Will Ethereum continue its meteoric rise to become the biggest cryptocurrency in the world?
When you think of cryptocurrencies you probably think of Bitcoin. However, your mind should be going somewhere else. Somewhere more groundbreaking and potentially more valuable. We’re talking about Ethereum.
What’s special about Ethereum?
Ethereum is often said to have the most advanced blockchain of all the cryptocurrencies operating today. Its unique blockchain does so much more than just record cryptocurrency transactions. Ethereum allows developers harness the power of their blockchain to create their own decentralized apps. Ethereum also facilitates the creation of smart contracts. Digitally recorded and verified contracts that eliminate the need for a third party to witness or facilitate the transaction.
The rise of Ether
Ethereum is in fact not the name of a cryptocurrency at all, it is the name of the blockchain that supports a cryptocurrency. This cryptocurrency is called Ether and it is what is bought, sold and traded. Ether has made amazing strides since it went live in July 2015. It went from relatively unknown to the second biggest cryptocurrency on the market in the span of just 2 years. In 2017 alone its value increased nearly 5000%. In January 2017, one Ether coin was worth around $9. It now over $500. This is an amazing achievement even in the fast-moving world of cryptocurrency, and it is slowly but surely encroaching on Bitcoins share of the market.
Built to last
The reason many experts predict Ethereum will overtake Bitcoin is the potential held by its blockchain technology. Ethereum, more than any other cryptocurrency, has applications beyond just being a digital currency. As mentioned before, the Ethereum blockchain allows for the creation of smart contracts. These contracts have almost endless possibilities in the business and tech world. There is already talk among large companies of using this blockchain to create infallible online identities.
This technology could also be used to manage large company-wide salary payments, verify legal documents, store and archive medical histories and so much more. And it does all of this faster than Bitcoin. With faster block confirmation times and larger blocks, Ethereum can manage more transactions in less time. This gives it a big leg up over Bitcoin as everyone is looking for the fastest option.
To find out about Ethereum and beyond check out Crypto101.