In just one year, Ethereum (ETH) has risen in price from AU$13.98 to AU$348. With a market cap of $26 billion, it’s second only to bitcoin in terms of its network value.
Naturally, this has led to a lot of interest and cheerleading from investors, speculators and traders alike.
But this is not just another crypto caught up in the latest hype. And it’s not just a bitcoin clone.
In fact, it’s completely different. And it’s probably the most ambitious and exciting crypto project out there at the moment.
Ethereum Price could rise even further
It could even turn out to be the one cryptocurrency that every other cryptocurrency relies on.
And not just cryptocurrencies…
Potentially, it could underpin the wheels of commerce and business in a completely new way.
As you may know, a lot of the recent ICOs (initial coin offerings) have used Ethereum ‘under the hood’.
This is partially the reason for Ethereum’s massive price rises.
But the core of the technology is more than that.
So, what is Ethereum?
Ethereum is a platform that’s built specifically for creating smart contracts.
A smart contract is code that executes code exactly as it has been set up by its creator. By combining this with blockchain technology it potentially automates a whole series of actions that previously required humans to check and verify first.
This could revolutionise all types of industries, from supply chain management to healthcare.
And beyond that it could even facilitate new types of business structures such as Decentralised Autonomous Organisations (DAO’s).
These are organisations with no top down management. But a series of community driven decisions that set rules on how the benefits are shared.
The possibilities are endless.