The Crypto Economy-Ethereum

Because Ethereum does not have a clear monetary vision like Bitcoin, its popularity and structural significance are not due to its cryptocurrency (ETH). Ether is only the tip of the iceberg when it comes to cryptocurrency. The multibillion-dollar economy powered by the Ethereum ecosystem and its ability to adapt to the needs of its users prove to be game-changers.

Ethereum is now the most versatile decentralized computing platform. It has become the focal point of many use-cases in the crypto economy, ranging from cross-border payments to OTC derivative settlement and clearing to developing autonomous governance structures and streamlining back-office processes.

Back in the day, Vitalik Buterin created Ethereum to augment, improve, and expand the capabilities of Bitcoin. It has accomplished much more over the years. Furthermore, it is one of the primary reasons (if not the primary reason) why the crypto industry has captured the attention of Wall Street and gradually earned the trust of regulators all over the world.

Currently, Ethereum controls 60 to 70% of the crypto industry.

Furthermore, Ethereum powers stable coins such as USDC, Tether, and PAX, which many retail crypto investors and institutions hold.

Without Ethereum, the NFT craze would not have been possible. Because of the network, many of the most expensive NFTs and markets, such as OpenSea, are now operational.

In a nutshell, Ethereum has become the preferred environment for most project developers in the niche. This allowed the crypto industry to grow and innovate. Furthermore, the variety of use-cases and the powerful network effect gradually increase the number of developers who use the network.

What Will Ethereum Give Us Going Forward

Ethereum can provide us with a blueprint for creating the crypto environment of the future. Cryptocurrencies are being scrutinized from virtually every angle in a world striving for carbon neutrality. According to current research, Bitcoin mining alone could cause global warming to exceed 2°C. While Ethereum mining emits 11 times less CO2, it is still not viable for a sustainable future.

Among the key benefits that Ethereum may provide in the long run is the ability to usher in the era of Web 3.0. In it, decentralized applications allow users from all over the world to interact and transact without intermediaries. As a result, it can compete with the offerings of large technology companies. Furthermore, it can open up the crypto economy and make it affordable and accessible to virtually anyone on the planet. That way, humanity will be able to address the issue of the unbanked population, which currently numbers over 1.7 billion people.