Why I like Ethereum Crypto coin?

Currently crypto currency market is flooded with almost thousand digital currencies as interest among public for crypto currencies is rising. Even though bitcoin which has almost synonymous for Crypto currency, there are other crypto currencies which also deserves attention. Ethereum is one such crypto currency which I am excited about. As of now, Ethereum has grown almost five thousand percentage compared to last year and has a total market capitalization of around 11 billion dollars.

What is Ethereum?

Ethereum can be defined as an open-ended decentralized software platform that utilizes distributed ledger technology (DLT) to create applications. Ethereum is not just a platform but also a programming language (Turing complete) running on a blockchain, helping developers to build and publish distributed applications. The potential applications of Ethereum are wide ranging and run on its platform-specific cryptographic token called Ether. In 2014, Ethereum had launched a pre-sale for ether which received an overwhelming response. Ether is like a vehicle for moving around on the Ethereum platform and is sought by developers looking to develop and run applications inside Ethereum.

Below, I am highlighting some of the key features of Ethereum which attracted me.

1) Enterprise Ethereum Alliance

I believe industry engagement & alliance is key to the mainstream adoption of any crypto currencies. Enterprise Ethereum Alliance is world’s largest open-source block chain initiative to connects Fortune 500 enterprises, startups, academics, and technology vendors with Ethereum subject matter experts. EEA which is currently having more than 200 members includes many technology majors like Microsoft, Cisco, Intel and Banking giants – JPM, UBS which focuses on enterprise needs such as permissioned networks, privacy, performance, scalability, integration and interoperability. I believe EEA will take Ethereum crypto coin into higher levels and widespread industry usage.

2) Robust community

Etherereum has a very big developer community which includes developers from all parts of the world. There are hundreds of discussions around mining, hardware, protocols, implementation issues, distributed apps in the community. Unlike bitcoin founder who lives in obscurity, Vitalik Buterin Co-founder and inventor of Ethereum is always there to help community and providing directions. He is available in social media and maintains savvy profile. High community participation helps developers to launch new products and it’s making us to succeed.

3) ICO and Ethereum

ICO (Initial Coin Offering) is a fund raising tool used by Startups by offering crypto coins in exchange of fiat money. ICO is very much similar to IPO (initial public offering) which is used by companies to raise funds by selling their equities. In ICO, the issuer will offer a digital token in exchange of crypto currencies preferably bitcoin or ethereum. Total fund raised through ICO mechanism till Nov this year is 4 billion US dollar. Many startups utilized this crowdfunding mechanism to implement their business models. Ethereum ERC-20 standard is the leader in this space which helps startups to create digital assets using ether.ERC-20 is standard in which developers can create digital assets using this Ethereum block chain technology. When more and more startups embrace ICO route to channel funds for their projects, Ethereum ERC-20 platform will flourish and it will increase ether value.

4) Ethereum Smart Contracts

One of the best Ethereum features is smart contract. Smart contract is a contract between two parties where a contract is verified without a third party in a transparent, conflict free manner. It’s worth noting that bitcoin was the first to support basic smart contracts in the sense that the network can transfer value from one person to another. But, bitcoin is limited to the currency use case. By contrast, Ethereum replaces it with a language that allows developers to write their own programs. It allows developers to write their own smart contracts. Ethereum Smart contracts can be used across many areas like finance, banking, gambling, real estate etc.

5) Ethereum’ s own Decentralized Apps

Ethereum provides an ecosystem to build decentralized apps on top of its blockchain technology. Dapps are essentially like a web based application which uses client server architecture where the only difference is Dapps uses decentralized blockchain technology instead of centralized hosting server. This helps DAPPS more secure and reliable. As of now, there are several successful DAPPS which is built on top of Ethereum. Ethereum developer’s community is already providing many features to support Dapps development. There are many developer tools, IDE and framework are available in the platform to facilitate Dapps development. I hope Dapps in the ‘Next Web ‘ in the future.

Apart from above highlighted features, there are many fascinating features are under development in Ethereum space. Raiden network (micro payment channel support, Casper protocol (Proof of stake) etc. can provide massive interest in Ethereum. I hope future is bright for Ethereum and it may rule crypto world in the near future.

By Sreejith Surendran

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