The blockchain’s ability to survive 51% assaults because of its dispersed ownership has attracted hundreds of developers to the popular smart contracts network created by Vitalik Buterin.
Over 2,962 applications have been generated so far utilizing the Ethereum Virtual Machine, according to State of the dApps, a website that keeps track of the number of applications developed using various blockchains (EVM).
By comparison, there were only 62 dApps functioning as of May 2017, hence the number of applications using this blockchain has increased at a CAGR of 117% over the previous 5 years.
As a primer, let me explain that Ethereum facilitates P2P transactions and provides a platform for building smart contracts and decentralized apps. The technology behind these contracts is so advanced that it leads the field. Because of this, the most popular NFTs, crypto-based games, and decentralized financial applications all run on its blockchain network.
Examples of crypto sub-sectors that have flourished thanks to the Ethereum network include the growth of the DeFi space and the creation of NFTs. Importantly, the network has just begun switching from a PoW consensus process to a PoS one. It’s called Ethereum Merge, and it’s meant to bring in a new age for the Ethereum ecosystem.
The Merge will not only boost network functioning while decreasing energy usage due to the proof-of-work consensus. As a result, this will lessen the causes that lead to connectivity problems on the platform.
Ethereum’s adaptability to meet new needs as they emerge is a big selling feature, along with its decreasing transaction costs. With its impending upgrade to PoS, Ethereum is poised to achieve exactly that, ensuring the network’s continued relevance and use for decades to come.
In all likelihood, the upgrade will cause the $1587 price of ETH to rise. Experts agree that it is one of the best cryptocurrencies to invest in for the lowest possible danger of losing your money.