Do Ethereum still deserves to be ranked among top 5 cryptos?
Ethereum was initially launched in July, 2015 and it has manged to maintain the 2nd rank among total of 2079 cryptos listed. Ethereum total market capitalization is $ 20 billion which is approx. 10% of the total market capitalization of all listed cryptocurrencies. Now such a huge success within a span of 3 years is saying something.
The real question is what are the unique features offered by Ethereum which helped it to achieve this level and are they still unique to make it continue holding this level? Well we will discover answer to these questions in this article.
Ethereum : A Brief
Ethereum is a decentralized blockchain platform that runs smart contracts on applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. It can traded on any of the leading cryptocurrency trading platforms.
These apps run on a custom built blockchain, an extremely powerful shared global infrastructure that can move value around and represent the ownership of property.
On traditional server designs, every application has to set up its own servers that run their own code in remote silos, making sharing of data difficult. If a single app is conceded or goes offline, many users and other apps are consecutively affected.
On a blockchain, on the other hand, anyone can set up a node that duplicates the necessary data for all nodes to reach an arrangement and be compensated by users and app developers. This allows user’s data to remain private and apps to be decentralized like the Internet was supposed to work.
Unique features offered by Ethereum
Smart contracts offered by Ethereum is the major evolution made by its developers. The use cases of smart contracts are infinite and extremely profitable. Smart contracts have taken the business ideas to another level in terms of their uniqueness and growth prospect.
Issue your token
Using Ethereum, you can create your own cryptocurrency. It allows you to create a tradeable digital token that can be used as a currency, a symbol of an asset, a virtual share, a proof of membership or anything at all. These tokens use a standard coin API so as to make your contract automatically compatible with any wallet, other contract or exchange also.
The total amount of tokens in circulation can be programmed and modified to a simple fixed amount or fluctuate based on any programmed ruleset.
Start a project with Trust-less Investors
If you already have ideas to develop programmes on Ethereum platform, then maybe you need help and some funds to bring them to life, but who would lend money to someone they don’t trust?
Ethereum facilitates you can create a contract that will hold a contributor’s money until any given date or goal is reached. Contingent on the outcome, the funds will either be unconfined to the project owners or safely returned back to the sponsors. All of this is possible without necessitating a centralized mediator, clearinghouse or having to trust anyone.
You can even use the token you created earlier to keep track of the distribution of rewards.
Create Autonomous Organisation
After developing your idea of setting up business or program and secured funds, you will need expert managers and some trustworthy top management to handle the accounts and run board meetings and do a bunch of paperwork.
With Ethereum you have the option to simply leave all that to an Ethereum contract. It will collect offers from your backers and submit them through a completely crystal-clear voting process.
One of the many advantages of having a robot run your organization is that it is immune to any outside influence as it’s guaranteed to execute only what it was programmed to. And because the Ethereum network is decentralized, you’ll be able to serve your services with a 100% uptime assurance.
Ethereum has developed this state-of-the-art idea that has changed the mode of setting up new business. Although this idea is fearful to most of the interested users, it will ultimately gain the pace that it has the potential to address. As of now, you can also buy Ethereum with credit card or convert BTC to ETH. Now, considering the volatility of the market in the current scenario, Ethereum price prediction is expected to take some frequent ups and down, but you should know that the long-term benefits of this crypto are beyond measure by any technical prediction.