The rising trend in finance is emphasizing blockchain technology to improve the efficiency of global flows. You should know the Ethereum crypto network if you are wondering about Ethereum market. With that said, why do we have to choose Ethereum as opposed to its contemporaries? Here are a few reasons. Ethereum Has More Developers
The blockchain ecosystem is all about communities. Additionally, there is a much larger number of developers building on the technologies that originate from Ethereum’s community.
Ethereum Is Flexible and Modular
Ethereum has been architected from the ground up not to be just a cryptocurrency but a blockchain platform. It allows developers to build applications using the Ethereum blockchain and has a convenient programming language called Solidity, which is essentially JavaScript on steroids. As a result, adding features to an application is as easy as updating a single line of code, compared to Bitcoin, where new features must be integrated from other blockchains.
Ethereum Is the Leader in Smart Contract Technology
Intelligent contracts are hot right now, and Ethereum is the leader. The significant advantage over Bitcoin for innovative contract development is Ethereum’s introduction of its scripting language, which developers can use to write their own innovative contract programs.
Ethereum Has More Applications
Ethereum’s versatility provides the ability to use it for various applications, including but not limited to banking, financial services, insurance, energy markets, and healthcare. Ethereum has been used to build solutions that go beyond financial applications and can handle complex contractual agreements. Ethereum Has a Strong Enterprise Alignment
Ethereum is backed heavily by big companies. It includes the leading digital currency exchange, Coinbase, which has built several “plug and play” companies on Ethereum for enterprise customers. There is also IBM, one of the world’s largest corporations, which was early in adopting blockchain technology. It has recently announced it will be using Ethereum in its blockchain platform.
Ethereum Is Well Respected Within Global Organizations
The Enterprise Ethereum Alliance (EEA) is an excellent open-source collaborative effort of which some of the biggest names in business are members. The EEA aims to help grow an industry standard for distributed ledger technology worldwide.
Ethereum Gets More Attention from Investors and Capital Markets
While Bitcoin investors are primarily individual traders, Ethereum investors are large institutional investors. It can be attributed to Ethereum’s greater versatility in comparison to Bitcoin. If the cryptocurrency you are looking at does not offer smart contracts functionality, you should probably be looking for another coin. Ethereum has only been around for a few years, but it is already making waves in finance and technology worldwide. With that said, the demand is strong for Ethereum developers and programmers because they are in high demand.
Ethereum has a robust roadmap
Ethereum is already being used as a platform for smart contracts, ICOs (Initial Coin Offerings), dApps (decentralized apps), token distribution models, and other applications. As Ethereum continues to gain traction, you can expect to see more and more people building on the Ethereum platform. For example, Litecoin is a cryptocurrency people can use to send payments. It doesn’t have the highest number of users and market cap out of all other cryptocurrencies, but it has been around for quite some time.
Litecoin is popular among traders and investors because it only takes 2.5 minutes to confirm a transaction, less than Bitcoin’s 10 minutes. It can make Litecoin a better option if you want to buy smaller amounts of Bitcoin since you won’t have to wait as long. Ethereum and Litecoin are both trying to make cross-blockchain currency, so they store their value in a single place like dollars do in dollars.
Ethereum has a low gas fee
The Ethereum blockchain cost is low, but there is a relatively high gas fee. Also, both Litecoin and Ethereum have a long block time, which causes transaction delays. However, it would mean that you could pay with Ethereum at all online stores (as opposed to only some online stores, like Bitcoin). The numbers are still small, but they will still grow as time passes and more businesses start accepting Ethereum.
Ethereum offers options to create decentralized apps
Well, this is Ethereum’s forte at the moment. Apps built in Ethereum rather than on the blockchain using smart contracts. The amount of Litecoin that can exist is capped, as only 84 million lite coins will be mined. Ethereum, on the other hand, doesn’t have a cap on its amount and provides an option to create decentralized apps.
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