If you have heard about Bitcoin, then you should’ve probably heard its biggest competitor Ethereum, and it is also open-source, decentralised blockchain technology. Even though Ethereum is one of the largest cryptocurrencies in the market, second only to Bitcoin, it is the most widely-used blockchain technology right now.
Despite Ethereum and Bitcoin’s similarities, it’s not completely the same. Whereas Bitcoin’s primary focus is to be a digital currency for the world to use, Ethereum has a much broader goal as it is developed to be an open-source operating system and computing platform. If you are planning to invest in a cryptocurrency, especially Ethereum, you should ask yourself first why you are investing, and you must do all the necessary research to have a high chance for a large return in profit. Always use a reliable platform such as Bitcoin Era. To get you started, here are 6 facts about Ethereum that you probably didn’t know about.
More Than 80% Of All Decentralised Apps Work On Ethereum
According to the state of DApps, roughly more than 80% of DApps run on the Ethereum network. Moreover, the largest share of active DApp users on Ethereum’s platform are games, and they account for more than 40% of the community. Ethereum-based games have already started a huge number of active and loyal games.
Tech Giants Loving Ethereum
Not only do individual investors that are placing bets and putting faith in Ethereum, so do tech giants and large businesses, as many companies have already started placing stakes in Ethereum. Massive tech companies such as HSBC, Barclays, and Microsoft, have already found potential uses for Ethereum in their systems, utilising its technology to gain an advantage. With that in mind, it’s clear that Ethereum’s relevance in big businesses will increase even more as years pass by.
Unknown Mining Cap For Ethereum
If you know about cryptocurrencies, then you should have already heard about Bitcoin, and also the knowledge that Bitcoin only has a fixed amount of coins that should ever exist. The total number is 21 million Bitcoins, and once the total mined coins reach that number, it’s impossible to mine anymore. On the other hand, Ethereum has a nonexistent mining cap, and the only limitation for mining is roughly around 18 million per year. With that in mind, Ethereum’s popularity grows even more as it becomes a better alternative for Bitcoin for people who want to make a steady income.
It’s Centralised and Decentralised Altogether
Despite the news and information showcased by all forms of media about how decentralised Ethereum is, it would shock you to know about Ethereum’s real currency structure. Ethereum is decentralised. However the technology still retains its employees and core developers that promote and manage the platform. Many people have already believed that it’s the core developers and employees that made Ethereum’s success that it is today.
It Wasn’t Always the Second-Best.
Individuals who are new to the cryptocurrency world may assume that Ethereum was always in Bitcoin’s shadow, being only the second-best cryptocurrency available in the market. That doesn’t seem to be the case, as before Ethereum being invented, other cryptocurrency alternatives used to claim the second spot for top cryptocurrencies in the market. However, since the birth of Eretheum, it has gained more than 2,800% in value, and it still impresses investors as it continues to grow by the year.
A Central Shareholder
Even though the Ethereum network is decentralised, the technology has a central development team who are, in fact, also the largest holders in the blockchain. With that being said, Ethereum’s technology led to the decentralisation of development and consolidation of funds. Moreover, most key actions regarding the technology are to be pushed by developers, and that irritates the public and its investors. But this is also an advantage for the consumer as all responsibilities for the development of the network lies with its leadership, the core developers.
For all investors, especially crypto miners, all of the facts listed here about Ethereum won’t matter as much as the digital asset is changing and always will be. It is still a mineable cryptocurrency that doesn’t have a finite amount of resources, unlike Bitcoin, but that will eventually change. If you ever decide to invest in Ethereum or any other form of cryptocurrency, you should ask yourself the most important question, why are you investing? Because if you’re buying Ethereum with the hopes of the market value rising, you may end up frustrated and broke.