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Warp  Speed ​​Future, a blockchain security consulting firm, said: According to news on June 30, 2020, some people believe that because the scale of the encrypted economy is still relatively small, even if a major event occurs in this field, it is like a storm in a teapot, which is not enough. strange.

We disagree with this view, especially regarding Ethereum. Want to know why? If you look closely, the solutions and services that Ethereum has launched today are unprecedentedly gratifying.

The leading smart contract platform is a new type of public infrastructure that is developing rapidly, and at least in my opinion, this infrastructure will definitely be more widely used in the next few years.

Because if Ethereum is useful now, it will only be more in the future. So, to better understand why Ethereum is a game changer in today’s world, let’s take a look at the main highlights of the platform.

Anyone can make money

If you have an Ethereum address, anyone in the world can save, invest, borrow, and transact with anyone with an Ethereum address.

What are the benefits? All of this activity is driven by a decentralized blockchain rather than a centralized enterprise with restrictions and regulatory pressures. PayPal may freeze your account for some reason, but not Ethereum.

As such, Ethereum provides a powerful alternative financial system for an increasingly globalized world, with autonomy at its core.

Decentralized Exchange

Centralized cryptocurrency exchanges implement KYC systems and control customer funds. Decentralized exchanges do not have these two problems, which are the main reasons for the explosion of Ethereum’s DEX transactions in 2020.

It enables permissionless trading around the clock, as evidenced by the recent growth in DEX trading volumes. Take Uniswap, the darling of the Ethereum community, for example. Uniswap's creator Hayden Adams said this month that as of June this year, Uniswap's trading volume will exceed all of 2019.

Additionally, Ethereum’s DEXs are also getting more efficient and cheaper to the point that they can now compete with centralized exchanges.

Digital Partnership

In the past year and a half, a large number of decentralized autonomous organizations have emerged on Ethereum, so digital cooperative organizations will gain more traction.

There are DAOs that provide community coordination services, venture capital, eSports, professional services, and more.

These teams were early pioneers, and they exemplified a new type of teamwork that Ethereum could enable.

cheap cross-border payments

There is no shortage of mainstream payment channels in the traditional financial sector. But these channels are centralized, regional, and prone to intermediate fees.

Therefore, traditional payment methods can be quite expensive. If you want to send a few thousand dollars via PayPal, the payments giant will charge a hefty transfer fee.

By comparison, Ethereum can make a $5 or $5 billion payment anywhere in the world for a few cents. With the technical progress of the Ethereum ecosystem, it will be cheaper to trade through Ethereum in the future.

Open source project funding

Before Ethereum, funding for open source projects was a problem. But the platform has developed innovative projects like Gitcoin Grants that could change the way the world thinks about open source funding in the years to come.

Gitcoin Grants, for example, rely on secondary donations, a donation mechanism that democratically matches donation funds. As Ethereum projects get more funding, decentralized services will become more popular and, moreover, more widely promoted.

Efficient financing channels

Ethereum has made token issuance easy, driving the creation of “social currencies,” where individuals and creators can issue private tokens, giving them unprecedented financial backing, and providing a way for fans to get involved and invest.

In this space, Roll was an early innovator as the "new standard for social currency." They made "social money" accepted early on, so expect more people to get involved as the crypto economy continues to grow.

digital collectibles

Collectibles are also programmable thanks to Ethereum, which could fuel a boom in digital collectibles on smart contract platforms. Previously collectibles were non-circulating, whereas on Ethereum they are liquid.

In 2017, these collectibles, non-fungible tokens, appeared on Ethereum through CryptoPunks and CryptoKitties, among others.

Years from now, many collectibles of "Nifties" projects will live forever on the Ethereum blockchain, all of which will prove to be scarce and anti-theft. A new era of digital collections is coming.

virtual reality

The Ethereum platform also has several well-known virtual worlds, such as Cryptovoxels, Decentraland, Sandbox, and more. These community centers are also growing rapidly.

It’s great that these virtual worlds have been used to host virtual reality events, showcase artists’ NETs, ​​showcase games, and more, and these potentials have recently led to a boom in Ethereum’s virtual real estate market. Builders and real estate speculators also have a corresponding new way of starting a business.

Artist royalty automation

The emerging digital art market on Ethereum was an early gem of the platform, and surprisingly, Ethereum automatically pays artists royalties on secondary sales.

Why is it surprising? Because nothing like this exists in the traditional art world, artists typically don't receive royalties for secondary sales, and it can take weeks for galleries to get paid.

On Ethereum, for every sale of an artist's non-profit work, a smart contract automatically sends a portion of the sale to the creator. For example, with 10% royalties in place, an artist can earn 0.1 ETH in return for a second sale of 1 ETH. This is a huge perk for creators, and I hope this model will catch on in the future.

play games to make money

Ethereum is outperforming right now as it proves that games can bring new revenue to users.

Specifically, in recent months, a project to make money from games has emerged on Ethereum, rewarding and incentivizing players. In Axie Infinity, you can earn SmallLove Potion tokens that can be sold through battle, or in the trading card game Gods Unchained, you can earn money by selling cards.

Blockchain cutting-edge technology capital

What is another main reason why Ethereum will not decline in the next decade? Ethereum is the current concentration of new generation solutions in the entire blockchain field.

For example, the field of oracle technology in this space is currently the most active on Ethereum. There are more promising layer-two scaling solutions on Ethereum. Once Ethereum 2.0 adopts sharding technology, the base layer of Ethereum will be upgraded accordingly.

Summarize

Ethereum is approaching its 5th birthday, and things are just starting to get interesting for the platform. If this is what Ethereum can achieve in five years, what will it look like in 20 years?

A lot can happen between now and the future, and the development of Ethereum is not without its challenges. But there is no doubt that we still believe and are happy for Ethereum now, and the future is even more promising!

The content of this article was compiled and compiled by WarpFuture.com, a security consulting company. Please indicate when reprinting. Warp Speed ​​Future provides relevant blockchain security consulting services including main chain security, exchange security, exchange wallet security, DAPP development security, and smart contract development security.