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Ethereum has become a top innovation driver in the crypto market. A Platform launched in 2014 is introducing us to the world of endless possibilities by using this technology.
In the founder’s words, Vitalik Buterin is famously known for saying that
“When I came up with Ethereum, my first thought was, ‘Okay, this thing is too good to be true.’ As it turned out, the core Ethereum idea was good – fundamentally, completely sound”
Truth to this statement, Ethereum has maintained a top position in cryptocurrency for the longest time. It is getting from strength to strength with time. Some analysts believe soon it will have powers to threaten the position of Bitcoin as the leading cryptocurrency.
What is Ethereum?
When you check into the Ethereum’s portal, what welcomes you is a platform that boasts of handling many functions such as;
- Creation of Decentralized Applications (Dapps)
- Introduction Open Internet.
- The internet of assets. (Non-Fungible Tokens)
- Cryptocurrencies creation
This is basically what blockchain and cryptocurrencies are all about. Ethereum not only has it all but is also leading in some of these utilizations.
One of the key uses of Ethereum solutions is
Creation of Non-Fungible Tokens
Ethereum launched the first such tokens in 2015. This was made possible by the use of blockchains’ Proof of Ownership capabilities.
It is a good example of Ethereum’s concept of the internet of assets. NFT is revolutionizing the way people transact in digital assets. Through these capabilities, the market has become bigger and better.
In the long term, this translates to better returns and improved accountability in the industry. This capability helps us to understand how it is solving problems that have persisted for hundreds of years.
Naturally, you gain value by offering solutions to existing gaps. This I believe is what it is doing.
Continuous Ethereum Updates and Strategy Changes
The ability to change with the change in time is one of the key ingredients for survival. A characteristic Ethereum has proven many times over.
Take for example the recent changes through the London Hard Fork update. This is an update that was done recently to solve some of the persistent challenges facing the coin.
One such challenge was the mining process. Due to the consistent pressure by climate activists regarding the use of huge amounts of energy in the mining process, Ethereum decided to act.
To solve this issue, they did an update that focuses on changing from the Proof of Work concept to the Proof of Stake. In the long term, this aims at fully eliminating mining and embracing staking.
Benefits of Continuous Change
This is just an example of a coin that is designed to survive. These fast and timely changes show a coin that can navigate irrespective of the conditions.
Challenges of Ethereum
Some problems still hinder Ethereum from getting to its full potential. Some of these include
- High gas fees
- Unlimited supply
- Low processing speeds
These challenges persist and are likely pushing some investors away.It is pushing to handle some of them but we wait to see the outcome.
Despite these challenges, Ethereum remains one of the best crypto networks in the market and could solidify its position as the number one soon.