, etc. Even the oil and gas giant BP will be looking at using Ethereum’s blockchain technology. Thus, they are planning to expand their energy trading platforms.
In a nutshell, Ethereum has picked up in 2017 and will travel farther distance in 2018. They are also making constant development in the blockchain technology to stand out the competition.