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September 21, 2018, 06:16:31 PM |
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In the beginning, bitcoin was the best or valued part of blockchain . However, blockchain technology as become a more compound experience than digital currencies through the birth of ethereum, developers have created limitless possibilities to blockchain technology thereby, leading to more decentralized apps(DAPPS) being created with intention to tackle so many problems.
Until quite recently, creating blockchain applications demanded a complex background in coding, cryptography as well as lots of resources. But times have changed. Unlike bitcoin that is limited by its design of being a virtual currency, etheruem offers more than just acting as a virtual currency. Its design has given it the ability to let applications to be built and executed on it. While bitcoin decentralize banks, ethereum goes as far as decentralizing the internet completely.
With this, ethereum can be called the ‘forerunner of DAPPS’ since the greater part of its design runs towards solving actual world problems. Given its very own language - Solidity, Ethereum allows developers to create smart contract through the Turing-complete. With these tools, developers made DAPPS that have real-life use cases, any services that are centralized can be decentralized using Ethereum. Think about all the intermediary services that exist across different industries. Ranging from asset management, resource planning to loans provided by banks and services like, voting systems, regulatory compliance and much more. All by using ethereum’s more flexibly-developed blockchain technology, practically anyone is able to make their own decentralized applications. Another major point is that, Ethereum is currently being utilized as a platform to launch other crypto currencies due to the ERC20 token standard defined by the Ethereum Foundation. Of course, developers can issue their respective versions of this token and raise funds with ICO. Billions of dollars have been raised by ICOs on the Ethereum platform in the last two years, and ERC20 token out there.
Ethereum has relatively created a new standard, ERC721 token for tracking unique digital assets. One of the biggest use cases currently for such tokens are digital collectibles, as the infrastructure allows for people to prove ownership of scarce digital goods. Ethereum is fast-adapting by providing a user-friendly platform that allows developers to utilize the power of blockchain technology, Ethereum is ushering the decentralization of the world economy. Decentralized applications have the possibility and power to immensely alter lots of industries including public sector , finance, insurance, healthcare and the real estate, etc. Even with all these, its still in an infancy level, we can all imagine possibilities offered now and that would arise as time goes
With these little observations, I strongly believe ethereum in the near-years will surpass bitcoin….
WHAT IS YOUR OWN OPINION ABOUT THIS?
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