Review on Ethereum by MUHAMMAD ARDI FERDIANSYAH
Ethereum strengths ,weaknesses and review
Ethereum strengths and weaknesses
Ethereum has all the advantages of blockchain technology, which is free of downtime, censorship, fraud or third party interference. In addition the ethereum platform has Ethereum Virtual Machine (EVM) which is a complete software (touring complete). That is, developers can freely create various applications as easily as creating applications with javascript. For developers who want to create blockchain-based applications, ethereum is the right solution. Developers can make applications quickly, easily, and simply. Developers do not need to worry about taking care of their own blockchain, but rather hitching a ride on the ethereum blockchain. This, of course, saves time, money and effort.
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.
Experience: "
the first time to use it is very convenient to use but for the rest if you want to send a balance then you must pay attention to the server if the server is full then the shipping cost is very expensive"
Pros
- almost all exchanges have this currency
- shipping costs can be used especially for wallets such as trustwallet and others
- fast delivery speed
Cons
- must see the time to send the balance if the server is full, the price of the shipping fee is very expensive
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Comments (1)
August 28, 2020
A well-explained review on the merits of Ethereum network but a contrast to its great benefits, it still has plenty of urgent flaws like scalability and instability. The network plans major developments to deal with various shortcomings of ETH.
