Are you an investor or want to add Ethereum in your investment portfolio, then definitely you are concerned about Future of Ethereum.
In the year 2017, when Ethereum increased its price from 13$ to 1300$ made crazy to everyone.
Currently, Ethereum is the second choice of every cryptocurrency investors after Bitcoin.
Here in this article, we will discuss various factors of Ethereum start from its introduction, Mining, Trading, Exchange and the Future growth possibilities.
So What are you waiting for, let’s Start:
Is Future of Ethereum Secure?
It is obvious that before knowing anything about Ethereum. The first question pops up in your mind is the future of Ethereum is Secure or not?
No one can Guarantee on this, as cryptocurrency itself future is not certain, but there are a few things which could give us confident on the future growth of Ethereum.
Ethereum is a smart contract, which allows people to contribute their knowledge to build decentralized technology.
Hence, it is not the self-own company but the contribution of many, which could help us to put believe in it.
Anyways what is Currency?
Something which helps you to buy goods or your needs call currency, it doesn’t matter what it is. Such as, if you are able to buy coffee in exchange for the paper then the paper is a currency for both of you. In the same way, if the large community accepts Ethereum as a valid object to trade then that call Currency.
It was an ancient time, where people were using goods to exchange services or goods of need, as time changed, the form of currency got changed to start from goods to paper currency then plastic currency and now it’s time for Decentralised currency.
And good thing is, Ethereum is among the top3 choice of every Crypto investors which seems its future is secure.
This is not the End, before learning in depth about the Future of Ethereum let’s first understand the basics of Ethereum.
Introduction of Ethereum
Ethereum was introduced back in the year 2015 by developer vitalik Buterin, it is Blockchain based open source decentralized technology.
It was introduced with a vision to trade every digital asset on decentralized technology.
It was the first blockchain technology, which allows people to contribute and build their own assets without any third party contract.
The important part of Ethereum is the first platform which allows traditional programming languages to build their application on Ethereum Blockchain.
Ethereum based technology is safe, secure and trusted and free from any fraud.
Using Ethereum blockchain technology anyone can create their own token and fixed limit of generation for same, it is an open source and created token will be mainly known as ERC-20.
Whenever such token release in the market through ICO or any other trading sources you can trade using Ethereum own token call Ether or Ethereum.
Ether is basic Cryptocurrency of Ethereum which actually act as a fuel to clear Etherum transactions, it is also known as Ethereum(ETH)
There are few examples like – EtherEcash,Bithercash find more list here
After Bitcoin, Ethereum is the second best choice of everyone and It has transaction clearance time of average 15 seconds for each block and can clear around 16 transactions per second which are far better as compared to an average time of 30 minutes to Bitcoin.
But Crypto is evolving day by day new technology is emerging with proper solutions and one of them is EOS Blockchain network which debated as Ethereum Killer, How?
Check our ultimate guide on EOS Blockchain, will clear all your doubts.
Now the point is how to do the transaction, does it has any wallet?
The answer is given below:
It is always basic need to hold any currency, as we have bank accounts to hold centralized currency like Dollar, pound, euro, etc in the similar way we should have a wallet, which could hold or cryptocurrency.
And in case, if someone wants to trade using Cryptocurrency then there must be a sending or receiving details of the trader.
In the real world, the way we have our home address for identification where anyone can send anything belongs to you in a similar way in Crypto world we have Crypto Address which belongs to you only.
This Crypto Address belongs to a wallet which is registered with Your name or Account.
If anyone willing to send any Ethereum coin or Token to you, then he has to send that to your allocated address and Coin’s will be available in Your Wallet.
Now Question is what are those wallets which accept Ethereeum?
Bitcoin and Ethereum are widely used and most famous cryptocurrency and almost every single wallet have the facility to accept this coin and such wallet call as Microwallet.
Etherum itself holds it’s own wallet call MyEtherWallet, which is free and quite easy to use and only help you to hold Ethereum based ERC-20 Tokens.
Do remind you, there are various types of Wallet
This type of wallet, you can download and install in your Desktop. They are available in lightweight client and you can store your coin in it. Such as Exodus
In the current cyber hack issue, a paper wallet is the safest way to hold your cryptocurrency. It is possible using MyEtherWallet, where simply generate a paper print of Address which has few digits of code written on it and that will be your Crypto Address
You can make this secure by putting anywhere you want and it will not vulnerable to hack issue.
This type of wallet are kind of hard disk but well secured and only made to hold your cryptocurrency such as Trezor, Ledger.
But there is a huge list of well known Micro-wallet which support Ethereum and many cryptocurrencies in the single wallet and very easier to do transactions.
Few of the Examples like
Read – Best Cryptocurrency Wallet
I hope You enjoyed learning, wait still a few more things are left
How to Mine Ethereum?
