Ethereum and why you should invest in Ethereum

Okay guys, I will talk more on projects that are built with the blockchain technology and why you should invest in them. Why? Because I think blockchain technology will go a long way in the future and is going to disrupt a lot of companies today. It has this features that ensures decentralization. If you don’t have an idea of what blockchain technology is all about, you can look at my last post on bitcoin. I explained a little bit about the blockchain technology. I guess that will give you an idea.

What is Ethereum ?

  Ethereum is another big project built on blockchain network that focuses on smart contracts. What? What are smart contracts? Okay am going to explain smart contract soon. Every cryptocurrency built on blockchain have its own special purposes.

What is Smart Contracts?

I will try and explain smart contract in simplest way possible. Let’s say Mr A wants to exchange a property, money or shares to Mr B. The agreement and condition of both parties could be programmed on a blockchain. Once everything is agreed between the two parties, it’s then executed successfully and different copies of the transaction will be stored on the blockchain network and completely decentralized. This will make the system transparent. Imagine if we have an escrow/ third party (let’s say Mr C) trying to be the middle man, Mr C and Mr B are trying to trick Mr A, this will be a problem. SO with the help of this smart contract no need for a middle man and the rules will be enforced without siding one party. I hope you get an idea of what it means now.

How is Ethereum different from Bitcoin

Okay now, there is a big difference between Ethereum and bitcoin. Bitcoin is a network on blockchain where you can only send money from one party to another party. So that’s the main purpose of bitcoin. Ethereum on the other hand is a platform and not a currency. It is a platform built on top of the blockchain network and the currency used to fuel Ethereum is called “Ether”. Ethereum platform is not only for money transfer, its main purpose is for smart contract like I explained above.

Brief Histroy about Ethereum and The founder

   Ethereum was developed by a Russian and a computer scientist by the name Vitalik Buterin. He published his white paper on Ethereum in 2013 that explains what Ethereum platform will do and how it will benefit humanity. In 2014, it was funded through an online fund raiser and about $150 million was raised. In the year 2015, the platform went live with about 11.9 million ether. In 2016, a bug in the project resulted in splitting of the project into two platforms: Ethereum classic and Ethereum.

Why you should invest in Ethereum

It is ranked as the second biggest project in cryptocurrencies and blockchain according to coinmarketcap statistics. Coinmarketcap is where you can check the growth of these currencies and assets.
            What bitcoin can do, Ethereum can also do better. When sending ether from one person to another, it’s faster with lesser fees when you compare it to bitcoin.
            The smart contract futures that ethereum performs has a very big advantage over bitcoin. So many applications are now built on the ethereum platform. That makes it very useful.

            So many other cryptocurrencies now make use of the ethereum platform to build their own network. It has partnership with hundreds of big companies that intend to use the blockchain technology to grow their company.

At the time of writing this post, Ether is worth over $777 and it was worth $17 about eleven months ago. This platform is growing really fast. I personally believe that ether has the potential to increase in value a lot in the year 2018. The best time to invest is today.

For more information or question comment below or contact me 

Phone or Whatsapp: +2347032691811
Twitter: @goonersky

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Anonymous said...

Very big fan of ethereum. Bought it @ 12$

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