The Adam of cryptocurrencies generated the wave of unstoppable innovations in the year of 2009, which resulted in the birth of numerous cryptocurrencies in the subsequent years. The crisis of ideas was never an issue that the cryptocurrency industry faced as thousands of them weaved their way to the forefront. One among them was Ethereum, the entitled prince of the cryptocurrency realm. In time Ethereum developed a familiar face among the users to shoot up to a value which was quite elusive to the rivals. Although it has been in the game for a long time now, the face of cryptocurrency has always been occupied by Bitcoin.
What is Ethereum?
Let’s start by saying that it is not “just another cryptocurrency”, like how almost every other cryptocurrency except Bitcoin is labelled; it has achieved way beyond that tag.
Ethereum is the platform that was created to make transactions and store money that benefits the users and businesses from various functions that it offers. It helps in developing a high-tech system that supports the enhanced working and processing of online trading. The factor that stands out as the most attractive one is the exclusion of middle agents or third parties from the process, which means no one controls all the apps, accounts and transactions. No form of authorization or centralization works here as it is an open database, and everyone is given control over their accounts. So, Ethereum, in the most simplified terms can be defined as an open-source platform that effectively implements the decentralization concept by removing any form of power to control the activities. It also flaunts one of its attractive facets of low-cost transactions and hosting, which at times could even go down to zero depending on the method of purchase opted.
Ethereum provides a platform through digital media for the operations that are intended to make the trading of products easier. For the functions to work efficiently, this platform needs to be provided with a particular form of code which is fed to the system as financing. Since these codes drive the network of Ethereum, it is an imperative digital entity, and this code is similar to the structure of Bitcoin, which is being used as a digital format of currency. Ethereum necessitated the digital currency format, which is exclusive to their platform so that it functions exceptionally.
Abbreviated as ETH, Ether was the name given to the currency that was created to run Ethereum and it functions almost like Bitcoin, with every coin earned carrying great value. The rate of each cryptocurrency keeps changing with the changing market conditions, and it needs to be checked by every user for managing their funds. From the previous trends of Ether, it is evident that the path it has taken is the one towards the crown. Visit https://www.forex.academy to know more about Ethereum and its current status.
Apps on Ethereum
Over the years, several apps have been developed in the Ethereum platform, adding different features to it and taking the market value high up.
- Cryptocurrency wallets help you store your cryptocurrency and make payments with the assets (Ether/Bitcoin) or tokens that you own.
- Many games have been developed that link to your digital wallets, which allows you to play games online and get rewarded in the form of digital assets which could also be transferred into the real money accounts.
- Borrowing and lending of these digital assets are also made possible by the financial applications that have been created, which also enables investments in various markets that could yield huge returns and a sparkling fortune.
Some of the Ethereum apps that make it to the top list with their impressive features are DAO, WeiFund, Provenance, and Augur.
Digitalization has brought about a wave of anomalies in the economy and cryptocurrency has played a vital role in this. Ether has grown up to a level where Bitcoin has been ousted from the title of being “the only synonym for cryptocurrency,” and all other contemporaries stand equally worthy in the game.