Regarding etherum, it is said that this particular coin was created from frustration, and it is true. A young and productive programmer, Vitalik Buterin, was busy exploring the Bitcoin world, and he learned that Bitcoin was changing the world by providing decentralization, trust, and new thoughts regarding money, but during this learning, he saw that flexibility was missing.
Here, that was not an issue but something important that can add more value to this ecosystem. We know that it can easily handle the transaction, and this is why it is made for it, but what if Decentralized apps can run exactly as it is programmed without scam and fraud? This is what Buterin thought about when and introduced Ethereum.
We know it now as a smart contract, and this is what Vitalik wanted. A platform that could provide programmable agreements along with the ledger of transactions is the smart contract.
At the same year end, he published the Ethereum white paper, and no one knew at that time that it would change the whole technology of this field, which allows developers to build Dapps, the full form of which is decentralized apps. Here, the main thing is that any person can deploy code, and it is trusted to run exactly what is written in the code. That is why this technology was very important to start the storm of smart contracts.
There was a successful crowdfunding campaign in 2015, but it took months for development, and after this long process, the Ethereum went live. At first, it was very difficult, but now many projects have followed this footstep and even developed new things in this technology, like a hive blockchain that is based on delegated proof of stake technology. Hive blockchain is something that is unique and different from Ethereum.
Hive is leading in the Web 3.0 world, and Web 3.0 is the next big thing that will eat all the web 2. Developers can experiment with the code and develop new things in the Ethereum blockchain. That's the reason new technologies have evolved, such as Defi and NFTs, DAOs. Defi means decentralized finance, and the middle man bank is removed here and all governed by the smart contracts only. For music, art, and gaming, there is NFT, which is creating a new digital economy, and DAO, which means decentralized autonomous organizations. This one is powerful, too, because a group of people can make decisions here that are governed by the people.
So we can see here that ethfreum expands blockchain. Along with the benefits, there are challenges, too, like scalability issues. Ethereum has high gas fees, which is the biggest problem now. Scalability is the only thing that I don't like in Ethereum; otherwise, everything is perfect. Share this information with friends and enjoy together. I need your contribution, and that is your smaller upvote. Please donate and contribute through voting.
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