Will Ethereum become the most valuable cryptocurrency in just a few years from now??
I would say YES!
Hi bloggers,
Well I will first start this off by happily admitting that I’m still an amateur when it comes to understanding the Block Chain technology but I will share with you how I think it all works in a very basic way (because I like basic) and why I also think that Ethereum will become the most valuable cryptocurrency in just a few years from now, yes even more valuable than Bitcoin. Please feel free to correct some of my points as I would love to hear your thoughts on this subject.
So what is Block Chain technology?
Well like I say the way how I understand it is like this, Block Chain is nothing but computer code based on some very clever and complex mathematics and like we all know mathematics cannot be manipulated, tampered with or faked. Mathematics in its most basic form would be 1 + 1 = 2, it does not matter where you go in the world or even the universe for that matter 1+1 will always = 2 it can’t be changed as it will be breaking the laws of physics if suddenly 1+1 = 6??? Mathematics is the language of the universe and it never changes!
Now take that same thinking and apply it to Block Chain technology. If person A wants to send person B say $10.00 person B will always no matter what the circumstances are receive their $10.00. And this $10.00 will be known or in the form of a cryptocurrency or a Bitcoin.
So at this point we all know what Bitcoin is and how it is serving as an example that the Block Chain (the platform that the Bitcoin moves on) works. Bitcoin is nothing but data in the form of mathematics using Block Chain technology as a highway to get to where it needs to go. Its a proof of concept that bockchain works. The same way as how an Email uses the internet to get from one computer to the next. The email would never end up in someone elses in box.
So that’s a great idea, people now have the ability to send these “bitcoins” to each other and they know that person B (that’s the person on the receiving end) will always get exactly what person A sends them.
Now think a bit boarder, what else could this Block Chain technology be used for?? What we have now is basically a new technology where computers can send data and communicate will each other with that data uninterrupted and untampered with. Does the military not spring to mind? Image if you as an Army commander could send your troops based all over the world data and information knowing full well that that information is never going to be intercepted and tampered with before it gets to your troops and that they will always receive exactly the same data that you sent them? Sounds great.
Not only are the military interested in Blockchain technology private companies that develop dapps (decentralised applications) are also are getting on board.
I have always thought that a driverless car is a great idea, just image the amount of work you could get done if the car could drive its self, all of those hours wasted driving could be put to better use, you could go out with a group of friends on a Saturday night have a few drinks and not worry about the police pulling you over or getting a taxi ride home. You could also sleep the night in your car and wake up the next morning in a beautiful new part of your country. However, what happens when someone hacks your car and takes control of it whilst you are still inside of it?? Scary stuff and it is a very real scenario, in fact its already been done when a group of software engineers applied the breaks to a Tesla model S car whilst it was driving on autopilot they did this from a distance of 3kms away.
Block Chain technology will stop hackers from ever taking control of your car as long as the software upgrades that it receives and the constant back and forth communication from the car to the company that built the car is coming from a trusted company. No other third party could ever intercept the data and manipulated or tamper with it before it gets to your driverless car, remember that 1+1 will always = 2, so the software update that your driverless car receives will always be exactly what the company sends to it.
Ethereum.
So where does Ethereum fit into all of this. Well again as basic as I understand it is that Ethereum provides a soft platform for all of these dapps (decentralised applications) to run on. In other words you can’t run any dapps on the block chain without the help of Ethereum.
Block Chain is going to be huge.
Think 20 years ago, when a group of computer engineers got computers to talk to each other and it was called the “internet”. Then these computers could send letters to each other and it was called “email”, then people could buy things on this “internet” but they wanted a way to input their credit card details and so it was called “ebay”, then social media and youtube came along do you see where this is all going?? Im convinced that Block Chain will be a huge part of our lives in just a few years from now. And just imagine the amount of dapps which are all going to be using Block Chain and effectively using Ethereum as their platform to run on blockchain.
Think of the amount of third party apps currently running on Apple hardware, these third-party apps have to pay Apple to use their hardware. That is why I think Ethereum is going to be huge!
So that’s my take on the subject I could be completely wrong in what I have said and please correct me if I’m not making any sense, im reading and talking to people about this subject everyday but to me I would say invest in Ethereum its going to be huge! And by the year 2025 all computer communication will be done by block chain tech.
Rob :)