An Ethereum Cryptocurrency Review


  • administrators

    Ethereum is an upgrade on bitcoin's original blockchain technology which adds a few new features such as smart contract functionality which is technology that turns blockchains into automated hive minds.

    Ethereum's Tech

    The important thing to note about Ethereum is that it is still a blockchain i.e it still needs nodes and mining just like Bitcoin does. The key difference is that that those blocks include added information about future transactions and special instructions on how to execute them. A good example of a smart contract is a hodl contract where the sender pledges funds to a smart contract with a release date some time in the future. Once the funds are pledged, the only way that they will ever be released is when the smart contract executes.

    Ethereum is able to do this because the Ethereum Virtual Machine is designed to be a platform that other applications can be built on top of. Applications built on the Ethereum Virtual Machine will benefit from the decentralized nature of the Ethereum network and be able to use its nomadic currency, Ether. Ethereum blocks now generate every 20 seconds which is a lot more than Bitcoin's ten minute blocks. The developers' solution to the emergence of ASIC miners was to set the hashing algorithm on what they call Ethash, which is best mined on GPUs. The ASIC plague seems to have caught up anyway because a GPU mining rig is basically just application-specific integrated circuitry for Ethash.

    The developers saw this coming as well and decided that Ethereum is moving to a Proof-of-Stake model over the next couple of years.

    Public Reception

    People generally seem to enjoy using Ethereum. The functionality and freedom that it offers are nothing close to what most people are used to experiencing when they move money around. Making monetary transactions with someone in Moscow, while you're in Mombasa, used to involve working days and enormous transaction fees. The transaction fees are tiny and the transaction confirmation time can be seconds.

    In terms of market cap, Ethereum has come the closest to taking Bitcoin's crown at the top. Bitcoin is winning on total value however new developments made on the Ethereum network means that the Ethereum Virtual Machine now handles over 1 million transactions per second while the BTC network still hasn't implemented a functional scaling solution. Bitcoin can't hold the top forever and Ethereum is looking like the coin most likely to take over.

    The Future With Ethereum

    Ethereum's major boost will come from users who choose to move their financial dealings onto blockchain technology. The immutability, security and worldwide availability of such networks opens up a world of new business opportunities to people who need to handle big data quickly. The digitization of many of the world's physical assets is likely to be stored on the Ethereum blockchain in order to prove ownership and make them easy to transfer. Recorded ownership of paintings or pieces of land will greatly reduce the number of property squabbles. If the internet had an accounting book, it would look a lot like Ethereum.

    Are you an Etheria? Comment below.


  • Supremo

    After a bit of research I really think with all these different technologies and tokens popping up with the Ethereum blockchain I think Ethereum is going to shoot up more than I thought. I will definitely be investing in some once I get bit of extra cash.



  • Personally? I speculate that Bitcoin as a coin will come crashing down. I hate to say it, but it's far, far too volatile and it's bubbling up to the top.

    But, I have a feeling that Ethereum will be the future that stabilizes the market as right now its overall a smarter coin over all with more functionality. And more, newer coins are starting to use i over all the others.

    Mark my words. Ethereum will be the next coin that tops bitcoin.


  • administrators

    @lucky777 said in Hello, Meet Ethereum:

    After a bit of research I really think with all these different technologies and tokens popping up with the Ethereum blockchain I think Ethereum is going to shoot up more than I thought. I will definitely be investing in some once I get bit of extra cash.

    Totally agree - it has become the platform for ICO's and has smart contracts and Dapps capabilities. It's already way more advanced than Bitcoin.


  • Supremo

    @joes Yeah. Like all technology, there is always that new and improved version that takes the initial 'principle' and makes it better. Think the Microsoft PC which took the IBM PC idea and ran with it.


  • administrators

    Just moved some of my Bitcoin into Ethereum. I have high hopes for ETH.


  • Supremo

    @joes Same. Once I get my next paycheck I might put a little $$$ into ETH. Why not?


  • administrators

    @lucky777 Seeing as it was £620 only a few weeks ago the current price of £375 seems v. cheap...


  • Supremo

    @joes
    Yes! there is always bound to see some fluctuations in the market not a bad signal or something, it will bounce back but may not meet bitcoin growth. Thank you


  • administrators

    @citycrypto You are an eternal optimist, sir. I like it!


  • Supremo

    @joes Yep looks like it's a good time to buy. It's down to around $512 right now I think I'll get some.


  • Supremo

    @lucky777 said in An Ethereum Cryptocurrency Review:

    @joes Same. Once I get my next paycheck I might put a little $$$ into ETH. Why not?

    Yeah it's a good idea to invest in ETH. The future is bright.


  • Commando

    Soon ~ with PoS ethereum will surely favor to those who hold on it , personally I been holding a minimum amount of Ethereum since its bit quite cheap rather than Bitcoin.


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