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Ethereum and Diwali - Partners for Indian Economy Growth

Oct 19, 2017 Posted /  2833 Views

Ethereum and Diwali - Partners for Indian Economy Growth

An open source platform based on the technology of Blockchain, Ethereum features an exclusive smart contract functionality. And, facilities coders to develop and deploy decentralised applications.

Though Bitcoin and Ethereum, both are public Blockchain systems, there are certain technical diversities between two decentralized networks. Bitcoin, the first cryptocurrency, is nothing more than an electronic currency. Whereas, Ethereum is a ledger model, which developers are embracing with great interests to code new programs. Add to that, Ethereum is far more robust than Bitcoin.

Diwali and The Indian Economy

The Hindu festival of light and divas, Diwali is that time of year, when people exceed their spending power, hence fueling the GDP of India. People distribute sweets with each and other and don’t hesitate to kick their monthly budget for at least some days.

A week back, a series of economic data bought some good news for the Indian economy, which is slow since demonetization in the month of November last year. Many experts predict this as the best time for the Indian economy for quite some time now.

The Consumer Price Index, based on retail inflation, which was on the surge for about three until September, now see a slight decline. And, this has led to corrections in the price of consumables. Merchandise exports augmented at 25.7% for the month of September.

Ethereum in India

After the great success of Bitcoin in India, the new kid on the block is Ethereum. Even though, the current scenario is, around 80% to 90% of digital currency investment in India is on Bitcoin, Ethereum is the latest trend on the Indian virtual currency market. Also known as Ether, this blockchain based network offers greater security and enhanced smart contract technology, hence promising a lot for the Indian digital currency market.

Recently, one of prominent Indian Bitcoin exchange agency, Unicoin, united with Shapeshift to introduce Ethereum in India. It will now offer the exchange of Ethereum coins, along with popular cryptocurrency, Bitcoin.

The price of Ethereum has increased at a rate of 10% to 20% with every passing day, to 200% currently.

Delivering on High Expectations

Since its release on 15th July 2015, Ethereum stands high in the list of current crop developed around the Blockchain technology. The Ethereum in such a short time has delivered on high expectations, specifically in India with low transactions charges and better security, steadily developing a feeling of trust and admiration among the Indians. 

Unlike other cryptocurrencies, the functionality of Ethereum is not bounded, and companies worldwide have uncanny opportunities to code many other sophisticated applications implicating using this foolproof Blockchain technology.  And, in terms of currently operating Blockchain, Ethereum is an unrivalled product in the industry.

In a nutshell, it's quite fair to say, Ethereum is the most pioneering platform, ideal for developing big public Blockchains. Vitalik Buterin, the co-creator of Ethereum, a Canadian mathematician, and a cryptocurrency,  once in a statement told the reason to develop Ethereum. He said, the structure of Bitcoin was too rigid; many worldwide applications wanted to use Blockchain, but have to develop another layer on the top of the Bitcoin to tailored the Blockchain technology for their use.

Fool-Proof Platform

Before the launch of  Ethereum, it was a baffling ask to develop Block-based applications. But, now this platform present companies and even the developers to come up with their own Blockchain application, thanks to the flexibility aspect of Ethereum. Add to that, it has a combat force of highly experienced coders, with coding skills sharpened with the latest advancements in the world of application development, are doing all the hard work to support this platform ahead, and get better for the digital society we live in.

In the Year 2016, June, this technology showed its true worth to the world, when DAO, which was more of a crowdfunding-platform based on the Ethereum technology, was hacked, and approx $50 million worth Ethers were taken away. But, since this technology is foolproof, it restored the system before the hacking act was done, thereby ensuring that all the stolen Ethers were of no value. In contrast to other cryptocurrency networks, there is virtually no security vulnerability for Ethereum.

Has the Backing of Tech Giants

Tech giants, such as the Microsoft, Intel, and the JPMorgan all are backing this technology to excel at a global level. The biggest exclusive attribute about this system is that it support smart contract applications. It is just a computer program, which runs when all the terms and conditions of a contract are addressed. Barclays, a global automobile brand, also using similar technology for its trade derivatives. For instance, a contract can be designed around a business deal, if the certain conditions are adhered, the contract will be through. Or, a service based company can sign a contract, that its fees will be paid off using Ethereum once the work is completed with 100% client satisfaction.

At The end

Ethereum is bound to flourish, because of its smart contract ifeature, which s a game-changing client to customer dealing prospect in the Indian market. Ending, we wish you a very happy and a prosperous Diwali- Stay safe and Stay health

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: Ethereum Bitindia diwali

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