Ethereum: An Unstoppable Technology
Updated: Jan 9, 2022
I believe we are on the cusp of a new and exciting frontier with Ethereum at the forefront of this exciting era. The Ethereum network is a ground breaking technology that allows for global payment, digital money, and decentralized applications or "dApps." The main difference between Ethereum and Bitcoin is that Bitcoin is only a digital currency. Ethereum, on the other hand, is a technology that allows developers to create decentralized apps or dApps. You can even use this network to create other cryptocurrencies. The currency of the Ethereum network is Ether.
Ethereum uses blockchain technology to allow for the decentralization of unlimited applications. Whereas Bitcoin was created to decentralize money, Ethereum allows for countless other things to be decentralized. New games, digital art, and most importantly decentralized finance, or DeFi apps are just some of the byproducts of this amazing technology. Users can now experience more freedom and do not have the risk of being censored by large tech companies, as they would companies such as Meta (Facebook), Alphabet (Google), or Twitter. Regardless of your political affiliation, we can all agree this is a very important technology in our digital age.
The blockchain technology is the internet's next logical step. Just as Encyclopedia Britannica and its' centralized authority has faded away towards websites like Wikipedia, the trend towards decentralization is likely to continue. Smart contracts on the Ethereum network will one day eliminate the need for a middle man for countless transactions. For instance, Uber now acts as an intermediary between you and your driver. With a smart contract, you would be able to hire a driver and your payment would not be released until you arrived at your destination.
New technologies are often misunderstood when first introduced. Alexander Graham Bell's telephone was seen as an "electrical toy" by the Western Union Telegraph Company. In the mid-1990s, most analysts believed e-commerce would fail as users would not trust or enjoy shopping online. Likewise, Blockbuster turned down an offer to buy Netflix for $50 million in 2000. The key is to have an education so that you understand what trends are likely to stay and which ones are likely to vanish. Take advantage of the exciting times we live in by learning how to properly trade Ether. I currently own Ether after buying it at various times throughout this year as I believe it will one day be trading at much higher prices. While the technology behind Ethereum is undeniable, it takes skill and a sound system to handle Ether's fluctuations.
Risk right. Sit tight.
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