Why Use Ethereum: A Brief – The Coin Republic

Ethereum is a blockchain network after the creation of Bitcoin so it is essentially an upgraded version of the original Blockchain network. Ethereum facilitates the existence of NFTs and the creation of decentralized autonomous applications. Ether (ETH) is the native cryptocurrency of this platform. It is the second most traded cryptocurrency by market capitalization, and was created by Vitalik Buterin.

Ethereum also allows for the creation of unique and indivisible tokens, called non-fungible tokens (NFTs), that are used to represent collectibles, digital art, sports memorabilia, virtual real estate, and items within games.

The first NFT project, Etheria, a 3D map of tradable and customizable hexagonal tiles, was deployed to Ethereum network in October 2015 and demonstrated live at DEVCON1 in November of that year.

Ethereum vs Bitcoin

According to its official website, users need not hand over all personal details to use Ethereum. One can keep control of their own data and what is being shared. There are important differences between Ethereum and Bitcoin even though both allow users to use their digital money without any payment providers or banks. But Ethereum is programmable, so one can build and deploy decentralized applications on their network.

There is no limit to what Ethereum can be modified into which facilitates innovation on its network. While Bitcoin is a payment network, Ethereum is much more than that, enabling more financial services, games, social networks, and other apps that need not compromise on user privacy.

Ethereum Network’s coolest features so far:

• Banking for everyone
• A more private internet
• A peer-to-peer network
• Censorship-resistant
• Commerce guarantees
• All products are composable

At present, Ethereum has a total 2970 projects built on it, and has 71 million plus accounts (wallets) with an ETH balance. The smart contracts on Ethereum network are around 50.5 million. A whopping $11.6 trillion moved through the Ethereum network in 2021 along with $3.5 billion in creator earnings.

The reason to prefer ‘Ethereum’

Ethereum is a story that is still being written. There can be many more reasons to use it which are being uncovered as it evolves. Ethereum network can provide cheaper and faster cross border payments worldwide. It also facilitates unfettered access to the global economy when people break off from the outside world. No doubt, it can evolve into the largest global platforms that empower creators.

Ethereum Network upgrade

This year the Ethereum network went through an important phase – the transition from proof-of-work (PoW) to proof-of-stake (PoS), called “The Merge” on September 15th. It was the biggest upgrade on the Ethereum network that reduced the energy consumption by almost 99%, according to the Ethereum organization.