WHAT IS ETHEREUM
ETHEREUM TO RAND EXPLAINED?
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✅Ethereum is “do-it-yourself” technology that harnesses blockchain technology to develop decentralised apps known as dApps. These allow nodes to deploy smart contracts and other applications on the Ethereum platform.
📊 Ethereum is regularly compared with Bitcoin and most people see it as Bitcoin’s biggest competition in the cryptocurrency race. It is and it isn’t; and that’s what makes Ethereum a bit confusing for newcomers.
📊We answer the most common questions people ask about Ethereum to help you understand more about this disruptive technology and clear up the difference between the world’ two leading cryptocurrencies. This information is essential for you to understand before you invest in Ethereum.
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Quick facts about Ethereum
✅ Coindesk describes Ethereum as “the first general-purpose blockchain platform that features a Turing-complete virtual machine and native programming language able to deploy code of any algorithmic complexity”.
✅ Ethereum came to the market in July 2015; almost 7 years after Bitcoin and the general public took it up as a follow-on currency to the leading cryptocurrency in the world. It’s not. Ethereum is a technology platform while Bitcoin is a cryptocurrency. To put is simply, Ethereum is like the Internet and Bitcoin is like an app.
✅ Ethereum was the first-to-market as a general blockchain platform. Ether was created as the Ethereum currency that keeps the peer-to-peer system running. It’s Ether that is leading the pack alongside Bitcoin as other cryptocurrencies enter the fast-paced crypto space.
✅ Ethereum is a super-sized virtual machine (Ethereum Virtual Machine) made up of hundreds of independent nodes (computers) deploy smart contracts in ‘bytecode’. This is a series of ‘ones and zeroes’ that can read and interpret the Ethereum network.
✅ Ethereum Virtual Machine (EVM) is the infrastructure required to build decentralised applications. It’s a technology platform that was built specifically to create smart contracts but it’s a valuable platform that can be used to decentralise anything from crowdfunding systems to voting and banking systems. It’s a network of computer networks that gets computers talking to other computers.
✅ The cryptocurrency associated with Ethereum is Ether, which is the network’s own currency that is used to incentivise nodes to participate in the peer-to-peer network system.
✅Ethereum does what it does by borrowing heavily from blockchain technology but with its own tweaks and innovations. To understand Ethereum, you need to understand blockchain technology.
Is Ethereum a cryptocurrency?
✅ Ethereum is not a currency; Ether is a cryptocurrency just like Bitcoin. People think that Ethereum is a follow-on from the wildly popular Bitcoin but they are in fact entirely different entities.
✅ Bitcoin was developed to decentralise money transactions; Ethereum is the technology platform that decentralises any ledger-based record (contract). Ethereum uses blockchain technology to allow users to develop and run smart contracts on the platform. Smart contracts create a ‘trustless system’ between two parties; the code is final and the contract is immutable (cannot be reversed, changed or challenged).
✅ Ether is the cryptocurrency that powers the Ethereum technology platform. It was created to reward users for the time, effort and energy cost involved in developing and deploying dApps and smart contracts. Ether is traded in the currency market and Ethereum price predictions are issued on the various exchanges. However, that’s not the primary purpose of Ether.
Who founded Ethereum?
⚡ The idea of Ethereum was first conceived in 1993 by a computer scientist, lawyer and cryptographer, Nick Szabo. He envisioned the concept of Bitgold and smart contracts almost a decade before Bitcoin hit the market in 2009. There’s endless speculation that Nick Szabo may even be the mysterious Satoshi Nakamoto to introduced Bitcoin to the world, but Szabo absolutely refutes it.
Nick Szabo dreamt it
⚡ The Hungarian-born American has a degree in computer science, a law degree and an honorary professorship at the Universidad Francisco Marroquín. The latter is a non-profit private higher education institution located in Guatemala City. In short, Szabo is a genius as well as a recluse. Very little is known about his personal life, only what papers he has published.
⚡ Szabo was the first to officially coin the term “smart contracts” where it relates to smart technology, like Smartphones do. His concept was to take contract law to the next level by harnessing advanced blockchain technology to facilitate, negotiate, verify and enforce contracts between third parties. He envisioned a decentralised system where smart contracts would be immutable and transparent.
⚡ Szabo’s aim was to provide a superior level of security for smart contracts as well as reduce associated legal costs, speed up the process and improve overall efficiencies.
