Despite the recent plunge in market price, Bitcoin remains the most valuable cryptocurrency on the market… or does it?
After all there are many ways to measure the value of a commodity, especially one as nebulous as digital currency.
Whilst Bitcoin may still have the edge (for now) in terms of monetary worth, it is Ethereum that has really stolen ahead of the pack in terms of versatility and application.
You see, it’s all about the blockchain. As any investor will tell you, assets come and assets go, but ideas are a harder thing to shift. While some look at the meteoric rise of Bitcoin’s fortunes and see nothing but dollar signs, others look to the tech beneath it all and imagine to what other purposes it can be put.
However, even the most loyal Bitcoin customer would admit that their blockchain is rudimentary to say the least. It does what it needs to do (i.e. record transactions between Bitcoin users) but that’s pretty much it.
The Ethereum Network, on the other hand, is much more versatile. Aside from allowing third-party developers to create their own altcoins and piggyback on the network, recent developments in its token standards mean that the instantaneous, secure, and anonymous transferring of data is also possible, which has far wider-reaching ramifications than mere financial considerations.
With the formation of the EEA (that’s the Enterprise Ethereum Alliance) in February of last year, the company allowed organisations of various sizes to trial and evolve their blockchain at different speeds and capacities. Over 200 companies around the world, from small start-ups to major players, signed up to the initiative and, between them, have discovered, or proposed, all manner of possible applications.
Of particular interest has been the notion of blockchain-based identification, which could be incorporated into voting machines to cut electoral fraud at a stroke. Logistics industries have also expressed an interest in the blockchain’s ability to manage supply chain, providing a permanent and inviolable link between producer, wholesaler, distributor, and retailer (and, of course, customer).
Just a handful of potential applications generated from this trialling of the Network but, as Ethereum continues to scale up its blockchain, and modify its token standards, who knows how far this technology could reach?
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