ETHEREUM: WHAT ARE THEY? BENEFITS AND ISSUES
WHAT IS ETHEREUM?
Unlike Bitcoins, Ethereum is an open platform applying the blockchain technology used in creation and deployment of decentralized applications. However, both use the same blockchain distribution though for different purposes. For Ethereum, it is used in running programming codes for open, decentralized apps, unlike the Bitcoin whose application is to enhance peer to peer transactions.
Ethereum is mined in the form of Ethers which are traded through the cryptocurrency networks. Furthermore, Ethereum is one of the most recent types of cryptocurrencies as it was launched in 2015.DOES ETHEREUM OFFER SOME BENEFITS?
BENEFITS OF ETHEREUM - Here are some benefits:
IMMUTABILITY AND SECURITY
Unlike other coins, coding applications using Ethereum are hard for a third party to change them. As such, it has enhanced security which prevents frauds in the businesses. Also, the Ethereum is essential in helping organizations deal with corruption in entities as it is impossible to conduct any censorship. Notably, this type of platform offers app development with no central point. As such, it becomes hard for cybercriminal and hackers to penetrate through your app which is upper hand security wise.
Downtimes are a major disappointment on any online platform. Particularly, when running an app for e-commerce purposes, downtime leads to loss of revenues and opportunities. Unlike the common apps, applications developed using Ethereum platform do not experience downtimes. This means that your business apps remain in operation around the clock. As such, you get an opportunity to earn even while asleep. Also, no one can shut down apps running on the Ethereum network. So, if you are competing with people using other platforms to run their apps, you will always be a step ahead.
HOW WAS YOUR EXPERIENCE?
Unlike Bitcoins, mining Ether tokens take approximately 14 seconds. This is different from Bitcoins which may take 4 or more hours. As such, you have a better opportunity to mine more Ether within a short duration creating a better earning opportunity for you. Also, the mining algorithm applied in Ether mining process ensures it is safe from hackers. So it is hard for fraudsters to steal your Ethers at any point.
Like Bitcoins, Ethereum is a decentralized cryptocurrency. No organization or entity regulates ether distribution. Hence, everyone can purchase and sell Ether tokens. Also, you can mine any amount of Ether tokens as there are no limits set. The Lack of intermediaries to regulate the coins means that no transaction fees charged in using Ether tokens as your payment form. Thus, it makes transaction accessible and cheaper.
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ISSUES ASSOCIATED WITH ETHEREUM
Despite these benefits, Ethereum has some problems which act as the setbacks on its application. One is that decentralized apps are unstoppable. Hence, any fraud designed during the coding stage will have an adverse impact on the organization unless a rewrite of the coding is redone. So, attackers can be part of the developers and continue stealing from an organization until recoding is done since it is impossible to shut down the apps.
While Ethereum has many benefits, it also comes with several setbacks, and so you need to trade carefully.
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