- Live from: 2015
Ethereum is currently a Proof of Work Blockchain, with an upcoming upgrade of the underlying system, known as Ethereum 2.0. This upgrade will see Ethereum transition its blockchain to a more efficient proof of stake system. Ethereum is the pioneer for blockchain smart contracts and currently dominates by market share. ETH is the native currency for the Ethereum Platform and is the world’s second largest cryptocurrency by market capitalisation after Bitcoin.
- It is currently the number one platform for DApps, especially DeFi.
- Largest developer community – 250,000 active developers (July 21).
- Ethereum is truly decentralised – there is no centralised authority with ultimate control.
- Great interoperability – DApps built on Ethereum can automatically connect to hundreds of existing protocols.
- Demonstrated security and proven reliability.
- A defined roadmap for improvement with EIP 1559, changing Eth to a deflationary asset and Eth 2.0 which will slash gas fees along with a number of very significant improvements.
- Currently Ethereum has slow transactions speeds.
- Gas fees are currently high and further inflate when platform is congested making use uneconomical.
- Ethereum uses a complex coding language called Solidity, which can be complex for developers.