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There are almost 1,681 cryptocurrencies in the market. The cryptocurrency market has recorded many ups and downs. These ball games were repeated over and over again during the first quarter of 2018, with Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and most other altcoins who were victims of manipulation. Nevertheless, there are cryptocurrencies that get stronger and stronger day by day, and Ethereum plays the newcomer in the list.
Ethereum is not a new currency on the market. It was introduced for the first time in 2014 while Bitcoin arrived in 2009.
Ethereum is the second largest cryptocurrency on the market after Bitcoin. It is an open source software platform, which operates on blockchain-based technology that allows for the creation and distribution of decentralized application.
In 2017, the price of Ethereum rose by an astonishing 5,500 percent [19659005] alone to nearly $ 500 per share. Ethereum is also a currency like Bitcoin, but it can be used as an accounting technology that companies are using to build new programs.
The first sale of this altcoin took place on 6 August 2014, raising over $ 14 million. And on July 2, 2016, the network was split into two: Ethereum (ETH) and Ethereum Classic (ETC). Since then, Ethereum has steadily established itself as a platform for primary cryptographic assets.
The current market of Ethereum
Co-creator of Ethereum Steven Nerayoff states that the value of cryptocurrencies could triple in 2018. The cryptocurrency has been outlined in smart contracts that deal with when they are specific conditions are met. As such, it is witnessing a tremendous amount of growth in a wide variety of sectors, such as oil and gas, government applications and games.
Ethereum has a lower transaction cost, and therefore continues to increase the use of the entire currency. In the current year, it is expected that ETH will reach approximately $ 2,500. By the end of next year, it could be around $ 14,000. If that were not enough, the forecast for 2020 says it would reach around $ 31,000.
Why Ethereum is used more extensively
The underlying technology of Ethereum is called "The Enterprise Ethereum Alliance", the group of Fortune 500 companies that have all agreed to work together to take advantage of Ethereum's blockchain technology. It is also called "smart contract" technology. The reasons behind the popularity of Ethereum are:
1. Increasing application usage
Each digital currency has many outlets. Bitcoin was the first currency to function on a blockchain network. Each transaction in the Bitcoin blockchain is registered in a "block". This is connected to the long chain of blocks.
More and more people are using Ethereum because of its flexibility and fast processing time of 12 seconds. (Stock Catalog Photos via Flickr.) CC BY 2.0.)
Ethereum is written in a complete Turing code language. From any computer, it must be able to execute an algorithm. Thanks to the full language of Turing, any script can be run on ETH. His blockchain processes transactions in 12 seconds, unlike the 20-minute Bitcoin.
2. Increase the use of the smart contract
Through intelligent contracts, it is possible to make decisions, archive the contract and send to others. As long as the entire network exists, contracts can be executed and disappear only if they are programmed to self-destruct.
In Ethereum, you could create thousands of smart contracts with the same code while all are conceptually created. Each contract is created with a distinctive address. Therefore, users find it easy to develop multiple contracts on the same platform.
3. Being incorporated by financial institutions
The Bank of America is the first financial institution to work with the Ethereum blockchain. The company helps premium customers protect their transactions. The application was created with the help of Microsoft with the goal of speeding up the adoption of the Ethereum technology.
Large companies that promote mass adoption will give Ethereum an edge over other technologies. Ethereum is the only technology that has been incorporated by large companies. Even Bitcoin took 10 years to collaborate.
Time to buy or not
The advantages of Ethereum are so significant if we compare it with another cryptocurrency. You should not even doubt that you should buy this crypt now. Continue to increase in value and reach new heights. The Ethereum market will continuously increase this year. If you invest in Ethereum, it will certainly give you a triple return on your investment. But before making an investment, make sure that it is extracted because this indicates that it is a profitable entity.
Conclusions
Ethereum is a powerful technology with the potential to promote not only the business but also the global currency. When you are interested in buying the digital currency, be sure to do your research.
Ethereum is becoming a lucrative investment opportunity for buyers. Ether's meteoric rise has increased by more than 8,000 percent. The big demand has grown for Ethereum and will continue to grow
(Featured Image of BTC Keychain via Flickr CC BY 2.0.)
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PLEASE NOTE: This article expresses my ideas and opinions. Any information I have shared comes from sources that I believe to be reliable and accurate. I have not received any financial compensation for writing this post, nor do I have any participation in any of the companies I mentioned. I invite any reader to do their diligent research before making any investment decision.
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