Ethereum strengths and weaknesses
The ethereum development team also has a reputation as a solid and competent team in increasing stability, security, functionality and scalability of the ethereum blockchain. This fact gives peace to application developers who want to make applications on ethereum. Application developers can expect support, updates, documentation, and feature additions, to be well implemented in the ethereum platform. In addition, the ethereum blockchain is also far more stable and faster than when application developers launch their own blockchain.
With all its advantages, ethereum also has the same shortcomings with other blockchain technology. The most crucial thing is the slower transaction processing speed compared to using a centralized server. In addition, developing applications on ethereum is like hiring a web site. When the server (ethereum) goes down, the smart contract that was created is also down. Developers also cannot improve the functionality of their own blockchain, but must contribute to the development of ethereum as a whole. If the ETH experiences a hard fork, the token that was created by the developer will also be affected. Developer dependence on the ethereum platform is the trade-off between convenience and the most obvious control of using this platform. Not to mention that every computation requires ether which will be more wasteful when the developer application is getting more complex and acquiring a bigger user base.
Example of Ethereum Application
Digital tokens or currencies: with the ethereum platform, developers can create digital tokens that can be traded and can be used as currency, representation of assets, virtual shares, proof of membership or whatever. This token uses the standard coin API, so the contract will be automatically compatible with wallets, contracts or other exchanges as well as using the ethereum standard. The number of tokens in circulation can be set to a simple fixed amount or to fluctuate based on programmed rules.
Project funding (kickstarter): project developers can enter into contracts that hold contributor funds until a certain date or achievement. Depending on the outcome, funds can be distributed to the project owner or safely returned to contributors. All of this can be done without an artbitrator, clearing party, or without having to use a third party.
Other decentralized applications: the ethereum platform allows applications to be easily launched. In the future, maybe social media and content can be created using blockchain so that user data is not misused as it is today. What limits the use of the ethereum platform is only the imagination of the developer, so it can be expected that various decentralized applications will emerge in the future.
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