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What is Ethereum? See Our Dummies Handbook
07/03/2023
What is Ethereum? This is the second Cryptocurrency with the highest market value and also outside Bitcoin: the best known currency in the digital world! Know a little more about her.
What is Ethereum? See Our Dummies Handbook
What is Ethereum?
In fact, Ethereum (ETH) is - after Bitcoin, the most well-known Cryptocurrency in the digital market, but most people don't even know What Ethereum is! It was created and idealized by Vitalik Buterin in 2013 and promises to be gigantic in the coming years.
Some people have the habit of "comparing" Bitcoin with Ethereum, but the truth is that both cryptocurrencies have different characteristics! And not only that, they were created for different purposes! We know that bitcoin is a decentralized network and its function is the Reserve of Value.
In the case of Ethereum, the proposal is to be a Blockchain for building decentralized applications! It is through this network that companies can build DApps. Who doesn't know projects like Chainlink or Uniswap? Both are built within Ethereum.
Chainlink (LINK) is an oracle that communicates data from the real world to the digital world and Uniswap (UNI) is a decentralized exchange where users can "lend" their cryptocurrencies to the protocol to generate liquidity and thereby be rewarded!
Therefore, when you hear the word Ethereum, keep in mind that in addition to cryptocurrency, we are talking about a decentralized platform that allows users to create applications.
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Who are Ethereum's Competitors?
As we mentioned above, in addition to the function of "Cryptocurrency", ETH is a creation platform that uses the Solidity programming language so that programmers can create their applications. Ethereum has no direct competitor!
However, there are some other cryptocurrencies that aim to be more "scalable" than Ethereum, which is even one of the great difficulties of this protocol, because as it aims at Decentralization and the number of blocks mined per minute is low, when demand is very high. high over the network, the fees for transferring ETH end up being extremely high: including the highest on the market.
As a result, new cryptocurrencies appear with the promise of "beating" Ethereum in this regard, such as Solana (SOL), Cardano (ADA) and Avalanche (AVAX).
At the time we are writing this article, none of these cryptocurrencies come close to Ethereum, as the demand for this ecosystem is much greater than all the others combined, but since we cannot predict the future, we can say that all these projects we mentioned above are interesting to analyze.
What is the future of Ethereum?
Without a doubt, when we talk about cryptocurrencies with a 'brilliant future ahead', the only Cryptocurrency that comes to mind - outside (of course) Bitcoin, is Ethereum. Because the demand for this ecosystem is increasing.
Not to mention the developments being made within the Blockchain where things like DeFi and NFT's are growing year after year and as we know the vast majority of these DAOs (Decentralized Autonomous Organizations) are built within this network.
About the price, we can speculate how much ETH cryptocurrency will one day have. At the moment it costs US$1,879, but it has already reached US$4,644 at the historic high of 2021. It is a fact that if the demand for the ecosystem continues to grow at the same pace, in 2025, this historic high will certainly be surpassed.
There are Blockchain experts who say that Ethereum could surpass $25,000 in the long term, and frankly, we believe it! Vitalik's ultimate goal for the next few years is for everyone to run a network "node" on their smartphone: quite an achievement for the next 10 years as he suggests.
Remembering that this is just our opinion! Never forget to invest responsibly and with a focus on the long term!
Lucas Lippe
The idea of freedom is fascinating and Bitcoin gives us that in many ways. Explaining ideas of a decentralized web on the Bitcoin Lovers website.
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