Despite bitcoin having the most substantial market share, Ethereum Cryptocurrency is also gaining immense popularity. This blog walks you through a detailed understanding of this blockchain marvel so that you can ponder on getting started with your investment career.
To put it in the simplest form, Ethereum is a decentralized platform that can be utilized for the development of numerous applications. However, the most crucial advantage of Ethereum Technology is that, it allows the users to define programs that govern the working of a decentralized app. No human interference is needed when you’re dealing with such an automated application, which is why cryptocurrencies like this are rising more than ever.
Where can you use Ethereum?
Blockchain Technology has disrupted several industries by offering a functioning ground to cryptocurrencies, along with instilling a peer to peer network. Since Ethereum Cryptocurrency is a product of blockchain, there remains an added benefit of ensuring user trust as there is no governance to control all the data accumulated in the system. This means your exclusive data is not pooled in a single company’s servers when you’re dealing with an application of the Ethereum platform.
Apart from easing the process of making online transactions, Ethereum also supports Decentralized Autonomous Organizations (DAOs). These DAOs can tremendously help when it comes to turning a pre-existing organization into a decentralized and automated body. Specific program codes are written in the form of smart contracts, and DAOs are formed with their collection. Processes like voting systems can be given an entirely new structure when Ethereum-based models are in place.
Why should you use a decentralized network like Ethereum?
Referred to as more than just a cryptocurrency, through Ethereum, you can do a lot more than transferring some amount. Although there are various options for carrying out electronic transactions, using a decentralized system like this renders exceptional advantages.
- The entire data in a decentralized system can only be tweaked by the authorized user, thus taking user privacy and data security to a whole new level.
- There are no distinguishing factors that might restrict you from gaining access to this platform. This way, anyone, and everyone can use and learn Ethereum despite their geolocation or any other factors. You don’t need to get along any strict regulation or meet any compliance in order to begin utilizing this platform.
- Accessible from anywhere in the world, the rules for ether’s economy is relatively open and transparent.
An Overview of Smart contracts based on Ethereum
- Smart contracts are predefined programs designed to carry out a specific task when certain conditions are fulfilled.
- When programmed correctly, there’s no way a smart contract can malfunction or get manipulated. Consecutively, external influence reduces to zero, thus assuring trust in the system as blockchain eliminates any fraudulent activities.
- Using Ether, you can, bring favorable changes in your workflow and leverage numerous benefits of this decentralized technology.
Ethereum Market is soaring
The huge utilization of the blockchain technology has given rise to the demand for skilled blockchain developer around the world, for which the job market is all prepped up to welcome a generation of blockchain developers.
- New York-based Consensys known as an epicentre for ethereum blockchain technology has made an entrance to India recently and is looking forward to growing the ethereum blockchain ecosystem in the country.
- According to a recently released list by Forbes of 50 companies with minimum revenues or valuations of $1 billion and U.S. operations — that are exploring or integrating blockchain technology into their operations, more than half of the companies are working with Ethereum.
- Head of Innovation for State Bank of India Sudin Baraokar was recently found to make a statement that traditional banking service could see a downfall by 2030, with Blockchain taking the leading place.
Scopes and Future Prospects
Ethereum Cryptocurrency is here to stay and it won’t be inappropriate to say that the future of professionals who are skilled in Ethereum Technology is quite bright and awarding. Pursuing the right Ethereum Training from the right trainer hence can open a door to limitless opportunities for the professionals.
- Expected Salary: Considering the demand, it is estimated that Ethereum Developers based on their experience and expertise are offered somewhere between 5L to 30L INR per annum. However, the professionals should keep this in mind that they need to be trained properly.
- Skills Required: The programmers and developers who decide to take up training in Ethereum Cryptocurrency are expected to gain a comprehensive knowledge and overview on Ethereum, smart contracts, and development language- Solidity.
- Huge Job Oppurtunities: A good number of blockchain companies are mushrooming up, including some of the reputed companies like Cyber Infrastructure (CIS), Leeway Hertz, Somish and many more. Apart from this, India, with each passing day, is fuelling up with numerous Blockchain technology start-ups with great business models and funding. As per Tracxn, presently there are 305 Blockchain startups in India, to name few- RentalCoins, LaLa World and CoinGeto.
- Designations in Ethereum Job Space: Smart Contract Developer, Ethereum Developer, Blockchain Developer, Senior Blockchain Engineer, Lead Blockchain Engineer, Blockchain Project Lead are few of the esteemed position which a person with training on Ethereum can land in.
Hence, if you are someone who holds the aspiration to get trained in this emerging technology and make a difference in your career graph, this is the right time to get enrolled in the course offered by Global Knowledge Technologies by clicking in this link. Ethereum Training