All about ETHEREUM & why you should invest now

What is Ethereum?

Simply put, it's a really big computer made of many computers around the world that check each other's results. Anyone can run programs on it and pay only for what they use.

Ethereum is an open software platform based on blockchain technology that enables developers to build and run decentralized applications. Applications built with Ethereum have specific properties that make them unique. Before Ethereum, building decentralized applications required a complex background in cryptography, mathematics, etc. Ethereum simplifies all this by making it accessible to web developers. Moreover, we can now create apps that are accessible to everyone, without restriction, providing services which are currently owned by the Googles and Facebooks of this world. Identity, reputation, payment processing, online communications, etc: control of all these services can now go back to the public space. Ethereum applications are resistant to many attacks, are always available, and are guaranteed to be available in the future. There is no downtime (will never crash/go offline).

Are you familiar with Ares, Limewire or BitTorrent which is a form of peer to peer file sharing? Where basically if I have a file, I can share that file in a network of computers and everyone can download it from me. Ethereum is similar but we are all sharing an Operating System like Windows or Mac, and it is constantly being updated and checked by all the computers.

The difference between Facebook/Google/Instagram and applications on Ethereum is that Facebook etc are still centralized (i.e., they own the servers, database, hardware all over the world to provide a service). Since it is centralized these companies dictate user terms and conditions, policy, privacy, and other things. Ethereum provides a decentralized alternative to this, giving the power back to the users and making it more democratic.

Ethereum is similar to Bitcoin but different. Like Bitcoin, Ethereum is a distributed public blockchain network. Bitcoin and Ethereum differ largely in purpose and capability. Bitcoin offers one particular application of blockchain technology, a peer to peer electronic cash system that enables online Bitcoin payments. While the bitcoin blockchain is used to track ownership of digital currency (bitcoins), the Ethereum blockchain focuses on running the programming code of any decentralized application.

In the Ethereum blockchain, instead of mining for bitcoin, miners work to earn Ether, a type of crypto token that fuels the network. Ether is also used by application developers to pay for transaction fees and services when building apps on the Ethereum network.

“Bitcoin is first and foremost a currency; This is one particular application of a blockchain. However, it is far from the only application. To take a past example of a similar situation, email is one particular use of the internet, and for sure helped popularize it, but there are many others.” - Dr Gavin Wood, Ethereum Co-Founder

What is a smart contract?

Smart contract is just a phrase used to describe computer code that can facilitate the exchange of money, content, property, shares, or anything of value. When run on the blockchain, a smart contract becomes like a self-operating computer program that automatically runs when specific conditions are met. Because smart contracts run on the blockchain, they run exactly as programmed without any possibility of censorship, downtime, fraud or third party interference.

Why You Should Invest In Ethereum

It’s a potentially revolutionary technology with the potential to impact a range of industries.
Amazing upcoming Dapps (decentralized apps, essentially businesses that use Ethereum for core operations): Augur Project, The Brave Browser and Basic Attention Token, Humaniq, Lunyr, to name a few using the blockchain.
Making waves in the established industry: Ethereum is the only public Blockchain network designed specifically for developments that are being utilized by multi-billion dollar banks, financial institutions and major technology corporations including IBM, JPMorgan and Microsoft.
The second biggest market cap after Bitcoin only, and one of the most popular cryptocurrencies ever in terms of volume and buzz.

Ethereum is definitely an excellent investment option looking at its historic growth and future possibility. It has been successful in making its effect felt throughout the cryptocurrency world and is starting to dominate the market with some Billionaires recently investing considerably in it and the United Nations considering adopting cryptocurrencies in its aid and relief efforts.

The year has seen a rapid rise in the market value of Ether. This happened due to an exceptional rise in the trading volumes of Ether. Current value of 1 ETH is equivalent to $70+ due to a subsequent rise in the volume of transactions. Millions of Ethereum transactions are recorded every day and the figures are still showing upward progress. This means Ether prices are expected to rise even further. Yet another reason to make an investment in Ethereum.

Ethereum hasn’t yet attained its full potential and there are many achievements yet to be added to its glory. As the time goes by, we are going to witness many other improvements that will only take it further. Although, Ethereum is an interesting investment option, our advice is to never invest in cryptos or anything else for that matter more than you can afford to lose. The field is really volatile and small issues can cause huge price swings. It’s best to think in terms of long term gains. We mine crypto too so our advice is a little biased, as is the Ethereum community. Once you are invested, the more people buy the more your share is worth.

So far, we have not come across any stories of significant loss from crypto investment yet so subjectively speaking, when putting some money in cryptocurrencies, Ethereum is one of the best choices. Also because of the qualified development team, the huge potential applications of a global decentralized execution platform and the amount of quality projects that are being developed using smart contracts on the Ehereum blockchain. But again, don’t invest anything that you can’t afford to lose, we are far from a stable ecosystem and you’ll see plenty of volatility before the price stabilizes.

The rapid development of Ethereum in terms of market cap is good, user and client base is growing rapidly. We see Ethereum as an important decentralized network and technology necessary for the development of a new-age internet and a vast number of useful applications.

For all we know, it is just the beginning. The bETH (best) is yet to come.

Start mining Bitcoin, Ethereum, Dash and other cryptocurrencies with one of our recommended cloud mining services today.