Vitalik Buterin gave it life
⚡ It was Vitaly Dmitriyevich “Vitalik” Buterin who actually gave life to Ethereum in 2014. The Russian-Canadian programmer and writer was the co-founder of Bitcoin Magazine and is the co-founder of Ethereum.
⚡ As a 19-year old programmer, Buterin wrote many articles on the flaws and limitations of Bitcoin for the magazine. At the same time, he was motivated by the shortcomings he faced building his own applications using the blockchain technology.
The young genius turned his focus to applications that were not limited to transacting in money such as Bitcoin, and would support more common computations. Ethereum was born from this insight and Buterin and his co-founders bought the DIY decentralised platform to the market in 2017.
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How does Ethereum work?
⚡Ethereum is a DIY platform for decentralised applications known as dApps. The Ethereum platform is a group of technologies that are used as a base upon which applications are developed and deployed within in the system’s blockchain technology.
⚡ The decentralised platform ensures that no single person or entity has control of the information. This means not even you control it; it becomes the domain of the Ethereum Virtual Machine (EVM).
⚡ To create a dApp, you have to learn the Ethereum programming language called Solidity and with this language you can start coding what is known as ‘smart contracts’. The EVM has thousands of independents nodes (computers) running coding programmes at the same time which is what makes it a decentralised platform.
⚡ A smart contract is deployed to the Ethereum network through a node. This is a computer that participates in the Ethereum peer-to-peer network which harnesses blockchain technology. The smart contract contains a set of conditions and actions and the Ethereum network executes it. Once it is deployed to the Ethereum network, it cannot be edited or corrected; even by its original programmer. A smart contract on Ethereum is immutable.
⚡ The reason a smart contract deployed on the Ethereum platform is immutable is because the system uses blockchain technology. A blockchain is based on consensus so to make a change, you would have to convince the entire Ethereum network that a change should be made. This is virtually impossible. If the author goes in and changes a local node, it doesn’t change the data at any other point along the blockchain.
⚡ This is why Ethereum – or rather blockchain technology – is an excellent platform for smart contracts. Any legal contract needs to be secure. The more complicated a legal contract is, the more room there is for interpretations and negotiations. Add-on clauses are written and added to deal with contingencies.
⚡ Smart contracts do away with personal negotiations and interferences. The technology creates ‘trustless protocols’. This means that the two parties don’t have to know or trust each other for a smart contract to be created. If the terms and conditions are not fulfilled, the contract will not be validated and executed.
Trustless protocols are both a benefit and pitfall of smart contracts. The big debate is whether smart contracts will eventually do away with the middleman such as lawyers, personal bankers and financial consultants. The truth is, it’s not realistic to do away with the ‘middlemen’ as they provide a valuable personal service that adds another layer to the hard-core process of drawing up binding contracts.
What is blockchain technology?
📢 From the word you can gather that a blockchain is a chain of blocks that contain information. It acts as a shared database that’s filled with entries that are only deployed to the block once they have been processed, validated and encrypted. Each entry is linked inexpressibly to information that precedes it. Therefore, the word blockchain comes from ‘blocks of information’ that are added to the chain of transaction records.
📢 Once the information is deployed to a block, it’s almost impossible to change it. To change information in one block, you would have to change it in all the blocks along the chain. This would require you to redo the Proof of Work (POW) and take control of more than 50% of the peer-to-peer network. It’s this level of security that has made blockchain technology a revolutionary means of storing information.
📢 A blockchain is typically described as a distributed ledger but this isn’t entirely accurate as it is only one type of distributed ledger. The latter is a database that exists across several locations or among multiple participants. A distributed ledger is different from a traditional centralised ledger that resides in a fixed location and has what is referred to as a “single point of failure”.
📢 A distributed ledger is decentralised which does away with the risk of a central authority and the single point of failure. The technology is used to process, validate and authenticate information and data. The information is only stored in a distributed ledger when all parties have reached a consensus that the data transaction or information is valid.
📢 The information files that are deployed to a distributed ledger are timestamped and given a unique cryptographic signature. The transactions can be viewed by anyone but not identified, except by their private key description.
📢 The main difference between blockchain technology and a traditional distributed ledger system is blockchain creates a chain of blocks with validated information; while distributed ledgers do not produce a chain. The latter also does not require ‘proof of work’ which is a feature of blockchain technology.
📢 You can think of blockchain as a type of distributed ledger but remember it is only a subset of it. It functions as a database of information that is spread across multiple sites and accessed by multiple participants but its mechanisation is entirely different.
