Ethereum is a very popular cryptocurrency created by Vitalik Buterin. It is a public, open-source, blockchain-based computing system that is distributed all over the network and provides a decentralized virtual machine called Ethereum Virtual Machine. The cryptocurrency generated with the help of the Ethereum Virtual Machine is Ether. The Ethereum whitepaper was introduced in the year 2015. It also featured a smart contract, which is a protocol allowing you to verify and complete the transaction without any third party digitally. In this guide, we will be talking about why the future of ethereum may be bright.
Why Future Of Ethereum Seems To Be Bright
Ethereum Has Got Matured
Although the Ethereum was considered a bubble in the year of 2017, its’ ecosystem and market have gone through lots of corrections now. Currently, there are more than 5000 initial coin offerings listed and are in operation, and most of them are accepting their investment through Ethereum. These ICOs focused on being a legally-compliant, transparent, and verifiable companies rather than just raising the money. This lead to the market maturity resulted in the Ethereum price go higher.
Ethereum 2.0 Will Save The Mining Energy
People all around the world secure the Ethereum blockchain network using their Ethereum Virtual Mining powered with GPU(Graphics Processing Unit) to process the transactions, and the first person who mined the Ether will be rewarded which can be compared as “winner takes all” contest. The miner’s success is dependant on the computational power you have to mine the Ether, and this makes the Ethereum blockchain consumes more electricity.
With the introduction of Ethereum 2.0, more than 90% of this computational power can be saved. This revolutionary plan was adopted in 2018 when Vitalik Buterin decided to upgrade the Ethereum blockchain that operates entirely via the proof-of-stake system. In this new system, people will stake their coins, and the minimum staking amount would be 32 Ethers. Ethereum 2.0 will not require any capital for GPU and electricity.
Ethereum Has Got More Security Features
In the year 2016, Ethereum was hacked by an attack named as DAO(Decentralized Autonomous Organization) in which people put their money on the DAO network and got returns that were calculated by DAO. After this, Ethereum’s team decided to make some changes in the software to make it incompatible with the earlier version. In this update, they introduced a new smart contract in which the investors will make refund requests in the DAO for lost Ether. Finally, the Ethereum recovered from DAO attack.
Ethereum Can Get Ahead In The Future
Ethereum has got some of the competitors like Cardano (ADA), COSMOS, and EOS that are offering more transaction speed, scalability, and compatibility features. The newly launched Ethereum 2.0 will combine all these features to get ahead in the game. Plasma is one such feature in which people will be able to do transactions without actually going through the main blockchain. Ethereum 2.0 will also open secure and private channels where people can easily use smart contracts, exchange cryptocurrencies, and play games.
Finally, by considering the points given above, we can say that the future of Ethereum is bright. Today it is the next popular cryptocurrency just after Bitcoin. According to Ethereum news, it has a lot of competitors like Cardano (ADA), COSMOS, and EOS, but with its upgraded version, it has a better chance to get ahead in the game. Ethereum also recovered itself from the famous DAO attack with the help of this upgraded version. Every technology is dynamic, and it also faces lots of ups and downs. Still, Ethereum has got a lot of improvements, and it is ready to compete with other cryptocurrencies in the future.
The future of ethereum is still bright as it has got a lot of improvements with the introduction of Ethereum 2.0, which recovered it from the famous DAO attack.
Hi, this is Sujit. I am a blogger and crypto enthusiast. I work for Cryptoknowmics, which is known for the best upcoming security token coin offering listing. I like to find and share new information across the web. You can follow me on Twitter and Linkedin too.