Bitcoin and Ethereum are the two most popular cryptocurrencies out there. While Bitcoin is merely a cryptocurrency, Ethereum is much more than that. It is a ledger technology that allows organizations to create a broad array of programs. If Bitcoin was version 1.0, Ethereum is 2.0, enabling the development of decentralized applications (dApps) on it. Simply put, it promises a new age of innovation.
The entire platform is decentralized, which means that it doesn’t come with a single point of failure – a common problem in centralized solutions. Therefore, all the applications built on Ethereum will always stay online. In addition, the cryptographic security implemented in Ethereum protects it against a myriad of possible fraudulent activities and hacking attacks.
Ethereum is not unlike any other cryptocurrency platform. In fact, it receives support from the Enterprise Ethereum Alliance, a group of Fortune 500 companies that have agreed to collaborate on smart contracts, Ethereum’s blockchain-based technology.
A smart contract is a piece of computer code that allows users to make a transaction involving anything – gold, company shares, property, and of course, money. Here are the core benefits of Ethereum:
- Transactions on Ethereum are immutable, meaning no one can tamper with the data, even the uploader.
- The consensus mechanism in Ethereum prevents the need for an intermediary. That is also why smart contracts are independent.
- Since there are no third-party fees involved, Ethereum provides faster and cheaper transactions.
Over the last years, Ethereum has proven itself as a stable and safe platform. Applications built on it have been running exactly as envisioned, without any fraud or downtime. These apps are disrupting several industries, include real estate, finance, and insurance. These apps include:
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