There are a few ways to get free Ethereum coin and one of the best ways is through mining.
Mining is a process, we’re using a high power computer or miner your device will try to solve the algorithm or mathematical problems associated with each Ethreum transaction.
As in the real world, we have a bank which verifies the identity and authenticity of the transaction but here is in the decentralized world we don’t have any authority to do so.
Here Mines comes into the picture, which is a group of people competing with each other to authenticate those transactions and register them into blockchain.
Whoever is able to do so, will get Ethereum in reward.
There are few recommended way to mine Ethereum
- Pool Mining (Recommended)
- Self Mining
- Cloud Mining
But to mine Ethereum is not easy after 2017 popularity, but if still, you want to invest in it then you can do it by above-suggested methods
If you are planning to start mining than I strongly advise you to have a look for detail guide on the best hardware, software, and best mining pool to start Ethereum mining.
Future of Ethereum
I hope you already got quality information on what is Ethereum, what are Etherum wallets and how to mine Ethereum.
If we will go back in the year 2017 when all cryptocurrencies were traded to the best of their value then Ethereum was the second largest in price.
so it proves that Ethereum was among the best choice to pick during golden era or Cryptocurrency.
Now there are a few points which look positive and negative too. will discuss same.
This time decentralized technology Blockchain is widely accepted by various companies and Ethereum is the solution for Bitcoin drawback.
There are few companies like Airbnb and Uber has started developing their apps on Ethereum and if this got successful same as the centralized application then Ethereum could touch the new height of the sky.
In coming future only those who will be able to provide service in minimum time will win the race and as I said Ethereum clear only 15 transactions per seconds which is far less than other currency like NEO.
NEO has the capacity to clear around 10,000 transactions/Second which is far better than Etherum and NEO came with same vision and ideology of Etherum which provide the smart contract to the third party to develop technology on NEO Blockchain.
Ethereum team is aware of this issue and they are planning to change their technology from Proof of work to Proof of stack because this making their speed very slow.
Let me tell you, what it is and what team is willing to do with this.
Proof Of Work to Proof of Stack
It is currently used technology by Ethereum, which makes miner very hard to solve a complex algorithm and creating a competitive environment to mine Etherum.
In Proof of Work, every miner using their devices and trying to solve the very complex problems at a time and this makes things very complex.
But Proof of Stacks is different, where at a time only single miner will mine the coin and all others are in the queue where everyone will get a random chance to mine Etherum.
Here the condition is, the miner has to stack Ether coin in their mining pool and they will be able to mine only stack worth of coin.
So Etherum team is planning to switch from Proof of work to Proof of stack.
Yes, Of-course this could create a monopoly in the market but will improve per second transactions which is the ultimate goal of Ethereum.
Etherum Price Prediction
I know that everyone one has only question, How high can the price of Etherum go?
But it is very hard to predict, as in 2017 it increased from 13$ to 1300$, which was unexpected.
But the way people start believing in it and accepting this as the form of currency can change the face of cryptocurrency and if this so happens then Etherum will be in the top 3 list.
From the below stats taken from Statista it says currently around 6-7 lacs transaction happened on an everyday basis.
All around the world currently 28 Million active wallets for Etherum, which is a very huge community.
The best part is everyone is hoping to be best and if you are in the same loop then remember what is the currency, something which allows you to trade and 28 Million is more than enough.
It is not easy to forecast the price of Etherum, so just focus on Etherum news released by official media page which will guide you the wave in Etherum.
If you will still ask me, should I buy Ethereum then check the detailed guide with all points highlighted.
I did my best to share valuable information with you now it is your time to tell me or your friends what is the future of Etherum?
Summary and Conclusion
I hope you get all around the information of Etherum and if you have read from start, then I am quite confident that you are nothing left with Ethereum to know.
It is far obvious that in the smart contract market is very huge competition and to beat them, Ethereum requires much more changes and hope they will be able to fix those.
In this article, we have covered about Etherum and ways to mining Etherum and the best part is wallet which helps you to hold currency.
Hope I highlighted possibilities on future of Ethereum.I tried my best to grab stats from various sites to help you better understand what is going all around the world.
As become the first project based on the smart contract, it will always be a market leader but still future is uncertain because Cryptocurrency like NEO is competiting them very hard.
Now a day people are also debating that EOS is going to be the Killer of Etehreum, Do you know what is EOS?
If did not then check our ultimate guide with how EOS works and how much is growing day by day.
Now, this is the end of my ultimate guide and view of Etherum, and hope the future of Ethereum will be bright.
If you are willing to invest in any cryptocurrency or willing to mine Cryptocurrency then I thought this might help for You.
Now it is your time to share this with all your social media friends to understand them, What is Etherum and what is Future of Etherum.