Steemitblog Contest: What are my favorite cryptocurrency coins? one of them is Ethereum!
Ethereum
Steemitblog challenge Favorite Cryptocurrency Coin
This is my entry in this contest for this week, and I would like to discus Ethereum. Ethereum a coin of firsts, seconds and thirds. These achievements and other reasons below explain why it is my favorite.
Ethereum-Firsts
#Ethereum is by most reports the blockchain with the highest number of daily transactions.
#Ethereum is by most reports the blockchain with the largest number of decentralized applications or dApps.
#Ethereum is by most reports the blockchain with the largest decentralized exchange application in the world Uniswap.
#Ethereum is by most reports he blockchain with the largest amount of deposited USD in finance applications at over 11 billion USD.
Add:
#Ethereum is believed to be the first Blockchain 2.0 project to deploy Smart Contracts
#Ethereum is believed to be the first Blockchain to deploy NFT Tokens like ERC 20 tokens for Cross-Chain trading.
Ethereum Seconds
#Ethereum is the second largest cryptocurrency coin project in the world, by market cap, being second to Bitcoin.
##Ethereum thirds
#Ethereum was the #3rd cryptocurrency coin project made in the world, coming along after Bitcoin and Litecoin.
Ethereum is I believe the present and future of decentralized finance for the following reasons.
Ethereum is currently the undisputed number one blockchain for the newest form of investment finance DeFi or Decentralized finance.
This area is the fastest growing segment of the financial world with investment in this sector growing from several billion in 2019 to several billion in 2020. A historical and unprecedented 1000 fold increase in business transactions and USD deposits. This phenomenon has no historical equal.
Decentralized Finance is I believe the next big thing in finance and technology.
It is clear from the sheer volume of print, television, internet and social media advertisements that decentralized finance and the block chain are going to have a bigger impact on the world then the internet. I make that statement confidently because the blockchain is currently recognized by hundreds of countries, institutions of higher learning and large financial businesses as the technology of the future for finance and it has several other non-financial applications too.
Ethereum is the leader in decentralized finance and its infrastructure NFT's , ERC tokens, decentralized exchanges, liquidity provision and yield farming.
It has an amazing majority market share of this industry growing at 1000x increases in the last year, with clear evidence of intense developer activity to address transaction speed, transaction volume and transaction costs. The current efficiency of scale issues for the Ethereum blockchain.
Ethereum 2.0 POS and Validation Nodes
The excitement of Ethereum 2.0 is amazing both to cryptocurrency traders, exchange managers and software developers.
The traditional division between proof of work coins with miners validating blocks and the Proof of Stake chains with nodes validating blocks has been a historical dichotomy, but with the advent of Ethereum 2.0 Ethereum raises the bar again and creates new standards for others to aspire to.
Ethereum 2.0 will introduce not only a proof of stake mechanism familiar to cryptocurrency advocates and coders, but will also usher in a new age where expensive computers are not necessary to run a node and be a validator of transactions. Laptops and powerful smartphones will be able to run validator nodes and Ethereum, once plagued by defat centralization due to the cost and complexity of mining computers raises the possibility of true distributive de centralization around the world with it's corresponding wide distribution of wealth, which could change the world based on the value of ethereum .
We are living in historic times.
Thats why Ethereum is one of my favorite coins.
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It is true that the majority of the DeFi are concentrated in the Etherum family. But Etherum is no more cost-effective than it is used to be before. That debarred the general middle-class community. To be having an inclusive policy, the crypto domain needs to seriously think of the transaction fees.
However, for being first ever the Smart Contract platform, it has its relevance and it might continue to be with its dominance after Bitcoin.
Thank you.
#twopercent #india #affable
Hi @sapwood
You are very correct, its transaction fees are an issue for individual investors.
The irony is that Institutional Investors and other Financial Institutions are utilizing DeFi for its better yearly interest rate, and the cost of transactions in traditional banking wire transfers is so high and so slow, that Ethereum is both cheap and fast by comparison. LOL!
The very qualities of cryptocurrency which attracted many of us here are now attracting others.
Thank you for your comment, it is a very good point and helps us understand the changing dynamics of cryptocurrency DeFi.
@shortsegments
Nice i love have it
I like it too.
My goal is to earn 32 of them to run a node one day.
Thank you
Wow that's awesome how would you do that
Earning crypto blogging and buying it on exchange
Ok thanks
As much as i like ethereum, one thing i do not like about ETH is its gas fee which can be very expensive
Yes they are, and one of the advantages of Ethereum 2.0 will be lower transaction fees.
I also prefer Etherium to some other cryptocurrencies due to it's prospect and the fact that there are lot of project built on the Etherium blockchain and also Etherium 2.0 is a plus 💪😎
Thanks for sharing this great post with love from @hardaeborla and I hope you have a great day ahead 💓💕💓
You can be sure I'm of the same opinion as you when it comes to decentralized finance being the next big thing in finance and technology. With Ethereum at its fore, it's not difficult to see why ethereum is a very prominent crypto project. With it's own blockchain, ethereum has bee able to come up with so many innovations. I don't know if it's the first but it's with ethereum that I began hearing of smart contracts and ERC20 tokens.
Ethereum is by no mistake or happen chance the most altcoin, it's simply because it's the best of the rest. This is my opinion on ethereum.
#onepercent #nigeria #affable
Hi
I think your correct, Ethereum is considered to be the first blockchain to deploy smart contracts. I think you are also correct that it was the first blockchain to deploy NFT tokens like ERC 20 also.
Good Points
Thanks so much friend. I learnt a lot from your post. It's nice reading from you once again.
Cheers
#affable
En venezuela con esta crisis economica que es la hiperinflacion, sumandose con la cuarentena, se ha reducido la circulacion del fia, esta creciendo las criptomonedas una de ellas es Ethereum aqui te muestro una pagina que circula en el pais.
https://www.satoshitango.com/es-VE/como-vender-ethereum-en-venezuela.html
Thank you for your reply. I wondered about Ethereum use in Venezuela.
Thank you for the link also.
ES
Gracias por su respuesta. Me preguntaba sobre el uso de Ethereum en Venezuela.
Gracias también por el enlace.
Thank you @oresteg for the Link
A la orden siempre
I have read some things about this cryptocurrency and it is very popular, isn't it @shortsegments?
Hi @wiseagent
Yes it is very popular, it has a very large and seemingly loyal community. It also has one of the largest paid developer communities of all cryptocurrency tokens.
Thank you for taking part in the Bitcoin is Booming Crytpo Challenge.
Keep following @steemitblog for the latest updates.
The Steemit Team
Hi @steemcurator01
Thank you for supporting my blog!
It is greatly appreciated!
@shortsegments