You have probably heard about Ethereum. However, many identify ETH currency with the Ethereum blockchain platform. These are 2 different things. While ETH is the cryptocurrency native to Ethereum network, the Ethereum itself is so much more. Ethereum blockchain offers business solutions. Its application supersedes the financial markets.
Industries where Ethereum is applicable are various. From decentralized exchanges, through gaming, marketplaces, developer tools, identity, governance, to infrastructure – just to name a few. Hence, it seems Ethereum blockchain business solutions are taking the lead.
Some of the leading companies of today have partnered in a consortium of over 450 business members, under the name of Enterprise Ethereum Alliance. In this enterprise you can come across the names of Microsoft, Intel, Cisco, Santander, Accenture, JPMorgan Chase, etc.
Apparently, Ethereum is the most suitable blockchain for companies to build applications. Why is that so?
Firstly, there is the advantage of being one of the first “products” of its type.
Moreover, Ethereum as a project was developed on the basis of careful exploration and projections. Perhaps it is uncanny to say this when talking about such an unpredictable field as crypto market is, but it is true. Ethereum network proved to be able to maintain stability over the course of time.
Furthermore, it developed according to plans in a network that can support so much more than building blockchain apps. Ultimately, we can see Ethereum serving as a basis for gaming and gambling, developing decentralized Apps, store of value, supply chains logistics. And these are just some of the possible applications of Ethereum. Speaking of storing the value, we should stress that ETH has reportedly increased its value by app. 9,000% since the time it appeared. How good is that for an investment?
Being an Open System
Being an open system is, by all means, one of the main advantages of Ethereum. Basically, it means that anyone can join the ride. The project is open to all possible contributors who wish to expend its growth and develop it further.
Having Large Support
Having a large support is strongly related to the previously stated advantage of being an open system. Once you open the door to a big community of developers (and we are talking about hundreds of thousands), the things simply take their own turn. Furthermore, the Enterprise Ethereum Alliance is constantly monitoring the project. They also keep contributing on regular basis.
Developing at the Speed of Light
Again, closely related to the previously two stated advantages, Ethereum is developing extremely fast. The fact that is an open system with the massive support from developers worldwide guarantees fast development of new tools. In their essence, tools have the mission to make things easier to use. That way, the network is becoming more customer-oriented and more applicable as time goes by.
Being a Public Network Providing Privacy and Interoperability
It is interesting to know that one of the big 4, Ernst & Young, have formed the so-called “Nightfall” protocol for enterprises that wish to secure privacy in transactions. It is Ethereum-based. Moreover, Ethereum offers setting of private transaction layers. This is the advantage that many companies are using regularly.
Furthermore, Ethereum also offers the possibility for enterprises which are Ethereum-based to plug into the public Ethereum mainnet. This provides the chance for those enterprises to explore all the advantages of the public, global network. The opportunities are immense, such as keeping blockchains updated and upgraded.
Do you know of a company using Ethereum blockchain as the foundation?