Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Topic started by: Goldlife on March 30, 2021, 12:56:43 PM
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Ethereum’s technology is creating exceptionally exciting new developments in the practical uses of cryptocurrency in everyday life. The primary value provided by Ethereum is the ability to create decentralized applications, which allows users to connect with 1 another without relying on a middleman to facilitate the transaction.
If you own a smartphone, you’re probably familiar with the concept of applications or apps. Applications are programs that serve a singular purpose — from banking to sending messages, there are thousands of uses for applications.
The vast majority of applications on the internet right now are “centralized” applications. Centralized applications are controlled by a singular party, which means that they provide a single point of failure. This makes centralized applications very susceptible to hacks, data leaks and misuses of customer and user data.
The Ethereum network enables decentralized applications. Instead of a single authority responsible for maintaining all client data and funneling transactions and connections through itself, the Ethereum network is made up of thousands of volunteers’ computers all around the world. With no singular point of entry, decentralized applications are significantly more difficult to hack or abuse. Users’ personal information also stays directly on their computers, which makes transactions performed through a decentralized application more secure.
Like Bitcoin, Ethereum verifies transactions on its network using blockchain technology. The blockchain is a public ledger that is impossible to edit, which prevents users from “double spending” on the Ethereum network. To reward operators who facilitate transactions on the Ethereum network, node operators and miners can earn Ethereum’s token, Ether.
Ether acts as “fuel” for applications on the decentralized network. If a user on the Ethereum network wants to change a decentralized application or initiate an action, they must pay a small amount of Ether to “gas” the transaction. This gives Ether an inherent value to everyone using decentralized applications on the Ethereum network.
More info: https://www.benzinga.com/money/how-to-make-money-with-ethereum/
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in my opinion, Ethereum is the leader of the entire cryptocurrency market, even if its capitalization and price is much lower than that of Bitcoin. Ethereum is a full-fledged ecosystem, and indeed coins are used not only as fuel, but also as a rather profitable and valuable asset for investment, as well as a means of payment. In addition, a decentralized platform makes any company independent from external factors, as well as safe assets of each cryptocurrency owner.