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The Ethereum Phenomenon
Virtually anyone who has ever had even the slightest contact with cryptocurrencies is already aware of the existence of a thing known as Ethereum. The average layman does not know how it works or what the functionality of the platform is structured on. However, investors best know the platform by its currency – Ether, which has recently punched through the $500 mark on exchanges.
Etehreum is a digital currency designed on a blockchain platform, decentralized and open for use by anyone with a desire to build an application on it. Ethereum is unlike Bitcoin in the fact that it cannot be controlled as it was designed by many people around the world. Though uncontrolled, Ethereum has a solid protocol, which the user can utilize to build applications for blockchain. It was originally designed with flexibility in mind and is available to anyone.
There is no exaggeration in saying that Ethereum is a revolution in technology for blockchain and stands as a very convenient opposition to Bitcoin. Ethereum was designed by Vitalik Buterin in 2013. Ironically, it was the fruit of his research for the Bitcoin community. Soon after the invention, Vitalik published the Ethereum White Paper, describing the details of his design’s technical characteristics and smart contract application, as well as the Ethereum protocol. Ethereum was announced in January 2014 at The North American Bitcoin Conference in Miami and became a sensation.
Nowadays, about 80% of all startups are being developed on the Ethereum blockchain. This is unsurprising as the smart contracts of the system allow for a variety of applications and allow developing products and services that can be applied in blockchain with profit. The main element behind the application is Ether gas, or the internal currency of the system in which the computation of payment is done into the system of EVM. The process is computed by the purchase of gas. Ether is also used as a denomination for Ethereum as a medium of unit. As the demand for Ethereum blockchains increases, the price of Ether goes up.
The future of Ethereum is not bright – it is blinding. The system has already been adapted by some governments for public services platforms due to its immense versatility, speed and economic feasibility. With the rise in Ethereum applications and the number of projects developed on the platform, it is fairly easy to foresee the rise of prices for Ether, as was demonstrated by the recent surge mentioned earlier.
Nonetheless, the crypto market is still relatively new and lacks many of the traditional institutions of a civilized market. But, there are projects on the market that seek to indemnify or mitigate the associated risks that investors take when deciding to invest in projects. Cryptics is one such project that seeks to offer the necessary instruments for alleviating the situation with uncertainty. The concept behind it is to support market participants by providing liquidity on exchanges and a safety cushion for retail investors by creating a platform that connects market players and develops algorithms to predict changes in the value of cryptocurrencies. Such instruments based on highly advanced scoring models involving machine learning and AI are incomparable with human intuition that even the luckiest and most prudent investors could ever be endowed with. The multitude of factors involved in predicting a cryptocurrency’s rise or fall are all taken into account by the algorithms that Cryptics employs. Investors should consult such projects as the expense is well worth the ensured profit and peace of mind.