Ethereum – the crypto future

By Ronny Fenil

Introduction to Ethereum

Ethereum is a globally active and accepted source of money that not only focusses on new
applications but also emphasizes the security of currency, safe earning, and legalized
procedures [ CITATION Atz17 \l 1033 ]. It allows people to build applications with
blockchains with the operations of different domains online. Ethereum is an open-source
platform that can be used to create decentralized applications via blockchain [ CITATION
Sha19 \l 1033 ]. Unlike other popular cryptocurrencies like bitcoin, it focuses more on
programming and lines of code for the software.

Mining in Ethereum

Miners participating in Ethereum work to gain Ether, which is a tradeable cryptocurrency

and gas, which contributes as a payment and transaction fee [ CITATION WOO17 \l 1033 ].
This language was created because existing cryptocurrencies were damaging the
requirements for the developers as they comprised of limited functionalities for the miners.
The developers had the choice to either expand the resources of the existing platforms,
which was somewhat very complex and hazardous for the programmers or develop a new
set of functions and tools as a blockchain application [ CITATION Bar20 \l 1033 ].

Strengths of the platform

Applications developed with Ethereum are powerful, and no third parties can interfere with
the roots of the use or make any changes. This platform focuses on fair trading, and no
censorship is favorable [ CITATION Zhe19 \l 1033 ]. These provide a 24/7 support to the
miners, by never shutting down. The applications offer support for the international law
enforcing agencies as it allows for an opportunity to reduce the frequency of attacks, thefts,
hackings, and others [ CITATION Nin19 \l 1033 ].
Opportunities for people in the future

It enables the developers to work on various decentralized applications based on the

blockchain rather than restricting them to one platform. It allows people to develop
individual Ethereum platforms for miners with different operations and working methods to
gain more Ether and gas [ CITATION Luc19 \l 1033 ]. It even allows and enables the
developers on centralized applications to decentralize them using Ethereum and launch
them into industries for a large number of requests [ CITATION Oli19 \l 1033 ]. Logistics,
banks, registries, voting and polling systems, regulation systems, and customer service
applications have a broad scope for Ethereum based applications. Autonomous applications
are also supported, making Ethereum more popular among blockchain developers
[ CITATION Mic191 \l 1033 ]. Whoever pays tokens for DAO (decentralized independent
organizations) gets liability to participate in these applications, and vote on matters which
lead to collection go gas and Ether ultimately. It also has the tendency to host, incubate, and
give birth to other cryptocurrencies with somewhat similar competencies but different
operations [ CITATION Yas19 \l 1033 ]. Many games are also made following the platform of
Ethereum, which provides the opportunity for players to earn Ether on achievements in the
game. One of such games is CryptoKitties. These opportunities give a bright light on the
future of Ethereum, which marks the life of this cryptocurrency for more than a decade
[ CITATION Mic192 \l 1033 ]. Gaurav Jaur [CITATION Gau19 \n \l 1033 ] says that Ethereum
can resolve the scalability problems in its functions and achieve much higher value in the
market. Many challenges need to be handled before achieving the identified targets.

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