$ETH @Ethereum #DApp Ethereum is an open-source blockchain platform that was launched by Vitalik Buterin in 2015 (according to Google information). Its aim was not limited to digital payments (like paying for something to buy another thing), but to create a virtual world where everyone can use it to create "Smart Contracts" and run their application on the blockchain. Ethereum's currency is called ETH, which is used to run transactions and smart contracts on the network. Now it is important for us to know that Ethereum was founded about six to seven years after Bitcoin, but at that time, it was a coin that existed in comparison to Bitcoin. It is a stable currency and anyone can trade on it. Now we know about smart contracts.
Smart Contract
Ethereum works on the principle of smart contracts, and smart contracts are such automatic contracts that a computer makes with you. If you and I do a business deal and write it on a smart contract, then as soon as our conditions are met, the payment will be automatically transferred to us. For this, we do not need any third-party lawyer, court, or any other party. Ethereum introduced this system in the market, and because of this one system, Ethereum became so popular that today it is the second largest cryptocurrency in the world after Bitcoin. Known as Ethereum.
Ethereum and Blockchain
Another thing that Ethereum introduced was the concept of blockchain. Bitcoin was used as a digital currency that allowed people to transfer money from one account to another without the involvement of a court, lawyer, or their country's law. But there was no platform where anyone could create their own cryptocurrency and present the concept of a blockchain. Ethereum introduced the same thing in digital currencies and thousands of DeFi projects, NFTs, and games have been launched on it so far.
Some advanced features of Ethereum
Ethereum has made progress in the world of smart contracts, and as I have told you before, a smart contract is something in which money is automatically transferred after the terms of your contract. It has strengthened the agreements between people by building trust in the market, which has increased.
NFTs and Web 3
We all know about NFTs, but you know that the world of NFTs is mostly built on Ethereum. We use it to buy and sell digital assets, be it music, games, or any kind of digital currency.
What can we imagine the future of Ethereum?
Yes, as mentioned earlier, the Ethereum market is second only to Bitcoin, and according to experts, the future of Ethereum looks bright. This is because most of the blockchain projects are being launched on, and the main pillar of Web 3 and the metaverse is also this currency. Along with this, if you do market analysis, big investors and corporations are also interested in it, but here are some of its advantages and disadvantages, which are listed below.
Advantages of Ethereum
The world's largest smart contract platformThe basis of DeFi and NFTsA large community and the focus of developersFaster and cheaper network in the future, where investors can get more benefits
Some disadvantages of Ethereum
Transaction fees are often highOther blockchains, such as Binance Smart Chain and Solana, are competing with itIt is more complex than Bitcoin for any ordinary user
Conclusion
Ethereum is not just a cryptocurrency, like many others, but an entire digital economy. If you want to invest in crypto for the long term, then, in my opinion, Ethereum is a good choice. However, if you plan to place some trades on it for a short time, then many issues with its stability still arise. As I have explained to you some of its advantages, according to them, in the future, this currency may even become equal to Bitcoin or maybe even surpass Bitcoin. We can say that Bitcoin is a cryptocurrency. Ethereum is the basis of and the future of cryptocurrency, and that is why many traders should choose Ethereum, but this choice should be made with great thought and according to their plans.