Cryptocurrency is an exciting topic, mainly because of the belief that it is the future of currency. At first, it did not look that promising. Investors would avoid it because they thought that it was just another scam. When Bitcoin began to shine, not only did it shine but also other cryptocurrencies emerged.
One of the most successful cryptocurrency, after Bitcoin, is Ethereum. As it continues to develop, many would like to know what makes it successful. The information presented in this article is vital for both investors and programmers who want to join the platform. Here are some points you should know about Ethereum.
- Second largest cryptocurrency after Bitcoin
If you are looking for a reason to invest in the coin, then this should be the first reason why you should. It came soon after Bitcoin, and to add on it, Vitalik Buterin- the inventor, came up with the idea. He worked in Bitcoin as a programmer before developing his approach that would bring some competition to the coin.
The price of one Ether (which is the coin used within the blockchain) continues to increase with time. As of February 2018, it rose to more than $120 in market value.
- Transactions are quick
Ethereum came in as a Bitcoin upgrade. In other words, it would now do what its counterpart would not do. Bitcoin concentrated mainly on making it a digital currency where users would transact without needing any third parties, which was a good idea.
Ethereum came up with a system, which would perform better. There is no delay in transactions between two parties. The system transfers money to the parties involved either automatically or manually, and the time taken would be lesser.
- Safe to work with and store personal data
Since it was an upgrade, this meant that users could now message each other while transactions remained anonymous, and create and update the blockchain without much monitoring. The decentralized system ensures that people are responsible for what goes into the blockchain. It is different from the internet where the companies that host you keep your data.
The apps that people invent within the blockchain are safe and only monitored by the owners, not the inventors. Additionally, if you make any changes within the blockchain, be assured that it will only affect that part, and the rest of the blockchain continues to function as usual.
- Safe to invest
Ethereum launched back in 2013. It was not an easy journey for Vitalik Buterin, but he made it anyway. The team had to come up with a crowdfunding sale where people would buy some shares within the organization.
The sale assists the coin in advertising it to investors; thus, the blockchain grows faster. Facing the fact that the system is safe, then investing is a sure win. You will find different platforms like Ethereum Code where you can join and become active in major foreign currencies in the world.
- The blockchain is open for more decentralized applications
Ethereum allows programmers to add extra features to it. If you have an app that will change the face of the blockchain, you can directly access the blockchain via your browser, where you use an extension like Mist.
Programmers can also update the apps within the system even after adding it there. In fact, with Ethereum, there are no limitations.