What is Proof of Work (POW)?
Proof of Work (POW) is a set of data that is difficult, costly and time-consuming to process but easy for others to verify. Data needs to be verified before it can be deployed to a block in the blockchain. Ethereum miners must produce a POW to prove the difficulty of the work before the block can be added to the chain.
POW is proof the node (computer) has the skill to process the data transaction or information contained in the block. Miners are willing to use their time and electricity to generate POWs because they make money from it. In the case of Ethereum, miners are paid in Ether.
POW is expensive to produce and this is done intentionally to prevent devious miners from attacking the blockchain. The latter would use a lot of time and electricity to attack the blockchain and bear the cost of his or her malicious intent.
Ethereum uses POW to safeguard its peer-to-peer network but is moving towards Proof of Stake (POS).
What is Proof of Stake (POS)?
Proof of Stake is similar to Proof of Work but the main difference is how the computer reaches the end goal of validating the information and deploying the block to the blockchain. With POS, the information is not mined, it is validated. The validators require cryptocurrency (Ether) to compete for a stake in the blockchain system.
The validator bets on a block that he or she has the skill to validate. When the block is processed and deployed to the blockchain, the validator earns a transaction fee in proportion to his or her stake in the validation process.
Ethereum is likely to transition to POS because it is a more environmentally-savvy option. POW consumes an excessive amount of electricity. The main resistance in the marketplace to POS is it is not as secure as POW, largely because of the energy saving issue.
Ethereum proposes getting around this by forcing validators to pay a security deposit to participate in obtaining a stake in the blockchain. It’s envisioned that Ethereum will create an algorithm that penalises bad validators and in certain cases, the validator will lose his or her security deposit.
What is the difference between Proof of Work versus Proof of Stake?
Proof of Work
A miner must solve a difficult mathematical puzzle using their computer processing power. It requires a large amount of time and energy to solve a puzzle. The first miner to solve the puzzle is paid in cryptocurrency (Ether) for their work, which is verified through the POW. The only way a malicious miner can add a ‘fraudulent’ block to a blockchain is if the person has computer power more powerful than 51% of the total network combined.
Proof of Stake
The block creator is chosen by the blockchain algorithm which is based on the user’s stake. There is no reward for creating a block. Instead, the block creator earns a transaction fee paid in cryptocurrency (Ether). The only way a devious block creator can add a ‘fraudulent’ block to a blockchain is if the person has computer power more powerful than 51% of the total network combined.
What is a dApp?
A dApp is like a decentralised app store that is not controlled or owned by a single authority. There is no downtime and a dApp cannot be shut down. There is no way a repressive government can do to a dApp what they can do to Internet or telecommunications when, for example, they cut off their citizens access to communication platforms such as WhatsApp, Twitter, Gmail or email.
The most famous example of a dApp is Bitcoin. The aim of Bitcoin is to take the power away from central authorities such as financial institutions and central banks. The Bitcoin dApp exists to facilitate the transfer and management of cyber money using blockchain technology.
The backend code of a dApp runs on a decentralised peer-to-per network. This is different to an app like WhatsApp or Amazon where the backend code runs on a centralised server.
dApps take out the middleman by connecting users and service providers directly. There is no censorship on the decentralised platform and once you publish a message to the blockchain, it cannot be erased. The main characteristics of dApps is they are open source, there is not central point of control, and validators are incentivised by cryptographic tokens that are valued through an algorithm.
The core source of code is available to everyone. There is vital autonomy and unanimous consensus in dApps and any change made, must be made along the entire length of the blockchain. Therefore, the code must be available (open) for everyone to check it.
dApps are stored on a decentralised blockchain which is advanced cryptographic technology that does away with centralised authority.
dApps run off a decentralised blockchain and the records are validated by the system network. The validators are incentivised with cryptographic tokens (Ether) to perform the task.
A consensus mechanism provides proof of value to the decentralised app. Users agree on a consensus protocol through an algorithm that generates valuable crypto tokens.
What is a smart contract?
📊 Smart contracts are legal contracts that harness blockchain technology to make them immutable. In other words, they cannot be changed or broken because the peer-to-peer Ethereum network makes it impossible to do so.
📊 Ethereum was developed with the capability to create complex contracts where the “code is law” and the contract is perfectly secure. In other words, a smart contract has the ultimate authority and no-one can overrule the contract, not even the person who wrote and deployed it.
