When examining or analyzing a newly developed blockchain technology
, it is crucial for experts, investors, and users to first understand the problems that necessitated its development. In today’s world of blockchains, there is one question many so-called investors often fail to ask before the investment proper. Why develop more blockchains when there are several others existing?”
Blockchain technology develops information networks. This is how it works. The more people join a network, it exponentially grows to become more valuable. This is fundamentally the main role of networks. To this effect, it becomes exponentially difficult for competing networks to offer the same value to people each time an individual gets involved in a widely-used network.
Now let’s deviate a little to consider the social media network, people hardly want to join a new social network that’s got few of their friends on it. Obviously, they just want to be on the platform that’s got all their friends on it. No wonder, WeChat
, and few other popular networks are dominating the social media space.
Now let’s return home. It is interesting to know that a similar winner-take-all outcome is already being speculated for blockchain technology. Currently, there are several hundreds of digital coins that have already been created by several founders. It is expected that over the next few years, they will be existing in their thousands. Unfortunately, not all of these digital coins will turn out to be successful. In fact, a good number of these coins will have no value with only a handful walking out successful onto the global stage.
There are several reasons behind blockchain development
and understanding them before getting started can go a long way in saving you from lots of issues in the future. In this post, Ethereum is the main blockchain under consideration.
What is Ethereum?
Unlike most cryptocurrencies, Ethereum
functions in a uniquely different way that makes it an interesting crypto to associate with. Ultimately, it is designed as a platform with a supporting blockchain that is custom-developed to enable the creation and smooth operation of new applications. As part of its blockchain solutions, these applications are designed to function securely without experiencing any downtime or censorship.
Consider the Ethereum platform more like a highway network that enables the transaction and transportation of goods and services while connecting towns and cities with people living in them. This blockchain technology is governed by a set of defined rules which every investor or user is required to adhere to while making use of the platform. With these set rules, anyone can achieve their aims and objectives on the network.
As part of the blockchain, it requires a network of nodes (computers) that are securely connected via the internet to enhance transaction movements on the platform. When it comes to building and powering new exchanges, applications, and businesses on the network, users are recommended to adhere to and abide by the set of rules on the platform.
What makes Ethereum really valuable?
, no one controls Ethereum. The platform is ultimately powered by a network of distributed computers that requires no entity control. With this blockchain technology, no person (be it an individual, organization or government itself) can restrict anyone from accessing their own assets. Basically, investors don’t need to trust or obtain permission from any authority to perform a given function. They only need to trust in themselves.
Investors can rest assured that they will have secure access to their assets when they create such on Ethereum. Interestingly, these solutions are offered with no any downtime or censorship. The Ethereum platform has risen to become so valuable in its short years of existence, thanks to this uncommon promise of real-world trustless apps. In a completely trustless manner, users can use these blockchain solutions to develop contracts, online businesses, applications, etc.
Ethereum is here to stay
Ethereum, Bitcoin’s newer rival, is widely believed amongst those who are enthusiastic about cryptocurrency to have a stronger staying power. But as you already know, the blockchain development is yet to reach its potential. For this to happen, there are several factors that need to be put into consideration. These include:
- The ability for regular developers with innovative ideas to build new features (apps) on the blockchain
- The ability to leverage the power of the blockchain.
Without achieving these above-mentioned factors, the blockchain development will still remain at an infant stage. Today, most developers find it difficult to efficiently develop blockchain apps because there are no easy platforms that enable them to do so.
This is what Ethereum seeks to resolve. Basically, it offers credible blockchain solutions that anyone – including novice and expert blockchain developers
– can employ to create applications that are fully supported by the blockchain.
Building the future
As long as the digital world is concerned, there is no better way to build the future than developing meaningful blockchain solutions, enhance them, and distribute them evenly. This is just what Ethereum aims to solve and it is doing that just well. The Ethereum platform is already showing itself as that tectonic shift that is required to effectively tame (regulate) blockchains.
Many development groups are already working on creating decentralized apps. Ranging from unfathomable things to device discovery, asset registry, and value exchange, these people are bent on ensuring that the blockchain becomes a success.
The age of the blockchain platform is just getting started and despite the falling marketing issues, there is every possibility for a stronger rebound in the near future. 2018 is believed to be the “year of Ethereum” – the year
when the cryptocurrency will surpass Bitcoin and dominate the crypto landscape.
No doubt the tech world is experiencing a unique kind of revolutionary shift that will generally change the way people do business and even affect communications. This is a rare opportunity that shouldn’t be missed by anyone. Whether you are in the business of developing products or not, it is important that you flow with the trend as it will not only affect application development but also transform the way transactions are done in the future.