Ethereum
After Bitcoin, Ethereum is the second-largest cryptocurrency known globally. It is a digital currency that works both as a currency and as a platform. ethereum was released in 2013 after its founder, Vitalik Butarin, felt that bitcoin hadn’t reached its decentralized capacity.
ethereum works differently from other digital coins and is likely to stay for a long period of time. The coin works as a platform on smart contracts such as forsage and lion share. This virtual coin also uses blockchain technology, whereby all transactions are stored under a public ledger. Hence, keeping the third party away.
This makes the platform transparent between the permitted parties. Contracts help you exchange money and share transparently and in a non-conflict way while avoiding brokers. In this case, Ethereum will continue to grow and develop to overcome present and future competition. It is also almost a monopoly on smart contracts and tokenization of other coins.
Despite facing a complication in June 2016, a smart contract called DAO was hacked, and Ether worth 50million was lost. The coin value dropped by 60 percent forcing developers to institute ways to mitigate the loss, and as a result, they reinstituted the Ether hacked. Since that time, Ethereum has gone through upgrades to reinstitute the stability of the coin.
Unlike bitcoin, Ether has taken an ambitious step where it enables people to build fully decentralized applications, and no one is in charge of them. These decentralized applications include voting systems, social networks, and trading markets owned by nobody. Ether promises its users a democratic society. Developers have also created a platform for launching new cryptocurrencies. This initial coin offering (ICOs)enjoys the trust and security built into Ethereum smart contract to distribute their coins. ICOs are verified and validated using Ether blockchain. Hence without Ethereum, other tokens can’t exist.
Distinction from other coins where miners are responsible for verifying transactions. Ether developers are working on a system that will allow the Coin holders can participate in transaction verification. Ensuring that their verification rewards are then distributed among the coin holders based on their stake size. Once mining is no longer, the process would solve cryptocurrency being centralized by the miners.
The true value of Ethereum is difficult to convey; not only is it a platform, but it’s as well a currency on its own. Likewise, it allows other digital currencies to launch safely. Like every electronic currency, the coin also faces external competition, but it has established an almost monopoly environment on smart contracts and tokenization. Ethereum has Distinguished itself from other coins has enabled the growth of the coin over time, making it appreciate.
Inconclusion, Ethereum has a staying power as both a platform and a currency. It has proven that it will not need miners forever, because the network will be secured by token owners who will be verifying the transactions. Achieving total decentralization before other digital currencies.