Ethereum is now the most actively-used blockchain and hosts the second-largest cryptocurrency token in the world: Ether. However, people talk more about something more specific when talking about this blockchain nowadays: Ethereum Upgrades. If you have plans to invest in Ethereum — or cryptocurrencies as a whole — , you should know what Ethereum Upgrades mean. The last time we checked, these upgrades would change the blockchain industry as we know it and not just Ether.
In this article, we have explained everything you should know about Ethereum Updates and how the said upgrades translate to a cryptocurrency environment. Before that, we think we should understand the significant factors that make Ethereum different from Bitcoin and other cryptocurrencies.
What Makes Ethereum Unique?
As we said, Ethereum was launched eight years after Bitcoin. The launch coincided with the dramatic amount of attention the cryptocurrency was gaining after the price boom. At the same time, Bitcoin had started to show the many limitations of the traditional blockchain design.
For instance, the transactions began to require more time, and the entire network became a complicated affair. Because Ethereum made its first step during this time, the platform could get many things better. First of all, unlike Bitcoin, a financial system, Ethereum was designed as a multipurpose ledger technology that can go beyond cryptocurrencies. As a result, many enterprises have used the Ethereum platform to generate smart contracts. Such contracts are used in many instances, including Initial Coin Offerings.
Like almost anything else in the blockchain world, Ethereum’s smart contracts option has also seen some significant problems. For instance, the DAO hack, which cost Ether tokens worth $50 million, happened due to some security issues that couldn’t be fixed quickly. However, the community had reversed the theft using a hard fork. While these are indeed some great pointers, the Ethereum community has kept the best things for the last: Ethereum 2.0.
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