Review on Ethereum by John Aledare
Ethereum: The future?
Ethereum was created to solve some of the shortcomings of Bitcoin. Under Bitcoin, you can send and receive transactions and perform other vital functions however smart contracts aren't supported but Ethereum solves that problem. It allows Developers to build whatever interactive performances they want in their smart contracts. Since Ethereum is decentralized, anyone can build and launch anything hence it's popularity. It offers a high level of customization that allows Developers to create products like: Decentralized application, Complex Smart Contracts, Tokens, e.t.c
The Ethereum coin that powers the network is officially known as Ether and widely known by it's ticker symbol - ETH. The best way to think of ETH is that it's the currency you use to pay for the execution of a smart contract.
Ether has the potential to surpass Bitcoin and become the leading Crypto currency since It can never have an inflation rate of 0% unlike Bitcoin.
Pros
- It is decentralized. Although people like Vitalik Buterin and organizations like Consensus have a fairly large amount of influence over it, there is no centralized authority with complete control. This distinguishes it from other smart contract platforms like NEO or Tron. Unlike these platforms, transactions can't be rolled back or an account be frozen.
- Ethereum has the largest developer community in the world. This gives it a large advantage over other protocols.
- It is very secure and widely accepted
- When you build an app on Ethereum, you can instantly connect it to other pre-existing protocol. To To Ethereum users this is known as money Legos. Hence financial products can be built and launched on Ethereum in a matter of weeks.
Cons
- It is very slow. Although it has a speed of 15 TPS( Transactions per second) It's clearly not enough. This can be attributed to it's large community as the network traffic can be remarkable large
- Developers who want to make apps and tokens on Ethereum need to code in solidity. This is a new programming language with some popular problems. Programmers are forced to use a language they aren't familiar with
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Comments (1)
December 07, 2020
wow nice review
detailed explanation.
nice
.
.
but is ethereum better than Bitcoin??
please reply my comment
thank you
I like the way you wrote your review
Good job!
But is ethereum actually slow?
I used it and enjoyed so I do not know about you.
I do not believe it's slow
