Contest: Find the Best Bull run Coin - Ethereum [ETH]
What is Ethereum?
Ethereum is a nationally Defi, open, and distributed computer platform that allows for the creation of smart contracts and new decentralized applications, also known as dapps.
Smart contracts are computer agreements that simplify, validate, or enforce negotiation and the operation of a particular type of agreement. For example, a smart contract can be used to represent a legal contract that parallels the concept of contract clauses or a financial contract that specifies its responsibilities of the counterparts and automatic flows of value.
The smart contract is almost exactly what you think: it is an automated, scheduled agreement recorded on the Ethereum blockchain. It works on the basis that if, then it makes sense, that when the action of x occurs, then the action y happens. Here is a helpful explanation from the Ethereum Foundation,
Ethereum is open access to digital currency and a data-friendly access service for everyone - regardless of your domain or location. It is a technology built for the public behind cryptocurrency ether (ETH) and thousands of different applications that you can use today.
ETH is a digital and global currency. It's the currency for Ethereum apps.
ETH is a cryptocurrency. There is very little digital money you can spend online - like Bitcoin. If you are new to crypto, here is how ETH differs from regular currency.
“Wise contracts are applications that work systematically without any downtime, research, fraud, or third-party interference. ”
Let's figure out what all of this means:
Downtime: applications never close [Shutting down] unexpectedly and cannot be turned off.
Research: Ethereum nodes (computers complying with the applied protocols) are being distributed worldwide to eliminate surveys [censorship] from the central authority.
Fraud: The contract cannot be altered, broken, or used [Manipulated].
Third-party: the contract is self-sufficient and therefore does not require an intermediary.
Why Ethereum and not any other cryptocurrency
The Ethereum network supports the development and allows for the creation of new applications in its infrastructure, which may be the most important resource in the long run. Ether (ETH) is used to pay for that transaction, as seen recently with the growing thunder of NFTs this spring.
The result is a very high ether consumption rate, with much more transactions than Bitcoin in the last 12 months.
Despite the recent decline in cryptocurrensets, ether has increased by almost 1,000 percent in the last 12 months compared to the 300 percent increase in Bitcoin. Where bitcoin is just a symbol of value - a currency backed by a significant number of holders - Ethereum and ETH blockchain fuel.
Recent updates to the Ethereum network help it scale faster and reduce network transaction costs, furthering token prices higher. Instead of having a central authority that directs how applications in the Ethereum network work and what payments are being processed, Ethereum-based applications are growing.
The most common types of these apps are Defi. These applications have grown by 2,000 percent by 2020, with more than 16 billion crypto assets stored in their protocols until the end of the year.
Many financial experts predict that ETH could cost up to 100,000 dollars by 2030, Keeping that in mind, it is worth considering before buying ETH. It has been remained very popular and growing value in these years and maybe will remain in the next years to come.
CC: @tarpan @sandysparkle @boss75 @zero-to-infinity @jimah1k
Thank you for reading ...
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@Winy
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With the ways things are going am sure it will get there sooner than later. Try to source all your images next time. Great write up