Since its official launch back in 2015, Ethereum has gone on to become the leading technological powerhouse when it comes to blockchain technology. Crypto experts worldwide have acknowledged how bright the future is looking for Ethereum, and not just because its price skyrocketed from hundreds to thousands of dollars per token very recently.
Regarding blockchain technology, Ethereum is one of many players on the scene. However, it’s widely regarded as the blockchain that will take its place as a leader of decentralised technology that will leave all rival blockchains in its dust. But is it true, or is it all just hot air?
In this article, we’re going to delve deep into the world of Ethereum and look at how this decentralised technology has not only changed the world and revolutionised many industries that keep the modern world running, but we’ll be examining the main reasons why Ethereum will achieve its mission in the world of crypto and blockchain.
Plus, as a bonus, we’ll also show you how to invest safely and securely in this blockchain leader, should you wish to do so! Now, without further ado, let’s begin!
Short on time and want to get to the nitty-gritty of this article? Well, allow us to sum it all up for you! Ethereum will successfully achieve its mission of being the world’s leading blockchain, mainly due to the enormous array of decentralised applications that can be created and run upon it.
Ethereum bagged a huge market share in decentralised apps because it was the first place many developers flocked to in order to set up and successfully run their projects and networks. This first-mover advantage has skyrocketed Ethereum miles ahead of its rivals. Plus, when Ethereum 2.0 is finally rolled out in full, the Ethereum network will see the revolutionary change that will allow it to scale and successfully manage up to 100,000 transactions per second.
Whether Ethereum can achieve its goals depends heavily on the network’s ability to scale successfully in time and maintain the first-mover advantage before it runs out.
What Is the Ethereum Network and How Does It Work?
Ethereum was the creation of former Bitcoin blogger Vitalik Buterin. After identifying flaws in the original cryptocurrency that he felt held back its mission significantly, Buterin began working on his own decentralised project, Ethereum.
Following the publication of the white paper on Ethereum in 2014, an initial coin offering (ICO) was launched to fund the project. These events drew numerous experts, geeks, and entrepreneurs keen to get Ethereum up and running. The following year in 2015, Ethereum was officially launched. The journey had begun,
Ethereum is a smart contract platform based on blockchain technology. Its mission is to successfully become a globally-recognized operating system, and that mission is well underway. Since its official launch, the Ethereum network has become the go-to blockchain for developers seeking to create decentralised digital money and decentralised applications (DApps).
In the fast-moving world of cryptocurrency and blockchain, 2015 was a long time ago. Since its foundation, numerous rival blockchains have sprung up to try and go head-to-head with Ethereum and take its place. However, only some can even compare to the original blockchain king.
This is because, when you consider the enormous Ethereum ecosystem as a whole, the world has never seen anything like it. From developers and enterprises to major mainstream partnerships and integrations, the achievements that Ethereum has achieved in recent years are incomparable to any other blockchain project we’ve seen, apart from Bitcoin!
Why Will Ethereum Succeed?
The journey of Ethereum is going well so far, but a lot can happen in the coming years. By all means, Ethereum could crash and burn, but here’s why we think it won’t!
- The global population desperately needs decentralised applications that cannot be censored.
- The impending Ethereum 2.0 upgrade will allow the network to scale and achieve up to 100,000 transactions per second.
- The first-mover advantage has given Ethereum an incredible head start over other blockchain competitors.
- Demand for Ethereum is at an all-time high.
- The network’s native token, Ether (ETH), is a popular addition to countless investment portfolios worldwide.
- Ethereum is increasingly being relied upon by major sectors and industries, from aviation and tourism to car manufacture and even defence.
Ethereum Can Combat Censorship
When we think of state-level censorship, we often think of oppressive regimes in sometimes third-world countries. However, it’s rapidly becoming no secret that censorship is increasingly slipping into daily life in developed countries in the west.
Take any major centralised social media platform like YouTube, Facebook, Twitter, Reddit, Instagram, etc. These platforms have gained an unwelcome reputation for having an itchy trigger finger when it comes to banning or censoring users for often small or bizarre reasons.
However, one thing that people don’t realise is that it’s not entirely the fault of the platform itself. You see, the web admins of these social media platforms are forced to employ teams of moderators to monitor and censor content on their sites actively, otherwise, they risk facing fines.
A good example of this is Youtube. If a video is published on the giant media platform of somebody using illegal drugs and isn’t immediately taken down or barred from being uploaded altogether, Youtube would quickly find itself in hot water with government agencies and law enforcement in countries like the United States and they could expect court orders from the likes of the Drug Enforcement Agency (DEA) or the Federal Bureau of Investigation (FBI).
However, censorship is a slippery slope indeed. If left ignored, rampant censorship could have a massively negative impact on our online browsing experiences and who knows where it will end? If you think we’re exaggerating, just remember that the EU recently tried to implement a ban on memes.
Now, imagine a world without memes. Scary, right? Thankfully, it wasn’t passed, but never underestimate the dangers of censorship!
This is a prime example of why decentralised and uncensorable applications that blockchains like Ethereum can guarantee are vital to modern society. Because we all know that many laws are vital to a safe, welcoming, and free-thinking society, but this is relative to the person you ask.
For example, around the world, there are five countries where being an atheist is illegal. There are even some where you can be put to death for being an atheist.