📊 The limitation of smart contracts is there is no room for negotiation. For example, where there may be extenuating circumstances and some leeway is required. Ethereum is not intelligent in that way; it’s uncompromising and takes the legal contract strictly to the letter.
📊 As soon as a smart contract appears on the Ethereum network, it cannot be corrected, changed or deleted unless you can convince the entire Ethereum network to make that change and that involves hundreds of thousands of people participating around the globe.
What is Ether?
📊 Ethereum functions as a decentralised app store where the dApps are smart contracts. You need cryptocurrency to transact on Ethereum and so Ether was created. Ether is used primarily to incentivise people to run the Ethereum P2P protocol on their computers. It’s the same way Bitcoin miners are incentivised to mine Bitcoin.
📊 Ether is cash in cyberspace; but instead of being ‘paper and coins’ that you put in your leather wallet; it’s like a ‘promissory note’. It’s a unique type of code that has a cyber value.
📊 A simple way of looking at Ether is to think of it as the fuel that runs the Ethereum Virtual Machine (EVM). Transaction fees are calculated based on how much “petrol” is needed for an action; each action requires a degree of computer power. The cost of the action (petrol or gas) is paid in Ether.
📊 When people talk about the price of Ethereum, they are actually referring to Ether. When Ether was first introduced to the market, it cost about 40 cents to buy one Ether. Today, one Ether is valued in hundreds of dollars.
📊 Ether (ETH) is the second-most valuable blockchain currency after Bitcoin. In September 2019, Ether had a market capitalisation of about US$20 billion, compared to Bitcoin at approximately US$185 million of value.
📊 Calculate the price of Ethereum in your fiat currency using the Luno price calculator.
Ethereum (ETH) price index (at November 2019)
1 Ether = 0.021 Bitcoin
1 Ether = 0.66 Bitcoin Cash
1 Ether = 186.76 United States dollar
1 Ether = 169.49 Euro
1 Ether = 146,19 Pound sterling
1 Ether = 253.87 Singapore dollar
1 Ether = 272.30 Australian dollars
1 Ether = 2 772,68 South African Rands
Bitcoin price index (as November 2019)
1 Bitcoin = 47,24 Ether
1 Bitcoin = 30.95 Bitcoin Cash
1 Bitcoin = 8 838,54 United States Dollars
1 Bitcoin = 8 021,22 Euro
1 Bitcoin = 6 918.28 Pound Sterling
1 Bitcoin = 12 014,67 Singapore Dollars
1 Bitcoin = 12 886,99 Australian Dollars
1 Bitcoin = 131 366,78 South African Rands
The difference between Ethereum and Bitcoin?
📊 Ethereum is a technology platform and not a cryptocurrency. Therefore, you cannot directly compare Ethereum with Bitcoin. The only thing you can compare is Ethereum’s own cryptocurrency. The financial token that people trade with on Ethereum is Ether (ETH) and this cryptocurrency is traded on the global currency market in the same way as Bitcoin.
What is different?
📊 Bitcoin is a distributed peer-to-peer (P2P) digital currency that can be transferred instantaneously and securely between two parties, no matter where they are in the world. Bitcoin was created to replace fiat currencies, in other words global currencies that we trade with on a day-to-day basis. The 6 most popular fiat currencies are: US Dollar, Euro, Japanese Yen, (Great Britain) Pound Sterling, Canadian Dollar and Swiss Franc.
📊 Bitcoin is what they call a “permission-less” currency that isn’t regulated by central government or the central banks. It’s “digital money” that can be invested for the long term or used for regular transactions.
📊 Ethereum is a Super-computer that is used to create dApps that produce code known as smart contracts. To incentivise the people that keep the Ethereum super-computer running, a cryptocurrency called Ether was created.
What is the same?
📊 Ethereum is mined the same way as Bitcoin. Computers around the world compete to solve complex mathematical problems or puzzles. The first computer to solve the mathematical problem is allowed to mine the next block of Ethereum or Bitcoin transactions. The miners are rewarded for their efforts in Ether or Bitcoin, depending on whether they have mined Ethereum or Bitcoin.
How does Ethereum mining work?
💹 Cryptocurrency mining is intensive problem solving that requires a lot of processing power and time. Miners participate in a peer-to-peer (P2P) network and are rewarded in cryptocurrency for providing solutions to complex mathematical problems.
💹 All the information in an Ethereum transaction is embedded in a data block. Each block is linked to several other blocks which creates a blockchain. These blocks must be analysed as fast as possible to keep the Ethereum platform running smoothly and effectively.
