Ethereum regains its position- why we need to watch out for this currency?
Jan 08, 2018 Posted / 5270 Views
If you are an Ethereum investor and are worried about Ethereum losing its position to Ripple, then you need not to worry anymore. The currency price is rising since the last few days and at present has just re-captured its second spot. Ethereum surged to an all-time high, while bitcoin briefly recovered from a recent slump, however, witnessing great deal of fluctuations.
It is being discussed that in the coming days a battle between the cryptocurrencies will heat up, especially in the initial part of the year 2018. Digital currency ethereum hit an all-time high few hours back and reached the $1,238 price worth days after hitting $900. Ethereum topped $1,000 for the first time in its history a day back, and now it is continuously surging, with recent prices averaging around $1,200.
According to different cryptocurrency price index, Ethereum has raised the market cap of $119 billion so far. Experts believe that the secure technology behind ethereum mean that this novel cryptocurrency will succeed in winning more financial backup than its rivals. Additionally, the digital currency shot up 11 percent in a single day, with more than a 40 percent boom so far in January alone.
Bitcoin briefly climbed above $17,000 a day back, however, it is still trading a lot below its record high hit in mid-December. Disparate to bitcoin, ethereum permits developers to build applications on its network. The mainstream initial coin offerings and other trading games are developing their applications on the ethereum network. Ethereum's specific blockchain technology actually means that the currency is unsurprisingly resistant to cyberattacks.
On Tuesday last week, the cryptocurrency's co-founder, Vitalik Buterin, announced to the world that the company would launch two subsidy programs for enhancing the ability of the ethereum network to process transactions faster.
Buterin also confirmed that grant amounts according to the data could go up to $1million (£737,000). Benjamin Roberts, co-founder and CEO of Citizen Hex, an ethereum-focused start-up, said to the media that he thinks that there's an increasing likelihood of a feasible upgrade getting done and which is why people are witnessing the price increase.
Any services that are centralized can be decentralized with the help of Ethereum. If we think about the entire intermediary services that subsist across hundreds of different industries ranging from apparent services like loans provided by banks to intermediary services hardly ever are thought about by most people like title registries, voting systems, regulatory compliance and much more, these all can be made more effective with Ethereum blockchain.
Ethereum can also be utilized to develop Decentralized Autonomous Organizations (DAO). A DAO is fully independent, decentralized organization with no single administrator. DAO’s are driven by programming code, on a combination of smart contracts written on the Ethereum blockchain. The code is structured in a way to replace the rules and structure of a traditional organization, eliminating the requirement for people and centralized control. Everyone who buys tokens owns a DAO, but instead of each token comparing to equity shares & ownership, tokens act as contributions that provide people with a rights of voting.
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 .
Hottest Blockchain Newsletter
For updates and exclusive offers, enter your e-mail below.