Ethereum Review
What is Ethereum?
Ethereum is an open source crypto platfrom that allows independent programmers to create their own applications, using them on an entirely decentralized and public blockchain network. Like all blockchain applications, its main benefits include the increased privacy and individual power which can only really be achieved in a decentralized system of currency. Ethereum was created as a peer to peer system used to keep track of state changes to a decentralized database.
Ethereum currently trades at $1116 with a market cap of $108 Billion which makes it the number two crypto on Coin Market Cap.
What are Smart Contracts?
A smart contract is a “computerized transaction protocol that executes the terms of a contract.” Their purpose is to offer more security by removing the middlemen that we would otherwise have to use. These are not unique to Ethereum, because Bitcoin allows using smart contracts to build services to add functionality on top of bitcoin transactions.
Why are Smart Contracts important to other Crypto companies?
Smart Contracts on the Ethereum network are also used to make ICO’s or Inital Coin Offering. If you’ve been around the crypto world you’ve heard of ICO’s. ICO’s are similar to crowdfunding and a majority of the crypto’s avalible today were started as one.
Can Ethereum be Mined?
Like Bitcoins, Ether can be mined using specialized computers that are designed just for mining cryptocurrencies. Also a majority of the coins in my portfolio I bought when they were ERC20 tokens which are Smart Contracts on the Ethereum network.
Final Thoughs
Ethereum will always have a place in my portfolio because its the coin that got me started with cryptocurrencies.