No one would have thought 10 years ago that blockchain technology would reach the heights it has achieved today. No one even thought of that 15 months ago, back in December 2017 after blockchain went mainstream. It’s incredible that today we are talking of an evolution that is slowly coming to be, the blockchain revolution.
Back then, Individual and business organizations had only started to see the benefit of the decentralized ledger platforms. They started investing in the blockchain technology they brought alongside the folks who have grown tired of the old dysfunctional centralized money system. They too joined the crypto bandwagon. In a few weeks, the crypto market was out of control. The market value had increased by 400 percent already.
No One Saw It Coming
Bitcoin led the crypto table with the greatest market share, followed by Ethereum, which was also remarkable in its own way. Everything was going on well for cryptocurrencies until it was not. Ethereum and other cryptocurrencies were simply not prepared for the multiple transactions.
Many other factors too came into play and it was evident that the technology was not entirely ready for the huge expectations and promises it had created. This among other factors contributed to the decline that was experienced in 2018.
It’s now 2019 and Ethereum and its counterparts are plotting a big comeback to take over what was lost and the rest in the blockchain platform.
Understanding The Ethereum
Ethereum is a blockchain platform. Designed as an operating system to feature smart contract functionality. Ethereum operates on an open source basis on the distributed ledger system. The platform provides users with one of the quickest, convenient and most secure means of storing information.
Ethereum went live for the very first time in 2015. It was launched with the Ether, its own digital currency which is to be used on the platform. Despite the bad times Ethereum has experienced, and the shedding of value, Ethereum has still managed to hold up the top three position in digital currencies.
The cryptocurrency has received backing from prominent IT figures including Steve Wozniack, who credited Ethereum as “the next big thing in IT”. Ethereum present solutions with the potential of transforming industries and processes in terms of efficiency and convenience.
Many of tech analyst actually believe that Ethereum is to blockchain what apple is to the mobile industry. Steve believes that Ethereum is the sparkle that could spark the next IT revolution. The next 10 years are critical to Ethereum and the blockchain technology as a whole
What Ethereum Offers
Ethereum offers no central authority in control of the platform just like the average cryptocurrency. No one can alter anything on the platform, therefore, fraud cannot be experienced.
The Ethereum platform is one of the most secure platforms for crypto-related projects or any project whatsoever. Its smart contract functionality is an efficient operating system and distributed computing platform.
Experts and professionals believe that Ethereum can be used to create other applications and initiate desired changes in the industry. This application is already in use in various sectors.