When it comes to altcoins, a viable cryptocurrency to invest resources in is no other than Ethereum. Developed in 2014 and launched in 2016, ETH remains to be a stable coin of choice.
Let's sink our teeth in these nice tidbits on what makes this a great cryptocurrency to HODL (and sell!).
1. Rewarding Developers
One of the most noticeable differences that makes ETH stand out from other cryptocurrencies is its focus on safekeeping and prioritizing the code. In other words, wherein the BTC blockchain seems to be mainly used to secure ownerships on coins, the ETH focuses on allowing the code of a decentralized app to run as steady as possible (don't worry - more on this below).
2. Of Ether and Gas
Conventional BTC blockchain practice would mean paying miners in BTC for their computing power. ETH miners actually get two kinds of tokens: Ether and Gas
- Ether - used by an app developer to pay for fees and services that are powered by the Ethereum network.
- Gas - mainly used to pay for miners' fees (involves smart contract transactions)
3. ETH involves the Use of Smart Contracts
You may now be asking - what's a smart contract? It's basically a string(s) of code that executes various actions on a blockchain (such as the exchange of information - whether this may be property, content, currency, etc.). Gas is needed for a smart contract to happen.
4. More Support, Limitless Smart Contract Possibilities
Now, this is the fun part. The better the decentralized app developed on the Ethereum network, the higher the chance for it to be sent Gas. It's a win-win situation, actually. Developers get to create some of the most innovative blockchain applications out there; users stand to enjoy what's in there by simply supporting it.
5. Power for Everyone
Considering the focus on developing programs, the network also has one key innovation that makes virtually everyone maximize the full potential of blockchain technology. Dubbed as the Ethereum Virtual Machine (EVM), this software essentially allows anyone to run any sort of program - no matter the programming language used. As so, decentralized app development on the Ethereum network is fast and efficient - a delight for users that support it.
6. Expanding the Power of the Blockchain
Let us briefly tackle the idea of decentralized apps. Essentially, the conventional BTC blockchain is a decentralized app that decentralizes the idea of a cash system.
On the Ethereum network, developers get to create different systems out of the same principle. It is essentially decentralizing anything centralized. Aside from the relatable finance aspect, ETH is being developed to cater to other industries such as real estate and insurance. Now that's a winner in our books - by making blockchain technology more accessible, more people can get to see the benefits of integrating it into their lives.
7. Lasting and Rewarding
Perhaps this is what makes the ETH a good choice - it has a solid and viable use. Focusing on the key aspect of decentralized app development allows the coin to earn in value - a really strong case to get this coin.
You can buy ETH on Singbit.sg, with no transaction fee.
For even more reasons why Ethereum can be a solid investment opportunity, check out our post on Why Ethereum May One Day Overtake Bitcoin.