by Lumai Mubanga
Have you ever realized the power of Ethereum? In this article, we will discuss a few applications that the Ethereum blockchain is being used for. With more than 300, 000 developers across the world developing applications using more than 10, 000 nodes, Ethereum’s power is only beginning to be felt.
Built as a generic and public blockchain, Ethereum has opened up its potential to become the second-largest blockchain platform in the world. The specific design models of public and generic properties make it the second generation of blockchain with the potential to maintain its market position. It really helps to programme and use smart contracts and gets much more complex in value-adding propositions on a shared network.
Ethereum Request for Comment – ERC20
Many of you may have come to know Ethereum through the ECR-20 or whatever protocol. EC20 is an Ethereum token which helps to raise money and support developers. The funds are used primarily to fund different projects. This is why smart contracts have become applicable in so many ways. Thus, almost all wallets that support ether equally support ERC-20-compliant tokens.
CryptoKitties and Gaming
Playing with CryptoKitties, for example, was one of the best experience by users. Developed by Axiom Zen it allowed game lovers to purchase, breed, collect and sell virtual cats. Within a few weeks of its launch, people were reported to have spent as much as $1.3M on the virtual game built on the Ethereum blockchain. The Ethereum blockchain is also used in the gaming industry to play and work with different digital assets which are created from digital games.
Refugee Assistance and digital bonds
The United Nations is one of the two largest world bodies known to be using the power of ethereum to help refugees across the world. For example, an UN-based urgency the world food programme has successfully used the ethereum blockchain to distribute $1.4M worth of food vouchers to refugees in the middle east with much efficiency and cost-saving at the same time. In addition, the world bank recently offloaded $33.8M worth of private ethereum private bond into the financial market. This is the power of the ethereum blockchain technology. The Ethereum blockchain is used in financial services to coordinate and disseminate financial services as well.
There are millions of undocumented persons all over the world. Without a personal identity, many remain stateless and refugees for many years, deprived of decent education and other social services. The Ethereum blockchain has capabilities to create digital identities for people who have non.
World Community Support
As a shared platform, Ethereum is totally trustless, with more than 10,000 different nodes. There are more than 300,000 developers in the world engaged in developing open-source software on the open-source on this platform. As an open-source platform, Ethereum blockchain allows anyone to benefit from the progress in the tech world. The Ethereum blockchain thrives on open source. Anyone is free to bring in any progressive ideas to benefit the whole world through the innovative adoption of the application.
Thus, the power of blockchain goes beyond the profit-oriented organization. Everyone has the potential to benefit from this platform when compared to others. The Ethereum blockchain builds the Web 3.0. It is an innovation for everyone, from everywhere a common platform for innovation and entrepreneurs.