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[BMF]

Ethereum is also a popular cryptocurrency like Bitcoin but has significant differences. It is an open source, decentralized and distributed blockchain network. Bitcoin can be used only as a digital currency whereas Ethereum is used as a technology to build new programs on top of that. In a nutshell, Ethereum is far advanced in terms of technology when compared with other cryptocurrencies. Ethereum was released in the year 2015. The currency of Ethereum is called Ether and is denoted by ETH.

Pros:

1. Smart contract: This is the most significant feature of Ethereum. Smart contracts are nothing but computer programs that gets automatically executed on the blockchain technology if it satisfies the given set of criteria. Developers can create their own codes and run them in the blockchain technology using smart contracts. They can run without any fraud or interference from the third party systems.

2. Low maintenance cost: If you can integrate or sync your system to the Ethereum blockchain, you can reduce the maintenance cost as it is completely managed by the blockchain technology of Ethereum.

3. Data security: Currently, the integrity and security of your confidential data depend on the third parties as they are stored on their servers. Ethereum technology aims to provide more control over the data to the creators than the third pay systems thereby reducing the chance of hacking.

4. Faster transactions: The average time taken to get confirmation for an Ether transaction in the blockchain is close to 3 minutes. So, it is faster when compared to Bitcoins.

Cons:

1. Gas fees are more for large-scale platforms.

2. Ethereum is used more as a technology than as a currency.

3. Ether is not widely accepted by merchants and is more used for internal purposes like paying transaction fees in the Ethereum blockchain.

 

[Prouty]

Ethereum is cool no doubt, but I feel that with the rise in price the cost of gas prices will rise, which means that the newbie users who are just starting out with airdrops will be put off by the rising cost of moving the tokens they have just gained from airdrops.

There are some people out there with obscene amounts of Ethereum. I spent a few days looking through the ether blockchain at hundreds of ether addresses checking out the contents, and some addresses have hundreds of thousands of ether coins, as well as millions of varied tokens.

ethereum as an investment is a no brainer i think. With the airdrop phenomenon the use of ethereum will inevitably grow. I can see ether at double it's current value by the end of the year, which may not be a bad thing as it may stem the flood of new coins coming into the market. Every new coin brings new users who are attracted by the low prices, so people will go for these and this will slow the growth of the bigger coins like bitcoin. On the other hand it may reduce the volatility of bitcoin also which is a good thing. With the state of play at the moment I can see Ethereum becoming more volatile in price than bitcoin by the end of the year

 

[overcast]

Ether is going very slow due to the games which were created on top of it. I am sure if we get rid of them things will surely improve. hopefully those projects stop. and people do some serious work with the ether. that's something I am going to check out.

 

[Yugocean]

Recent ethereum price drop is nearly 7%, it is a big drop for a cryptocurrency, but did not effected ETH's status because all are falling. ETH is still at 2nd place in the coin market with better rate.

 

[overcast]

Ether is long term crypto even if ether becomes 1$ USD. it has some value. the smart contract algorithm part is what makes ether more valuable than bitcoin. but bitcoin is like cheerleaders in college. they get all hype due to hype and looks of it.

 

[junrose123]

Ethereum is also a great cryptocurrency just like bitcoin and I heard a lot of people wanting for it due to its good price in the market.

 

[overcast]

I hope that ether market comes back. I have invested some money into it. and hopefully i can get better returns for the time invested. as of now there does not seem to be much out of it.I guess I just have to wait and see market change.

 

[Yugocean]

ETH is strong again, with crypto market's returning back on track, ETH is again getting better value. We should have invested more when it's price was fallen; yet there is time, more chance of ETH gaining to 2k USD soon.

 

[Prouty]

I love the technical aspects of Ethereum. I sat there the other day and watched the live distribution of a token called bitflux (which I had an airdrop of), and was fascinated with the smart contract distribution watching it slowly churn out thousands of tokens to addresses all over the planet. the only sticking point was when I spotted a couple of times the smart contract spat out more tokens than were due. Later it was explained to me that this was due to 'a bug in the smart contract', although whether that was a bug in the bitflux contract, or the ethereum code wasn't clarified.

I presume that when a new token, or ICO launches, they program their own smart contract based on the ETH network? If so then I guess it is down to whoever from the token in question actually programmed their own code for their own contract.

I am no expert in this area but it was fascinating to watch. I did the same on the 18th for the distribution of 'Jesus Coin', and the thing went without a hitch...

 

[Yugocean]

Ethereum is itself a blockchain, all ethereum blockchain based token can be used same way; but Ethereum cryptocurrncy itself is different; when we check coin market, Ethereum itself is shown as a coin and both Ethereum blockchain based token.

 

[Prouty]

The thing that really fascinated me about ether is how it differs from the bitcoin blockchain. If you want to send Bitcoin then you send whatever the amount may be from your own address to a different address, and that it pretty much it. For instance you can send $100 from point A to point B

With ethereum I can set up a smart contract, then send the same $100 in a transaction that will distribute the $100 in fractional amounts to every address of every member of the beer money forum.

This would be an ideal method of distributing a company payroll for instance if you have a thousand employees then one smart contract transaction could pay all of your employees different amounts to their addresses all at the same time.

