Let’s find out why the Etherium network is gaining popularity among crypto traders and investors
Bitcoin may have been famous for a long time but now everyone is knowing more about Etherium. The exchange ratio of Etherium is around INR 40,000 to 1ETH in the current scenario. Recently the price has been stable but people are moving towards Etherium now. Debit and credit cards can be used to purchase Etherium.
Moreover, purchasing is also possible with the help of UPI. iPhone application development companies are responsible for establishing secured transactions regarding the buying of Etherium. In the year 2018, a mark of $500 was surpassed by ETHand it has almost touched the mark of $600 in December 2020.
Etheirum network is gaining popularity among investors and traders and the major reasons for this are given below-
Technology is superior
Technology is something that is growing at a rapid rate in our daily life. Etherium is not known to be just a digital currency but a platform that is based on blockchain with varied scope as well as aspects. It is having the capability of creating new coins, new applications, and also unique contracts similar to that of the game Etheria that is stored in the blockchain of Ether. Solidity is also known to be Turing complete which is responsible for code that is powering Etherium. It helps in running smart contract or program which can have a complex computational equation. This is the reason for which Blockchain development services are hiring developers who are having proper knowledge about Etherium.
EVM belonging to Etherium is known to be having a smart contract that plays a role in using Ether for contracts that are peer-to-peer. EVM stands for Etherium Virtual Machine. The storing of Ether takes place in the wallet of Etherium and also other cryptocurrencies that are responsible for supporting smart contracts. Etherium is known to be a single shared computer that is being run by a network of users. The resources are basically parcelled out in it and paid by Ether.
The launch of the Etherium 2.0 was anticipated highly and many updates are there that have been lined up for the network of Etherium and they are-
- Casper- this will help in moving the Ether blockchain to a better proof of consensus. This is basically to PoS (proof of stake) from PoW (Proof of work).
- ZK-snarks- this is basically an idea that is being worked on to make Eherium anonymous.
- Shards- this will play a vital role in increasing the ETH network’s scalability.
- Raiden or Plasma- this will increase the speed of transaction and will also make it cheaper over the network of ETH.
Tokenization through ETH network
Digitals tokens will be there that will play a major role in representing virtual proof of ownership and shares. This can be created in the network of Etherium. Several functions are performed by these digital tokens and they are representing shares, raising funds, and forms of voting. Many companies and organizations are attracted by Etherium because of the agility and speed offered by this platform. The need for a third-party is removed as it is an open-source as well as a decentralized platform.
It is essential for the investors to have an Etherium wallet if they wish to hold an ERC-20 token or invest in Initial Coin Offering or ICO. Etherium based tokens are known to be holding the majority when considered among other 100 cryptocurrencies in the market. Now with the growth of cryptocurrencies and their market, Etherium will easily gain its momentum. Mobile application development services are also using similar blockchain technologies to provide better security to their users.
Block time is faster for greater security
The GHOST protocol of Etherium is known to be lightning-fast in nature. The average block time for this protocol is around 12 seconds and is known to be the fastest as the average time for Bitcoin’s block time is around 12 minutes. This is the main reason for which faster confirmations are received and this results in better adoption potential.
It is because of the speed of Etherium’s GHOST protocol that the associated costs are lowered. Blockchain stored applications are normally used by smart contracts of Etherium for facilitating and negotiating contracts. It is very rare that this decentralized network will make censorship or fraud.
The largest open-source alliance all over the world is the Enterprise Etherium Alliance. Major fortune 500 companies, start-ups, academics, and technology vendors are included in this alliance. According to certain data and researches, it has been found that there are around 180 members in the alliance including Microsoft, JP Morgan, ING, Mastercard, and other similar big names.
The main purpose for building the alliance was to create software that is enterprise-grade by seeking the help of Etherium blockchain. The software that has been developed will have the capability of handling the most demanding as well as complex applications of business. The big names given above make everyone rest assure about this platform and so people prefer to choose this over other competitors.
This can be also one of the major reasons for which this Erherium is responsible for gaining momentum and is becoming more and more popular with respect to time. The best blockchain app development company is always there to guide their client and clear their doubt regarding cryptocurrency as well as regarding the technology involved in blockchain.
Active developers and general consensus
The miners, developers, and traders of Etherium are pretty much active in nature. They talk in a regular manner to know about the future possibilities and latest development of the Etherium network. The community of Etherium works closely through consensus. There are many forces that are working to make Etherium a better one. Etherium is having the capability of changing the capability of industries in the near future.
The demand for Etherium is growing rapidly and so the price will also grow. It is very important to consult an expert before starting a relationship between your currency and Etherium.