2024-09-20
1. Ethereum can solve scalability
problem through layer-2 scaling solutions.
Back in 2019, Ethereum has scalability
problem. Now transactions on layer-2 cost $0.01 per transaction. In 2024,
Ethereum introduced a feature called "Blob" that increase data
scaling available to layer-2.
2. Ethereum has a faster transaction speed.
EIP-1559 makes Ethereum transaction fees more efficient. Now Ethereum takes 5-20 seconds to process a transaction. If you use Ethereum layer-2 transaction time takes less than 1 second.
3. Ethereum is energy efficiency
It changed from proof-of-work to
proof-of-stake. Making Ethereum more carbon efficient. It now consumes less
energy than a building.
4. Ethereum supports development of
decentralized applications.
Ethereum blockchain led to the advent
of stablecoins, decentralized finance (DeFi), decentralized exchanges, Web3
domain names, decentralized autonomous organizations (DAO), prediction markets
such as Polymarket, NFTs.
Even Vitalik Buterin himself did not
predict NFTs. There will definite be new projects on Ethereum blockchain in the
future.
5. Cryptocurrency wallets that are as
easy to use as Venmo.
Ethereum cryptocurrency wallets in 2024
are as easy to use as Venmo.
Bitcoin is about payment and store of
value. While, Ethereum is about creating crypto economy.