💹 A miner devotes his or her time, computer processing space and energy to analysing, processing and verifying blocks within the peer-to-peer network. In return, the miner earns a “commission”, which is usually a portion of the transaction that he or she has verified. In the case of Ethereum, the miner is rewarded in Ether.
Can Ethereum make you rich?
💹 Ethereum is not a “get rich quick” scheme. Firstly, Ethereum is the technology platform; it is not a currency. The cryptocurrency of Ethereum is Ether, and the reason Ether exists is to incentivise and motivate nodes to develop and deploy highly secure smart contracts.
💹 A developer who wants to deploy a smart contract on the Ethereum platform (EVM) needs Ether to proceed. It’s like putting ink into your pen before you can write a contract, or powering your computer with electricity to write a contract online.
💹Miners who earn Ether for writing smart contracts can sell their Ether to other dApp developers who need it to participate in the P2P network. This is where miners can make a profit (or loss) on buying or selling Ether. It’s the same as fiat money where supply is capped. No more than 18 million Ether is issue every year which is designed to reduce Ether inflation.
Is Ethereum a good investment?
💹 Many people ask if Ethereum is a good investment or whether it’s too late to make money out of Ethereum. We saw Bitcoin reach a dramatic high at the end of 2017 and lose momentum over the next 18 months. This is good news for those that waited in the wings to buy Bitcoin but it also leaves skeptics wondering if there is too much risk associated with investing in cryptocurrency when you see how volatile Bitcoin can be.
💹 If Bitcoin is too expensive for your wallet, Ethereum offers a far more affordable option at the current unit price (Bitcoin to Ether: 6 000 : 300). Remember, the currency of Ethereum is Ether; Ethereum is the technology platform and Ether is the crypto token that fuels the peer-to-peer network.
💹 The corporate world has woken up to the benefits of Ethereum and this is where the investment opportunity lies. The driving force of Ethereum is to solve the Internet’s largest problem; the centralisation of data where it’s controlled by single entities. Centralised data is stored in a server or in cloud locations and this makes it vulnerable to attack by hackers.
💹 Ethereum’s goal is to put the control of data in the hands of the data owner and bitcoin technology is what enables this revolutionary feature. Many industries are looking to the Ethereum platform to relieve their data storage headaches, including financial institutions, insurance companies, software developers and even governments.
How do you buy Ethereum?
💹 Once again; you don’t buy Ethereum, you buy Ether. Ethereum is a blockchain platform used to develop, validate and deploy decentralised apps, including smart contracts. Ether is the currency that Ethereum created to incentivise and motivate people in the system to keep peer-to-peer network running.
The best way to by Ether
- Get an Ethereum wallet through an exchange (such as Luno)
- Obtain an Ethereum address
- Buy Ether through the exchange with a credit card or EFT
- Ether is sent to your wallet instantaneously
- Transfer your Ether out of the wallet held by the exchange and into your personal bank account (to safeguard yourself from loosing money if the exchange system is hacked)
- You’ll reverse the process to sell Ether through an exchange
You buy Ether in fiat currency (USD, EUR, GBP, RANDS) and the funds are either stored on an exchange or in your own secure wallet. The latter is recommended to avoid the risk of losing money if the exchange is hacked.
How much does it cost to buy Ether?
💹 Ether is the cryptocurrency of Ethereum and price prediction and calculations work in much the same way as traditional currency trading. The Ether price fluctuates based on how many people want to sell it and how many want to buy it. Basic supply and demand. You make money on the trade margin; the difference between what you buy and sell it at in a certain time period.
💹 Exchanges in South Africa such as Luno make it safe and easy to buy, store and sell Ether. Luno provides a tool that helps you calculate the price of Ether in your local currency. Dynamic calculations show the latest ETH rates on the Luno exchange.
💹 Bear in mind, the following costs will affect the final takeout value:
Banking fees depend on your country of origin and the relationship the banks have with your chosen exchange, for example Luno. The bank may charge a fee either when you deposit or withdraw (or both) fiat currency to pay for the Ether transaction. Electronic funds transfers (EFT) typically cost less; credit card purchases incur a higher banking fee.
A trading fee may be charged over an above the banking fee. Ethereum exchanges often charge a diminishing fee based on the volume traded which ranges between 0.05% and 0.25% of the total Ether purchase.
