Ethereum is the second most traded digital currency, after bitcoin. Ethereum, co-founded in 2015 by Vitalik Buterin and Gavin Wood, has a market cap of over $170 billion. This account for over 17.0% of the total cryptocurrency market cap of $1.2 trillion.

Ethereum is a new cryptocurrency, and it differs significantly from the first. In contrast to Bitcoin (BTC), this digital asset was designed to serve as more than just a currency or a means of storing wealth. Ethereum, on the other hand, is a blockchain-based distributed computing platform.

Ethereum – Utilities & Benefits

Utilities

Applications built on blockchain technology are expanding their utility beyond the digital currency realm. Here are a few ways you can utilize Ethereum: 

• Utility as a Commodity: Ether is the system’s native asset, which processes any transaction or change in state on the blockchain. Ether is used by developers and users to “run” Ethereum apps; this “gas” is rewarded to the miners for confirming the transaction.
• Utility in Applications: Thanks to decentralized finance apps, Ether can be used for much more than just gas. For example, users of other apps like Aave and Compound can use their Dai or ETH as collateral to get loans or keep them in “fixed deposit accounts” to earn interest.
• Utility as a Store of Value: ETH has built-in functionality and a plethora of planned developments to strengthen Ethereum. It’s not unreasonable to think that this is the case. Because of this, many people now view Ether as a lucrative investment vehicle to speculate on the future success of the Ethereum network.

Benefits

Here are the benefits of Ethereum: 

• Large network: Ethereum’s advantages include a reliable system tested for many years and billions of successful transactions.  
• Numerous uses and applications: Ethereum can handle monetary transactions, smart contracts, and data storage for various applications in addition to its own
• Innovative:  An extensive group of Ethereum programmers is always thinking about new methods to enhance the network and create helpful software. Ethereum’s prominence makes it the blockchain network of choice for innovative, high-risk decentralized apps
• No middlemen: The decentralized nature of Ethereum’s network means that users may soon be able to forego the services of intermediaries like attorneys. 

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Conclusion 

Ethereum is a robust cryptocurrency, even though Bitcoin is the leader in terms of the value of its coins that are in circulation. It is the second-most popular type of cryptocurrency, with a market worth of over $331 billion, and corporate moguls like Mark Cuban promote it.

Furthermore, it has proven to be a successful financial decision. An astounding $2.23 million would have been earned if you had invested $1,000 in Ethereum in August 2015 or a little over six years later.