Ethereum gained notoriety in 2017 especially, after it saw a significant increase in value of over 7000% from January to November alone, where fortunate early-adopters saw ‘Bitcoin the 2nd’ take place from an annual starting price of around $7 to a spike on the final day of November at $500. This wasn’t just another speculative rise however, Ethereum is one of the only blockchain technologies making a serious strive towards mainstream adoption and bringing forth the capabilities of this undiscovered technology to the modern world.
Whilst all the above sounds glamorous, what is it Ethereum actually does you may be asking? Ethereum’s sole purpose is to provide a platform where decentralised applications can be developed and implemented to run just like they would on an operating system such as IOS or Android. The technology is notorious for it’s breakthrough use-case of ‘Smart Contracts’ (Basically, just code) – A programmable action which can compute almost anything into an order the developer pre-determines. For example, a smart contract for gambling platform could be programmed to distribute rewards after 700 attempts of the roulette has been spun or for medical companies to input client’s data and have it triggered to become immediately inaccessible for a certain period of time.
This could revolutionise technology and the industries that dominate society as we know it, where manipulation and scandals are always exposed from organisations of whatever matter. Smart contracts enable full transparency and pre-determined algorithmic rules to be set in place, meaning business models and transactions run as they should without interference from human hands.