After the initial years of popularity enjoyed by Bitcoin started to die down, 2014 saw the introduction of another blockchain based project called Ethereum. What started out as just another blockchain based project by Developer Vitalik Buterin, it quickly turned into one of the most sought after project in the crypto space, with Ethereum rapidly reaching the top alongside Bitcoin, Dash, Litecoin and the loT.
Ethereum provides its users with unparalleled transparency and immutability, making it an ideal platform for any product or applications running on an open network. In other words, it is a development platform for Decentralised Apps. Although often criticized when it comes to its scalability, Ethereum still is by far the developer’s first choice when building any Dapp. With the presence of other scalable protocols such as EOS or TRON, it can be quite surprising that Ethereum still holds a significant portion of its market. A lot of this can be attributed to the multitude of use-cases which Ethereum offers.
Usecases Of Ethereum:
- Digital Identity: Digital identity has become more important than ever in these last few years for several reasons. Ethereum enables the easy verification of any such document in a transparent manner, which makes it possible to work towards the creation of a Digital Identification System.
- Decentralised Finance: Decentralised Finance, or DeFi is considered one of the most important use cases of Ethereum. These applications include anything from offering loans, minting stable coins or decentralised exchanges, harnessing the power of the smart contract.
- Tokenizing Real-World Assets: The Security token market has started to become a multibillion dollar investment opportunity for investors around the world. Security tokens, which are blockchain based representations of real-world assets such as stocks, precious metals, real estate can thus be tokenized on the blockchain. This will allow the issuer to transfer and transact the tokens in a much easier way.
- Health Applications: Ethereum is expected to revolutionise the Healthcare industry by leaps and bounds. Hospitals around the world are required to store, access and share the records of their patients for numerous reasons. These can include developing new vaccines for viral outbreaks, and in some cases even preventing them. By using Ethereum, such records can be easily and securely stored on the blockchain for easy retrieval.
- Eliminating Third Parties: Probably the most important use case for Ethereum is eliminating the role of a third party or middleman during data transfer. With the increased implementation of Ethereum, data can be secured in a transparent way, where every involved entity will have access to full transparency.
Why Ethereum Is So Revolutionary?
Since 2017, the popularity of blockchain technology has been on the rise, with Ethereum being a shining example of a successful crypto project. The Ethereum Foundation is widely considered to be a major driver behind the decentralisation movement experienced around the world. It has created a shared global infrastructure for app development.
Thus, it is widely considered as one of the most important and exciting development which has propelled blockchain technology into the mainstream. Built around the tenets of secure, anonymous, tamper proof data, it has already attracted a vast number of start-ups and businesses to use its platform.
Companies Built on the Ethereum Blockchain:
There are a variety of different companies that have got onboard with Ethereum’s vision, working with them for several different usecases. Some of them are mentioned below.
- PolyMath is a blockchain start-up company that is working towards tokenizing real world assets. By utilising the Ethereum blockchain, the company raised $59 million through their initial coin offering and have since launched a fully compliant platform to help tokenise real world assets.
- Arcady City, which is an innovative, “gamified”, ride sharing company uses the Ethereum blockchain to decentralise decisions about pricing and other services.
- German power based Company RWE has already completed a partnership With Ethereum to establish a seamless and affordable electrical charging infrastructure
- Uport is another blockchain based startup using Ethereum to provide users with complete control over their identity and personal information. They allow users to access their data and personal information in a secure way, bypassing banks, government institutions and other third parties in the process.
- Povenance harnesses the power of Ethereum to make opaque supply chains more transparent. This allows them to trace the origins and histories of products for customers to make better informed purchase decisions.
A Brief Description of Three Different Crypto Projects on Ethereum:
- ChainLink: ChainLink is a blockchain based oracle platform that aims to build bridges between different payment services such as PayPal or Visa, Banks like WellsFargo and HSBC with blockchain such as Ethereum. Introduced first in 2015, Chain Link Tokens were offered to the public during their ICO in 2017
At the time of writing, ChainLink is ranked 25th by Coinmarketcap, with a value of $1.83 USD
- Enjin: Enjin is a unique Ethereum blockchain based project which is aimed at empowering the development of websites, guilds, fan communities etc for the gaming industry. Targeted towards gaming enthusiasts, it has already featured a number of high quality projects.
At the time of writing, Enjin is ranked 77th according to Coinmarketcap, with its value being $0.136688 USD.
- Theta: Theta is focused on merging live video streaming platforms with blockchain technology, revolutionising the way video content is distributed across the internet. At the time of writing, Theta is ranked 72nd on Coinmarketcap with a value if $0.134070 USD.
A little About Ethereum 2.0:
Ethereum 2.0 refers to a collection of potential updates for Ethereum which are scheduled to take place in January 2020. It is aimed at solving the numerous plaguing problems of the Ethereum Ecosystem, including problems with scaling, mining and security. It includes proof of stake (PoS) solutions such as Beacon Chain, Casper FFG, Sharding, eWASM, Plasma, Raiden and a host of other solutions.
Ethereum, which has undoubtedly become one of the major cryptocurrencies in the past few years, has certainly proved why it belongs to the top 3. With its Ethereum Virtual Machine feature, smart contracts, token standards and a strong technical team headed by Vitalik, is well on its way in attaining consistent success for the coming years. With a large developer community behind it and the formation of the Enterprise Ethereum Alliance, Ethereum is showing no signs of slowing down at the moment.
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