In the constantly changing world of blockchain technology, Ethereum shines as a beacon of innovation. Remarkably, over 70% of new contract codes were first deployed on the Ethereum blockchain, underscoring its importance in shaping the industry. It offers developers a platform to construct their projects using smart contracts, coupled with unmatched flexibility and scalability. Ethereum has revolutionized the way developers approach blockchain development. In this guide, we will delve into the reasons why developers chose Ethereum for Blockchain development.
What is Ethereum?
Ethereum is a decentralized platform that pioneered using smart contracts on blockchain. Smart contracts allow transactions to be conducted without the need for a centralized authority. Ethereum is an open-source blockchain that empowers developers to build, publish, and monetize their decentralized applications (dApps). It has its own native cryptocurrency, Ether (ETH), which facilitates transactions within the blockchain. Furthermore, Ethereum uses a public ledger technology, making verifying and recording transactions easy.
What Are The Features of Ethereum Blockchain?
- Smart Contracts: Smart contracts differ from traditional contracts in that they automatically execute a contract when certain conditions are met. They are a program that facilitates the exchange of assets(shares, property, or other digital assets) between two parties. Anyone can create smart contracts on the blockchain, and once the contract is executed, it cannot be changed. Smart contracts are usually built using the Solidity programming language.
- Ether: Ether, the native cryptocurrency of the Ethereum blockchain, serves as the fuel for the network. It is used as a transaction fee (gas) that one pays when an operation or a smart contract is executed on the Ethereum network.
- Ethereum Virtual Machine (EVM): EVM is a computational engine designed to handle the runtime environment, including compiling and deploying for Ethereum smart contracts. Ethereum Virtual Machine is distributed among all the nodes of a blockchain. This makes it friendly for developers to test the smart contract’s functionality and performance. Moreover, the EVM architecture simplifies the development of dApps.
- Decentralized Applications (dApps): Developers can create and deploy dApps utilizing smart contracts on the Ethereum blockchain. The dApps can encompass various types, spanning from financial applications to gaming apps. DApps are different from conventional apps as they are built using blockchain technology, which makes them decentralized and more secure. Furthermore, all transactions done through dApps are transparent and immutable, enhancing their reliability and integrity.
Why do Developers Choose Ethereum For Blockchain Development?
Ethereum’s Appeal to Developers
The main reason developers are flocking to Ethereum is the array of benefits that the blockchain offers. Developers can use the Ethereum Virtual Machine (EVM) to test their smart contracts across diverse environments.
Being an open-source platform, Ethereum has remained the center of attraction for developers with ambitions and innovative ideas. By helping dApp developers leverage the network as a base, it stands as an ideal option. The platform exudes a dynamic atmosphere powered by a solid language for smart contracts and is not confined when it comes to creativity. All these make Ethereum a place developers hope to use to build their dream decentralized applications.
Open Source Ecosystem Where Creativity Is Encouraged
Ethereum adheres to the practice of the open-source ecosystem, where developers from all over the world can communicate with each other as a single community. Within this community, developers can find like-minded people, get inspiration for a new project, find partners to collaborate on projects, and more.
The transition from a Proof-of-Work to a Proof-of-Stake consensus algorithm underscores Ethereum’s commitment to staying updated with industry trends. Although there are other blockchain ecosystems available, Ethereum stands out from the crowd due to its mature and robust ecosystem. The developmental tools and resources offered within the Ethereum ecosystem include Solidity, Remix IDE, Web3.js, MetaMask, and Truffle Suite.
Ethereum: The Head of Multi Chain Development
Due to the rise of multi-chain development, the blockchain landscape is currently in the midst of a significant upheaval with Ethereum at its center.
Developers need to adapt to this massive change as the era of one blockchain dominance has passed. Instead, now is the time for collaboration between multiple blockchains simultaneously. It is a time for exploration, diversification, and integration of multiple blockchain ecosystems.
Due to the demand, the number of multi-chain developers has surged dramatically. According to a report, the number of multi-chain developers grew from a mere 3% in 2015 to 34% in 2023. The tenfold increase in eight years clearly underscores the rising trend of multi-chain development. In this massive change to the landscape, Ethereum isn’t losing ground; instead, it is adapting to the changes and thriving in this dynamic environment. The main focus is on the Ethereum Virtual Machine (EVM) because of its compatibility with numerous blockchains, like Polygon, Avalanche, and BNB Chain.
Ethereum Becomes A Benchmark in Multi-Chain Options
Multi-chain solutions represent the future of blockchain technology, with Ethereum leading the way as the benchmark for others to emulate. Blockchains compatible with the Ethereum Virtual Machine (EVM) are emerging as significant players in this evolving landscape. Ethereum’s influence in shaping industry standards goes beyond its own network, signaling a shift towards an interconnected ecosystem rather than reliance on a single blockchain.
Ethereum’s perspective on the multi-chain industry differs from that of competitors like BNB Chain and Polygon. Instead of viewing them as rivals, Ethereum sees them as valuable contributors to its ongoing evolution because the main theme is about collaboration rather than exclusivity. Ethereum stands at the forefront and sets a tone for friendly engagement and mutual advancement.
Ethereum Enterprise Blockchain Networks
While the Ethereum blockchain operates as a public ledger, enterprises often refrain from utilizing it due to concerns regarding confidentiality and data privacy regulations. To address these issues, Ethereum offers a modified version tailored for enterprise use, known as an Ethereum client.
One such example of an Ethereum client is ConsenSys Quorum. By using the Quorum, enterprises can implement a permissioned blockchain network that allows them to carry out access control over the blockchain.
Ethereum’s Roadmap Continued Advancements
Ethereum’s history is followed by continued advancements to its roadmap aimed at enhancing its performance, lowering transaction prices, reducing gas fees, increasing security features, and more. Some of the major upgrades that led to developers choosing Ethereum for blockchain development include:
- Cancun-Deneb(Dencun): This upgrade focused on enhancing the blockchain’s scalability, Proto-Danksharding (EIP-4844), and reducing costs for layer 2 rollups.
- Shanghai-Capella(Shapella): This upgrade facilitated staking withdrawals to the execution layer, enabling blocks to accommodate withdrawal operations.
- Paris (The Merge): This significant upgrade replaced the proof-of-work with a proof-of-stake consensus algorithm, leading to lower energy costs.
- Beacon Chain Genesis: This upgrade introduced consensus logic and block gossip protocol to the blockchain, laying the foundation for Ethereum’s development.
Conclusion:
Overall, Ethereum is a pioneering force in the blockchain industry, constantly evolving to meet the needs of developers and others alike. With features like smart contracts, Ethereum Virtual Machine, decentralized applications, and more, it has become the platform of choice where developers seek to build their own products and services and realize their dreams.
