Review on Ethereum by Abraham Jeremiah
Ethereum is the pivot point for smart contracts creation
A better way of creating smart contracts and decentralized applications can be done on Ethereum and with it's wide application and usage in the crypto world, it's usefulness cannot be found elsewhere. Smart Contracts changes the way we live as humans, creating a locked agreement or should I say; contract, that cannot be broken into and manipulated by an external body. Smart contracts creation using Ethereum can be done first on its testnet before deploying to the mainnet. Making it possible for users to first create on a testnet before creating same on the mainnet allowed me as a noob developer to test my product as in a real world before officially launching into the Ethereum blockchain network. The ease of doing such on the testnet is easy but sending to the mainnet burns a lot of gas, and considering the high value of Ethereum, this gas fees account for a high value of transaction fees.
Either way, Ethereum is more for creating Tokens and deploying decentralized applications and it's wide adoption makes it the number one spot for interaction with smart contracts. Many wallets today keep integrating support for holding the tokens Ethereum can be used to create. There has been security hacks on many major Defi projects that makes tokens on Ethereum, risky to invest in and the gas fees that is on Ethereum makes it unworkable with but hopefully for a shorter time as Proof of Stake is coming to its blockchain.
Pros
- Useful for creating and deploying smart contracts and decentralized applications which can be used in the real world
- Ethereum and it's token are readily acceptable on many wallets and exchanges
Cons
- Transaction fees are very high on Ethereum
- Security hacks on poorly written smart contract codes are increasing lately
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Comments (3)
January 25, 2021
Ethereum is still a young project with just 6-7 years in existence. With the project being an open source ministimically created project, I don't see why much shouldn't be expected from it. Many cryptocurrencies are even built from it's project
January 12, 2021
Ethereum is almost done for
Polkadot and EOS are the new era of smart contract and Dapp cryptocurrency
The only thing limitating them is adoption as Ethereum has made it's stand on the market niche
January 12, 2021
I significantly prefer the Ethereum project to Bitcoin especially due to the fact that with the Ethereum project, many projects can be built. The only problem I have with this project is the high gas fees