When you think of this as a real world solution then the future applications of Ethereum are just endless. As an aside to this point I listened to a podcast the other day that was all about the other cryptocurrency DASH, and how this is actually being used for company payroll purposes in latin American countries. So I guess people tend to just look at cryptocurrencies as a means to an end to make a profit, but they are solving very real day to day problems in some places.

 

[Yugocean]

This is very good information, ETH can solve so many problems which fiat currency and Bitcoin both cannot solve; no wonder ETH is at rank 2 but also Ethereum blockchain tokens are on better rank.

 

[tusziget]

The thing that really fascinated me about ether is how it differs from the bitcoin blockchain. If you want to send Bitcoin then you send whatever the amount may be from your own address to a different address, and that it pretty much it. For instance you can send $100 from point A to point B

With ethereum I can set up a smart contract, then send the same $100 in a transaction that will distribute the $100 in fractional amounts to every address of every member of the beer money forum.

This would be an ideal method of distributing a company payroll for instance if you have a thousand employees then one smart contract transaction could pay all of your employees different amounts to their addresses all at the same time.

When you think of this as a real world solution then the future applications of Ethereum are just endless. As an aside to this point I listened to a podcast the other day that was all about the other cryptocurrency DASH, and how this is actually being used for company payroll purposes in latin American countries. So I guess people tend to just look at cryptocurrencies as a means to an end to make a profit, but they are solving very real day to day problems in some places.

Very good information.It is good to know those things about Ethereum,I used to collect some Ethereum,and exchanged them in Faucethub.io to Bitcoins.Interesting thing about it is,when I have tried to exchange Ethereum to Bitcoin,it took longer time to sell,and when I exchanged Bitcoin Cash or Dodge etc,they were sold within seconds or minutes.

 

[Yugocean]

Now with this idea we can convert our satoshis to ETH and may get some better return; however if we still compare ETH to Bitcoin, we still find that BTC have hardfork like BCH which one can earn for storing BTC, but there is no hardfork of ETC and it requires POS protocol.

 

[tusziget]

I have read that on 28 February there will be another fork in Bitcoins,though I am not sure,if any wallet will receive this type of bonus having Bitcoins there.Anyway I am very excited about it,what will be the bonus from the fork.

 

[Prouty]

Now with this idea we can convert our satoshis to ETH and may get some better return; however if we still compare ETH to Bitcoin, we still find that BTC have hardfork like BCH which one can earn for storing BTC, but there is no hardfork of ETC and it requires POS protocol.

There was actually a hard fork of the Ethereum code. In fact if I understand it correctly Ethereum is itself a hard fork of Ethereum classic.

Taken from Wikipedia

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In May 2016, a venture capital fund called the dao built on Ethereum raised around $168 million, with the intention of investing in projects using smart contracts In the same month a paper was released detailing security vulnerabilities with The DAO that could allow ether to be stolen. In June, 3.6 million Ether (approximately $50 million USD) was taken from accounts in The DAO and moved to another account without the owners' consent, exploiting one of the vulnerabilities that had been raised in May. Members of The DAO and the Ethereum community debated what actions, if any, should occur to resolve the situation. A vote occurred and in July 2016 it was decided to implement a hard fork in the Ethereum code and to move the Ether taken in the exploit to a new smart contract through which it would be restored to the owners from whom it had been taken.

Ethereum Classic came into existence when some members of the Ethereum community rejected the hard fork on the grounds of "immutability", the principle that the blockchain cannot be changed, and decided to keep using the unforked version of Ethereum

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So Ethereum had a hack exploit, and dealt with the situation by moving the stolen tokens into a new currency...Man, that was a hell of a solution, any other coin would have just written the hack off as unrecoverable

You have to hand it to Vitalik, he's a clever guy.

 

[Yugocean]

Wow, this is a different thing; so Ethereum Classic is a hard fork of Ethereum. there was news of EtherZero in December last year, it was considered as a "Revolutionary Ethereum Hard Fork" ; but it never come.

 

[Prouty]

I think forking itself is a recent concept and did not happen very often. It was Bitcoin cash that started the ball rolling on the fork craziness going on at the moment. In theory a fork was only thought to be necessary when there was a dispute between developers over the direction of the project, which to be fair Bitcoin Cash was just that, but lately people have realised that all it needs is just someone to copy the code of a coin, and fork it into whatever the hell you want to call the new coin. Its natural that the most forks should come with the most expensive coins, and Ethereum has not suffered as many forks as bitcoin has.

 

[Yugocean]

Ethereum founder Vitalik Buterin has warned that value of cryptocurencies could drop to near-zero any time. So this is something even ETH have to be believed. How much we should take it seriously?

 

[tusziget]

I think this is something that nobody can predict.People may presume some things,but they can not read the future.I am taking only in count the years,in which cryptocurrencies has gained higher value and are still on the market.

 

[Prouty]

Vitalik is a smart guy, he's planning a whole bunch of new things for Ethereum, one of them is something called Casper which as far as I can make out may solve the scalability issue with Ethereum as well as acting as a kind of equivalent lightning network type thing for Ethereum.

I think Vitalik never expected Eth to be so successful to begin with, and the bitcoin devs never expected Bitcoin to be where it is today, so the sheer volume of users is a challenge for everyone as it slows the network causing rising fees. I listened to a podcast yesterday with the founder of Cardano who was Vitaliks partner at the start of Ethereum, and he mentioned that he wont rest until all transaction fees are zero, and speeds are in seconds.

It's a big ask, even for someone as bright as these people