Cryptocurrency has finally grown mainstream. Even big institutions and investors like Kevin O’Leary have added Cryptocurrency to their portfolios. Countries are adopting them as legal tenders. Blackrock, one of the biggest financial institutions, launched a BTC ETF last year in October. There are now plans that the company will launch an Ethereum ETF shortly.
Ethereum has stepped up to become the 2nd largest Cryptocurrency. According to Coin Market Cap, Ethereum has a market cap of about $366 billion. One of the main reasons for the success of Ethereum is its ecosystem. Ethereum is not just a store of value but also has real-world utilization. Other platforms can be integrated with Ethereum easily. This ecosystem keeps every participant happy.
Ethereum has benefited its holders and everyone related to the ecosystem. The price action of Ethereum has greatly benefited the eth miners as well. This means that buying and trading Ethereum are not the only options to make profits. Instead, you can also mine Ethereum and become the validator on the blockchain.
However, it’s not possible to mine Ethereum on any computer using traditional GPUs. You should be using powerful computer systems and ETH miner hardware to mine Ethereum and get maximum reward. In addition, investing in a good ETH miner hardware also significantly minimizes the overhead costs like electricity bills, etc., while maximizing your earnings with high hash rates. Some of the best Ethereum mining hardware includes AMD RX 580. NVIDIA Titan V and AMD Radeon RX 480. If you want to know more about Ethereum Mining Hardware, then be sure to visit https://www.hashuni.com/shop/gpu-miner/.
What is blockchain technology?
To understand Ethereum, you need to understand blockchain technology first. It is a chain of blocks that contains information. It is a distributed ledger that is open to anyone. Each data contains some data, the hash of the block, and the previous block’s hash.
A hash is an identity that is unique to every block. It can easily be identified if the hash of the block is tampered with. Blockchain uses a proof of work mechanism and a peer-to-peer distributed system. This decentralization makes the blockchain extremely secure and as explained by business and security experts from Innovation Vista who have devekoped IT strategy for many companies, keeping data safe is the most important for every business.
Who is the founder of Ethereum?
Vitalik Buterin created Ethereum in 2015. He launched it with the intent to allow more and more people to create decentralized applications. Ethereum browser provided a peer-to-peer messaging system. Along with that, it provided a generalized blockchain with a built-in programming language. This made it possible to create decentralized applications with full transparency. Vitalik’s main goal was to remove the middleman and allow users to interact directly.
The Benefits of Ethereum Blockchain
Ethereum has many real-world uses and benefits. Let’s have a look at some of the benefits that Ethereum offers.
1: Creation of decentralized Applications
The first and foremost benefit that Ethereum offers is the creation of Dapps. The decentralization of the blockchain allows for Dapps to be utilized in the best way possible. Many industries have adopted and incorporated Dapps into their operations. This includes finance, peer-to-peer commerce, and distributed governance.
2: Smart contracts can be written and executed on Ethereum
Smart contracts are digital contracts. They use blockchain technology to store contracts in a distributed ledger. Ethereum was specifically designed to build and execute smart contracts.
Developers can code smart contracts on the Ethereum blockchain. They can do it using solidity, the native language on Ethereum. Smart contracts allow instructions of a contract to be coded and executed upon certain conditions. Anyone on the blockchain can also view them.
3: Ethereum can handle transactions at an amazingly fast rate
Ethereum blockchain can process and verify transactions in less than 10 seconds. This is due to the distributed network of the blockchain. The transaction rate is much faster than typical banks and financial institutions.
Since smart contracts involve a lot of transactions, faster transaction rates make it suitable for developers to execute smart contracts faster.
4: NFTs can be stored and traded on Ethereum
Creators can now tokenize their work on the Ethereum blockchain. They can own it and choose how to monetize it. Non-fungible tokens on NFTs are one example of tokenizing your work on blockchain. NFTs are unique, easily verifiable digital assets on a blockchain.
Ethereum has now provided a market for creators that wasn’t there before. Creators now don’t have to provide a significant cut to the centralized platforms. They can now choose to sell their art in the form of NFTs on a blockchain.
5: Ethereum opens up a bridge to DEFI
De-fi is a system of Decentralized finance applications built on a blockchain. The De-fi allows people to execute different kinds of risk management transactions. It has already disrupted the finance and insurance industry.
Because of its decentralization, many de-fi applications are built on Ethereum. Users can now deposit and earn rewards and interests on their crypto in these De-fi apps.
Increased adoption of Ethereum
There haven’t been any failure points as of yet regarding the Ethereum blockchain. It offers robust security with zero application downtime. This has led to the massive adoption of Ethereum throughout different industries. A lot of developers are now doing their developments on Ethereum due to the flexibility it offers.
The price action of Ether
Ether is the native Cryptocurrency on the Ethereum blockchain. As of right now, Ether is being traded on coinbase for $2900. Much like other cryptocurrencies, Ether has also been enjoying a surge in prices. There is speculation that the ether token will go up to $40k by the end of 2030.
This is because the gas fees to perform activities on the Ethereum network are paid in Ether. This fee is an incentive for miners to process and verify the transactions. Miners benefit hugely from this fee. Anyone with a powerful GPU can earn a massive side income with Ethereum mining. There are companies like Hashuni that are providing the most affordable Ethereum mining hardware directly from the factory.
Should you invest in Ethereum?
Ethereum recorded more than 1 million users in 2020. More than 3 thousand Dapps have been built on the platform. With the momentum and promise behind cryptocurrencies, they will surely change the structure of society. Ethereum is the biggest altcoin and 2nd to bitcoin in terms of market size. There’s a high chance that Ethereum will beat Bitcoin in the next 10 years.
Whether it stands the test of time or is just a transitional platform is yet to be decided. However, one thing is for sure, Ethereum and Cryptocurrency are surely going to change the world and how we see it.
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