Bullish Case of Ethereum.

In future Ethereum would be the most commonly used currency. It was started as a dream, as a successor of bitcoin but now it's showcasing a whole new pathway of decentralization. but in this essay, we will be concentrating on the tech stack of ethereum and what it has in its arsenal, and why everyone is bullish on ETH.

Initially it has been observed that bitcoin was not specifically solving the problems of blockchain, in other words bitcoin developers were not approaching the problem that is, use case of blockchain in a right way. In the attempt of renaissance of blockchain, Vitalik Buterin and Co-Developers created Ethereum.

Ethereum works on Layer 1 currently, Layer 1 is the underlying blockchain architecture. Which is able to run consensus mechanism like Proof of Work, which also enables faster transaction than bitcoin and on the other hand electricity burned is less, but the problem here is the chain is becoming too crowded because of constant addition of new nodes to the network due to which the gas fees has been increasing rapidly in recent times, this is one of the few problems that arrive here, BUT,

Ethereum developers or as they like to call themselves ETH community has come up with a solution that is building a Layer 2 called ETHEREUM 2.0 which acts as an overlay bridge of a network that lies on the top of blockchain. Ethereum 2.0 uses Proof of Stake (PoS) as consensus mechanism, where an individual has to stake ETH to become any kind of validator, this consensus mechanism eliminates the probability of causing harm to the network from a malicious attacker. Projects like Polygon have emerged in the shadow of ethereum 2.0 where they have created a parallel layer supporting transaction time and gas fees to be minimised. Ethereum uses Smart Contract. Smart Contracts are nothing but computer programs. These computer programs act as middle men for all the transactions on the chain. These programs check for certain conditions during a transaction, if the conditions are met, the locked funds are moved and the transaction is completed.

In the timeline of next 5 years, web 3.0 and Ethereum 2.0 would be mainstream, and all the things would be decentralized. As it is famously said in the blockchain community, Betting on Ethereum is like Betting on Technology.

Want to learn more about ethereum?

• head over to https://ethereum.org/en/what-is-ethereum/
• this youtube channel is a gold mine https://www.youtube.com/channel/UCh1ob28ceGdqohUnR7vBACA