Ethereum (ETH): Taking over the world of Cryptocurrency

Ethereum (ETH) continues to make giant strides every day in the world’s second leading crypto currency. Yesterday, the price of ETH went up a staggering 60% causing it to hit a record value $1,417.38. Ethereum since its launch in July 2015 has grown tremendously, experiencing a 13,000% value increase under a year.

Ethereum boasts of the second largest cryptocurrency market which is valued at $131.5 Billion USD with a market cap of $71.1 Billion USD. While other cryptocurrencies run on peer-peer platform using blockchain, ETH uses its own Smart contracts for transaction and The Ethereum Virtual Machine (EVM), the first of its kind.

What is a Smart Contract?

Smart contract is Ethereum (ETH) own transaction protocol. The smart contract is a digital self-executing protocol the company uses for transactions, the system aids all the processes in executing a contract once the terms of agreement are reached by the both parties involved. Some benefits the smart contract include;

  • Contracts are developed digitally eliminating human errors, manipulation and fraud.
  • Smart contract bypasses most third party fees and reliance on third parties.
  • The integration of BlockChain technology offers better security.
  • Smart provides automated access to your devices and accounts.

The Ethereum Virtual Machine (EVM)

The EVM is a unique feature ethereum offers. The EVM is a tuning computer software allows programmers to create programs irrespective of the programming language using a decentralized computing platform. The ether is also required by developers who want to build apps with the EVM.

The Ether Enterprise Alliance (EEA)

The EEA is a group of mega co-operations working together to develop real life usage of the ethereum and the ethereum virtual machine. This megacorp includes big names like; intel, Microsoft, J.P Morgan, BBVA, brainbot tech. and a bunch of others. The fact that the first mobile client of company recently joined the EEA speaks much about the future of ETH.

Company features a solid framework but there are some noticeable downsides of the system.

Buying the Ether.

The ether is available for purchase at Luno; where you buy the ether from counterparties (it could be just one individual or a group of individuals (a block) depending on the amount of ether you purchase.

In conclusion

With co-creator Steven Nerayoff making projections that the value of the Ethereum (ETH) could “easily double or triple before the end of 2018” and hinting at the first possible flipping (for bitcoin to be toppled as the most valued cryptocurrency) in the world of cryptocurrencies proves that indeed, and the strides of The Ethereum Enterprise Alliance, it is safe to say that the future is bright for the ether.

 


Image Credit: ethlend.io

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