Skip to main content

Ethereum set to be the No.1 Cryptocurrency?



Ether(ETH), the cryptocurrency of the Ethereum network, is the world’s second-largest digital currency after bitcoin. Nevertheless, ether’s faster growth rate may shortly dislodge bitcoin from being the predominant crypto. 

While bitcoin is up by 261% in the last 12 months, ether grew by 856% in the same period. 

The chart below shows ether outperforming bitcoin and gold this year



Goldman Sachs, in an unexpected report on the future of cryptocurrencies, has predicted ether (ETH) to outperform bitcoin (BTC) in total market capitalization in the coming years. 

The Wall Street giant has heaped praises on Ethereum’s ether token for being the cryptocurrency with the highest real use potential. 



Table of Contents

Blockchain’s Wind of Change

Before the introduction of Ethereum in 2015, blockchain was merely used as a distributed ledger for recording bitcoin transactions. Ethereum transformed the focus from cryptocurrency to blockchain bringing about a sea of possibilities in the technological realm.  

Powered by Smart Contracts, NFT and Decentralized Finance (DeFi) are prominent use cases for Ethereum blockchain. Smart Contracts are lines of codes stored on the ethereum blockchain that run when predetermined conditions are met. 

Non-fungible Tokens (NFT) 

Early this year NFT exploded in popularity and has since taken the art world by storm. The sales volume for NFT, digital assets secured through Ethereum, surged to an all-time high of $2.5 billion within the first half of 2021. 


NFT are tokens that represent ownership of unique digital objects like images, videos, games, domain names, and memes among other things. The ownership is recorded on the Ethereum blockchain. 

Unlike yesteryears, a copy of a file like .mp3 or .jpg on the internet is not the same as the original. The proof of ownership enabled through NFT gives more power to content creators. They can sell it anywhere and can access a global market. 

Decentralized Finance (DeFi)

DeFi is a collective term for financial products and services that are usually built on top of Ethereum Blockchain. 

Built for the internet age, DeFi is a powerful alternative to opaque and tightly-held traditional financial institutions. Today, DeFi enables a booming crypto-economy where one can lend, borrow, earn interest, trade, and do more without the need for intermediaries. 

Argentina’s tech-savvy youth have leveraged DeFi to beat crippling inflation. 

NFT and DeFi are bubbling topics today and only 2 of many such prominent use cases. Ethereum Blockchain is revolutionizing supply chain, banking, food distribution, retail, and governance around the world. 

The Wrap

Ethereum is not the only challenger to bitcoin. Besides, comparing ether and bitcoin is akin to comparing apples and oranges. 

While bitcoin is focussed on becoming the alternative monetary system, ethereum is the most used blockchain by programmers to facilitate Smart Contracts and other decentralized applications. 

Labels:

Comments

Post a Comment

Popular posts from this blog

5 Best Apps To Buy Cryptocurrency In India!

Best cryptocurrency apps in India : The legality of cryptocurrency in India is still uncertain that you can invest in digital currency and book a profit? Regulators have now opened the arena for people to invest and trade in crypto and for many companies to run their exchanges. What does a cryptocurrency exchange app do? Cryptocurrency exchange is a platform that help you with quick access to various cryptos available in the market and let you trade (buy and sell) just like a demat account. You don’t have to mine cryptos using laptops or minning rigs.The whole process has been simplified for anyone to sign up and start enjoying the world of crypto. Crypto exchanges are available on Google Play Store and Apple App Store that work on Android and iOS phones respectively.These exchanges provide some offers to seek the intrest of public towards them. Best Apps to Buy Cryptocurrency in India Contents [ hide ] 1. WazirX – Bitcoin, Crypto Trading Exchange India Founded in 2017, by Nisc
Post a Comment
Read more

What is Cryptocurrency? How Does it work?

Cryptocurrencies are popular today especially with the success of Bitcoin as it is the first public cryptocurrency. They are important investment vehicles for many blockchain companies today.Dogecoin, a cryptocurrency made as a joke based on dog meme has reached a market cap of $25.8 billion, as of mid-July 2021 Cryptocurrencies are favorably compared with legacy currencies like the Dollar, especially in that they can be used as a medium of exchange and store of value on blockchain and semi-blockchain networks. However, they have certain limitations such as high volatility and low adoption. Contents [ hide ] What Is Cryptocurrency? Cryptocurrencies are a form of digital money that can be exchanged online for goods and services. Cryptocurrencies are based on decentralised Blockchain technology, which ensures that an individual or a single group cannot control it. Cryptocurrency can be bought and sold online on cryptocurrency exchanges and can also be sent to others using crypto-
Post a Comment
Read more

Can Btc reach $65K ?

Oct 14 #Bitcoin: BTC price is moving in a range $53k-58k. We saw cup and handle pattern breakout at $53k on oct 6 and BTC is trading above this zone from last 8 days. After $53k breakout BTC formed new trend and indicate that it can jump hard in next 3 month. Last 5 month chart also indicate that whales accumulate BTC from retail traders.  In last 7 days btc formed a upward channel and breakout above 58k will push price towards 60k-65k in quick time. $53k is work as strong support and indicate that  trader like to buy this zone. As per past trends and chart formation , BTC can pump hard with high volatility in coming months. In last 5 month BTC digest all fud including Big China BAN and trading above 5 month high.  We can see that BTC bullish for next 3 month as per trend and bulls will not loose control in this quarter.
Post a Comment
Read more