Exchange rate fees
If Ether is bought using US dollars, Euros or Pound Sterling; the transaction will be subject to exchange rate fees. The exchange rate fee increases if you have to convert your local currency (Rand) into US dollars before you can buy Ether through an exchange.
When buying and selling Ether, it’s important that you look at the size of the market spread. This is the margin between the current ‘buy’ price and ‘sell’ price of the Ether investment. The larger the spread, the longer it takes to get a return on your investment and the greater the risk.
What type of Ethereum wallet do you need?
There are two types of Ethereum wallets: a hardware wallet and a software wallet.
📈 Hardware wallet
A hardware wallet is the most secure means of storing Ether. The hardware wallet is connected to your PC like a USB stick and you store your private Ethereum keys offline. It’s also the most convenient way to store your Ethereum data.
📈 Software wallet
Software wallets can be downloaded for free and are more suitable for start-up Ether investors who don’t have a lot of Ether to store. They are less secure than hardware wallets because they are constantly connected to the Internet and risk being hacked.
How do you make money from Ethereum?
There are many ways to get involved in Ethereum and make money. You can buy and sell Ether, mine Ethereum, promote Ethereum and develop dApps and deploy smart contracts.
📈 Develop Ethereum dApps
Currently, Ethereum hosts more than 90% of the world’s dApps and smart contracts. dApps offer an world of opportunity and your task is to find an incredible idea that you can make money from. dApps need little maintenance or supervision and make money while you sleep.
If you are tech-savvy; you should consider developing the skills to programme dApps using the Ethereum blockchain technology. Currently, there is a scarcity of qualified Ethereum programmers. Skilled blockchain developers market their services and availability on apps such as Fiverr and Upwork.
📈 Mining Ether
Ethereum’s tokens are created through the process of mining at a rate calculated per mined block. If you invest in the right mining hardware equipment and live in a region where electricity costs are reasonable, you can start mining Ether and get a return on your investment within a few months. If the price of Ether increases, than the time it takes to cover the costs of your mining investment will be even shorter.
Check 99bitcoins Ether mining profitability calculator
Do your research before buying the mining hardware equipment you need to mine Ether. An Ether mining profitability calculator calculates profitability taking into account all relevant costs including hardware, electricity and fees.
📈 Ether lending
A popular trend is to lend your Ether in the form of a secure loan. There are platforms you can register with that takes the hassle out of finding users asking for a loan. If you are lending Ether, you transfer an amount you are happy to lend and the lending platform manages the process on your behalf.
📈 Invest in Ether
Investing in Ether is typically a long-term investment. It’s similar to gold; hang onto Ether for a longer period of time to see highs and lows balanced out and a profitable return on your investment.
📈 Content marketing
If you are a skilled writer, you can make money as an affiliate marketer for Ethereum. Newcomers to the cryptocurrency space need information on Ethereum so they can understand it better and decide whether or not to invest in it. As an affiliate marketer, you can earn a decent living by writing blogs, displaying adverts, selling your own Ethereum e-book and even providing an online consulting service. This all relies on how much traffic you drive to your site.
📈 Earn from Ethereum bounties and airdrops
Ethereum bounties and airdrops are a fairly simple way for someone who is new to the cryptocurrency market to earn Ether. Bounties are online microtasks that must be completed in return for a small amount of ETH. Such microtasks include writing articles, Tweeting information or creating interactive YouTube videos.
Airdrops are Ether coins that are sent to your wallet for projects that build the Ethereum community. You sometimes get them for doing nothing but they’re usually earned doing research and participating in community-building projects.
Final word on Ethereum
📈 Ethereum was the first-to-market general-purpose blockchain and that continues to be its strength and purpose. It has experienced some development issues and the world is waiting for its own currency to catch up to Bitcoin.
📈 Ethereum faces stiff competition from new entrants in the general-purpose blockchain market but if the last four years are anything to go by, Ethereum – under the leadership of the brilliant and eccentric Vitalik Buterin – is not likely to lose it’s leading place in the crypto race without a fight.
📈 Experts anticipate that the greatest progress will be made in its positioning as a cryptocurrency with Ether likely to reach the USD 30 000 market over the long term. The demand for Ether is increasing and all indications are it will compete head-to-head with Bitcoin at some point in the future.
📈 Over and above that, Ethereum continues to drive new ways to harness the blockchain technology to meet its goal of decentralising worldwide data storage. Sceptics who were standing on the sideline are showing a solid interest in harnessing this technology to improve the security of their data sources. Ethereum to rand explained.
ETHEREUM TO RAND