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Monday, October 21, 2019

C-Suite Advisory

A Beginner’s Guide To Ethereum

Cryptocurrencies are big news in the world today, and it’s Bitcoin which often steals the headlines. However, there is another key player in the industry and one more than worth a look. Ethereum is currently ranked as the second-largest by market capitalization, and it undoubtedly players a massive role in the market today, with many crypto users appreciating the decentralized platform as much as the smart contracts.

In many respects, it would be right to suggest that Ethereum is smarter than other cryptos on the market, even Bitcoin, as it’s digital money which can be programmed and customized. Users of the Ethereum network are not only able to send funds to whomever they wish; they can do so automatically on the proviso that a specific set of pre-determined conditions are met first. These attributes are already being recognized by more and more people, as there has been a notable rise in the demand for services from global names like Luno and their ethereum wallet.

So, while Ethereum does come with all the benefits of standard crypto such as Bitcoin, it has its extra advantages too. For example, the purchase and sale of property or business could be conducted via Ethereum with ease. The conditions required to be met will be agreed by all parties beforehand, and when they’re met, funds and ownership will be transferred at the right time.

With transactions such as those mentioned above, always needing third parties involved to help get deals over the line, they can prove to be very costly as well as taking a lot of time to complete. However, thanks to Ethereum and smart contracts, they can be completed quickly, with a lot less hassle, no requirement for third parties, and getting everything done will cost a hell of a lot less money.

Ethereum’s capabilities are what has seen it rise to the upper echelons of the crypt world. And if Bitcoin wasn’t the original digital currency to hit the scene, Ethereum could very much be the most popular crypto around. Ethereum has the potential to wipe out many of the third-party apps and services which people use every day to connect with others. By providing direct links to products and services, Ethereum could help to solve many problems concerning timing and cost.

It’s Ethereum’s support for decentralized apps which is its main feature and most prominent advantage. Projects such as WeTrust, which is in effect a peer-to-peer lending service which utilizes Smart Contracts, Status which is similar to Whatsapp, and Gnosis which is responsible for powering decentralized prediction markets, are all exciting projects which are built on Ethereum and the technology it provides through Smart Contracts.

As you can see, while Bitcoin and other cryptos are very popular and for a good reason, Ethereum does have some fantastic advantages which make it smarter and more effective than most. The Smart Contracts have huge potential, and they could go on to revolutionize how the world and the industries in it work, helping to save a lot of time, hassle and money along the way too.


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Anna Papadopoulos
Editor, writer, teacher, consultant. Advocate for plain language, journalism, free speech, and tolerance. Feminist. Based in Sydney, Australia.
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