Since Ethereum was released to the
public in 2015, it is fueling some serious competition in the cryptocurrency
space. Currencies built on Ethereum have several advantages when compared to
Bitcoin especially when it comes to Smart Contracts. Numerous crypotcurrencies developed on
Ethereum such as Ether and YoCoin
have gained a foothold in the market as Bitcoin faced several legal and
security hurdles.
In the first three months of 2016,
Ethereum soared in value by a remarkable 1,000% as the technology gained a
popular foothold. Ethereum has attracted positive attention from corporations
such as IBM and Microsoft that are in the process of developing
business-specific contracts and applications based on Ethereum. In a short
frame of time, there are dozens of solid applications on Ethereum which is
being lauded as a Bitcoin 2.0 of sorts in spite of a few fundamental differences.
Ethereum-Based
Currencies Capable of Offering more than Bitcoin
Although Ethereum-based currencies
will undoubtedly face the same technical, legal, and security problems that
Bitcoin is facing, the software is winning fans as it is capable of performing
more advanced tasks and developing nuanced applications.
For instance, IBM is testing tools
with Ethereum as a way to directly control real world applications. This is
something that could enhance the adoption of the Internet of Things on a truly
global scale. JP Morgan Chase, one of the largest banks in the world, has
developed a tool named Masala that permits the bank's database to interact with
the Ethereum blockchain. Early tests of this tool have shown that the
applications developed using this blockchain have the potential to reduce
transaction layers and increase the bank's overall profits.
According to Vitalik Buterin, the
creator of Ethereum and a former Bitcoin programmer, the basic aim of the new
crypotcurrency is to ensure that it is feasible to program binding agreements
into the blockchain, which is code for Smart Contract. Currencies such as Ether
and YoCoin have managed to attract
a network of followers that are crowd funding the continued development of the
software.
Can
Ethereum deliver on the vision of Bitcoin?
Ethereum's emergence have led
experts to believe that the software can improve on the broad strokes presented
by Bitcoin and develop some real applications that could have real markets
developing around it. According to Joseph Bonneau, a Stanford University
computer science researcher, Ethereum is the first blockchain that has truly
challenged Bitcoin and has emerged as the clear No. 2 in the market.
The challenges facing Ethereum
primarily revolve around the security features. The financial and tech
industries have become increasingly confident with the virtual currencies that
run on Ethereum,such as Yocoin. It is proving to be a platform where problems
can be rectified in a truly elegant manner.
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