Reading a post around blockchain is nothing new. The decentralized ledger has already made a buzz worth considering even by developers. Blockchain’s advantage of keeping the ledger open to everyone makes the participants remain informed about every new transaction happening within the chain. Sure, it requires some supercomputers to mine the coins but brilliant minds are already getting the fair share of benefit by using device power source for mining these currencies. I am not getting into the technicalities today. Let it be the topic for some other day and today let’s focus on Ethereum and the potential it holds for becoming the future of blockchain.
“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.” the quote is from Satoshi Nakamoto, the founder of bitcoin, which holds prominence for what it delivers.
Talking about the effectivity of blockchain with the nerds developing and managing the innovative concept of virtual currencies, you will garner the impression that the system is too innovative to be only applied for payments. Yes, the virtual concept of bitcoin is great to embrace but what about the future? Blockchain has already started giving pieces of evidence of its effectiveness and as the technology will grow, we will have some most innovative options to trade in the same. Let’s dig out the benefits of Ethereum in this virtual space.
Worth Considering: The initials of bitcoin
The cryptocurrency adoption rate is currently accelerating among the investors. Be it any virtual currency, the investors are taking more and more interest in the trading. You will be surprised to know that the total number of active Bitcoin wallets is increasing rapidly at over $24 million. Similarly, the number of Ethereum is equally increasing only to make the business more favorable for the users. Research across the globe has suggested that major population across America is investing in some kind of blockchain technology owing to the fact that Ethereum can be the future of blockchain.
Scalability remains one of the most important concerns surrounding the development of cryptocurrencies. A practical approach into both of these technologies would let you realize that the current transaction capacity of cryptocurrencies including Ethereum and Bitcoin still needs some time to be accepted on the payment platforms such as Visa or PayPal. However, the scalability solutions are making the rounds and will be close to implementation very soon. There could be large-scale distributed apps that could help users get easily into the bitcoin and Ethereum environment. The Lightning Network solution i.e. the blockchain stability network is improving voraciously to enrich Bitcoin network transaction capacity.
Lightning Network node count has exceeded Bcash node count. In addition 70%+ of the BCash nodes are hosted on a "Hangzhou Alibaba" servers which you can check here: https://t.co/g8HC8bAkIX https://t.co/iIUyGaftvQ pic.twitter.com/g1tmAMkXPz— WhalePanda (@WhalePanda) March 27, 2018
Developers are creating Ethereum scalability solution that is beginning to yield the results. Ethereum’s founder has recently shared a minimal scalability solution in order to help developers to test infrastructure using the compounds of the scalability solution. The solutions are quite handy for developers as it was reported. However, we will get to know more about the same when things will actually reach to the developers.
Worth Considering: All about bitcoin payment system
It is all because of the latest blockchain technology that cryptocurrencies are beginning to capture the attention of enterprise organizations. Major enterprises including 500 fortune companies are investing in this latest technology to gain the fair share of benefits. For example, Outlier Ventures, the UK-based venture firm has invested in a software that lists over 280 companies in order to keep the tabs on their conducting intensive research initiative into distributed ledger technology. The company includes Boeing, IBM, Amazon, and Western Union.
It is a debate that has always surrounded the architect of cryptocurrencies. Having a regulatory framework makes the things much more organized for the developers, the benefits of which can easily be passed ultimately to the users. The matter is getting so intensive that G20 summits are including the topic in their intellectual discussion. Global countries are taking a keen interest in the bitcoin and cryptocurrency offerings. Countries like South Korea is moving to regulate initial coin offering. Even the NASDAQ CEO Adena Friedman stated that exchange may consider adding Ethereum or other cryptocurrencies into the dealing.
Worth Considering: Malta recently become the Blockchain island
The ICO is becoming a double-edged sword for the cryptocurrency ecosystem. It is surely increasing the awareness about the cryptocurrency in addition to providing a platform simultaneously for fraudsters to trade into an environment that is getting mature day-by-day. Such a trading has a consequence of its own. Studies have already stated that 20% of all ICOs are the scam. And there is an urgent need to reform the ICO Market and the trading practices that are going into the same.
With Ethereum, litecoin, and certain other cryptocurrencies becoming popular, the ecosystem of this virtual currency is evolving. At one hand where, the ecosystem is enriching but on the other hand, concerns like ICO scams are making the things fishy. While the concept has its own upsides along with a few downsides but we can’t resist the advantages that cryptocurrencies bring along.
Worth Considering: How Does Blockchain Works?
The concept of cryptocurrencies will have to wait for more to let the users accept the Ethereum and bitcoin concept. The technology is growing and we are sure to see more of this concept in the times to come. The cryptocurrency concept may be the infrastructure for a new digital world that focuses more on the effectivity of virtual currency. Although it needs some time to flourish and thus we will have to wait until we see more of it.
Being a Senior Technical Writer at MobileAppDaily, Neha Baluni loves jotting down her piece of opinion for the advancing technology in mobile app world. Having a journalism background, she is a writer by day and a reader by night. Her passion for writing covers different categories of technical and non-technical genre. In addition to writing, Neha loves traveling a lot.Follow