Review on Ethereum by Umut ERDOGAN
Crypto Fuel
Ethereum is currently the second largest cryptocurrency by most transactions after Bitcoin. The increase in value in a short time and its being more innovative than the Bitcoin blockchain raised the question of whether Ethereum could be a competitor for Bitcoin. However, Vitalik Buterin, the founder of Ethereum, says:
"If we compare cryptocurrencies with valuable resources in the world and accept Bitcoin as GOLD and Litecoin as SILVER, Ethereum is PETROL. Because the technology underlying Ethereum will be the energy source in the world's internet system. Just as oil is used in many industries and technologies in the world, the same is true for Ethereum technology. That's why we call Ether 'crypto fuel'. The energy needed by the Ethereum platform will be provided by Ether (ETH). "
As can be understood from Buterin's statement, Ethereum has no intention to compete with Bitcoin. We also see that the Ethereum founding team has been among the blockchain and Bitcoin developers since the first Bitcoin was launched.
Pros
- Powerful Hardware
- Software Installation
- The fact that the selected data is on your system and only the data location is shared in the system is an important advantage in terms of protecting your personal information.
Cons
- At the heart of Ethereum's disadvantages is again the human factor. Since the smart contracts agreements created are determined and written by people, the vulnerabilities that will occur in them unfortunately cause mistakes and, when necessary, fraudulent transactions.