And then there’s the LGBTQ community, who often have an even worse time than atheists and many others. There are over 75 countries worldwide that criminalise LGBTQ, often under draconian blasphemy laws. Some people see this as a blatant violation of freedom and human rights, but in the countries where these laws are enforced, it is completely logical for most people.
Because, despite how much we’d like it to be otherwise, morality and freedom are not equal worldwide, and opinions towards these crucial facets of a functioning society vary wildly from country to country and person to person.
Now, let’s look back at Ethereum and its goal to become a successful global leader as a decentralised platform that can run applications that cannot be censored or stopped. Rather than navigating the world’s various, and often contradicting, laws, the Ethereum network is governed differently.
You see, Ethereum lacks a governance structure. If it did, those who govern it would be targeted as a method of censoring the network, thus defeating the entire point of Ethereum itself. This is one of the reasons that Ethereum is still highly regarded as the world’s main smart contract blockchain because it needs to implement on-chain governance.
We need to point out the volatility of Ethereum which is similar to the volatility of cryptocurrencies as a whole. The higher risk of losing your investments calls for as much trading tools as possible. This is the moment when a well-performing crypto platform such as xbtccapex.club steps in. This specific platform has a large number of features that can aid your crypto journey and lower the impact of the volatile nature that Ethereum has.
Ethereum 2.0 Is Coming
Thought Ethereum was good so far? Wait until you hear about Ethereum 2.0! This epic upgrade has been in the works for years and is only just being rolled out now. The overall upgrade is intended to allow Ethereum to scale and take its position as the world’s main blockchain with smart contract capability.
It is a slow and steady process, however. So those who use the Ethereum blockchain will need to carry on using the original network features for the time being until each phase of the upgrade is successfully rolled out. When it is finished, Ethereum will be able to handle up to 100,000 transactions per second, compared to the current 15.
The Ethereum 2.0 upgrade will be released in a series of phases: Phase 0, 1, 2, and 3, and they have taken their time, meaning many users are naturally beginning to get tired of waiting. However, developing a reliable, efficient, and scalable project takes a lot of time and effort, just like Bitcoin did.
These delays are natural and need to be accepted by users. Some online chatter has claimed faster-moving blockchain networks like Tron deserve more attention. But when you compare Tron to Ethereum, it quickly becomes clear which is the superior blockchain.
For example, you need to make a quick comparison between the top 20 decentralised apps on Tron and Ethereum to see that the latter boasts far more higher-quality apps. In contrast, many apps on the former are higher high-risk and volatile.
Network Effect
Ethereum is a decentralised open computer system that allows people to build an enormous range of decentralised projects upon it, whether they have permission or not. This has led to a boom in projects and innovative ideas surrounding dApps.
As time goes on and more people continue to create decentralised applications on the Ethereum blockchain, it has led to a storm of powerful apps that have since integrated together flawlessly.
This all began between 2017 and 2018 when the crypto world underwent a period of intense interest in ICOs. Naturally, not all of these ICOs survived the craze. But those that were led by experienced people and reinforced by reliable use cases brought incredible innovation and thrived.
All of this led the way for decentralised finance (DeFi), an application which has revolutionised the world of blockchain and crypto ever since. The initial popularisation of DeFi kicked off at the start of 2019 when Maker popularised it in early 2019.
Through the art of leveraging, many crypto users soon realised that they could make money and expand their crypto portfolio by leveraging the DAI they had in their wallets. In turn, this led to the foundations being laid for the craze of borrowing and lending various cryptocurrencies that followed.
After that, came Compound, which worked towards integrating with DAI to add another layer of functionality. After this, people who held DAI as an asset could successfully earn a generous amount of internet simply by locking up their DAI in Compound assets. Afterwards, similar DeFi apps like Uniswap, Kyber Network, and LEND equally surged in popularity.
These days, the world of DeFi has grown into a huge industry, and it all happened at warp speed. The example of DeFi is a great example for the future that reveals how fast the world of blockchain technology can move in a positive direction.
The aspects of decentralisation and open-source technology played a huge role in all of this. It’s a giant, decentralised network of integrated applications created on top of one another and constantly creating new solutions to real-world problems. It’s a revolutionary form of technology that benefits everyone who takes part, from the people managing the decentralised projects to the end-users
Many people are already seeing the formation of an internet of blockchains, and with its unique first-mover advantage, Ethereum is seriously in the lead.
Where to Buy Ether (ETH)?
Ethereum is the network’s name, but the blockchain king also has its own native token called Ether (ETH). In recent years, the value of ETH has surged, making many early investors who got on board at the right time very wealthy.
Recently, ETH underwent a price dip, as all cryptocurrencies did, leaving many experts to suggest that now was never a better time to invest in the blockchain network’s native currency. Only time will tell, but if you’re a keen investor, it’s important to know where to invest in ETH properly.
Sadly, the cryptocurrency markets are plagued with dodgy people and scam platforms looking to take advantage of rookie investors. So, to buy the native token of Ethereum safely and securely, always opt for a popular and beginner-friendly platform.
In Conclusion
Out of all cryptocurrency projects worldwide, Ethereum stands head and shoulders above the rest as the leading smart contract platform. Of course, it has its competitors, such as Cardano and Neo, who provide a range of cutting-edge blockchain solutions in their own unique ways, but they need help to stand toe-to-toe with Ethereum when you look at the networks as a whole.
And as freedom of speech and the opposition to censorship become increasingly important in the world we live in, Ethereum will go on to form a critically important role in providing a platform for people to host platforms and information that can neither be stopped nor censored.
