What are the true advantages of Ethereum?

16 Wed, Feb 2022

Mitchell

Mitchell

The first true advantage of Ethereum is its large, existing network and blockchain technology. Clearly, decentralisation of the Ethereum platform allows for fast, secure transactions without the need for a third intermediary to perform the actions, having smart contracts in place to self-execute.  Being open-source, the platform is accessible by anyone and everyone across the globe, meaning all data can be tracked. This presents the great advantage of allowing people to execute smart contracts (deals and transactions), without central banks, allowing users to avoid unfair transaction fees, censorship and restrictive regulations.

Another advantage of Ethereum is the introduction of decentralised applications. These applications run on a peer-to-peer network of computers, creating a decentralised platform that enables users and businesses to build dApps on top of the existing Ethereum blockchain. The dApps are open-source and operate on their own without the need of an entity or individual controlling it, with records and all data made readily available to the public, as well as utilising cryptographic tokenomics to help keep the network and blockchain secure. There are currently over 3,000 dApps created on the Ethereum network. 

Other advantages include enhanced data coordination, large network size, scalability and performance, rapid deployment, tokenomics and its interoperability.