Happy 5th Birthday Ethereum!
Ethereum has come a long way since arriving to the cryptocurrency world in 2015. This massive project has forever changed the landscape of the cryptocurrency and blockchain spaces. In celebration of Ethereum’s 5th birthday, we take a look at our top 5 favorite things about the platform a.k.a. reasons why NDAX is the best place to buy and trade Ether in Canada.
Although it was launched to complement Bitcoin, Ethereum has nonetheless emerged as a competitive platform, tweaking the technology behind Bitcoin to support the applications within monetary platforms. This has significantly paved the way for decentralized applications of all types and sizes. Simply put, there are more functions you can do with Ethereum and using ETH as a currency enables system development. This is crucial in the modern age, with more and more companies buying into blockchain’s scalability and capability as it works to achieve mainstream adoption.
By introducing smart contracts, Ethereum pioneered both blockchain and cryptocurrency development. Being the first blockchain-based smart contract platform, it presented the newfound ability to design and build decentralized applications (dApps). With Ethereum, everything needed to create new dApps can be done on the platform –far more efficient than building an entirely new blockchain for every new application. Through its unique code and dApps, Ethereum-backed smart contracts allow individuals and businesses to enter transactions (for example, exchange property or shares) without needing to involve a middleman but maintain transparency.
Ethereum has always had a strong game plan. This vision and a strong foundation have strengthened the network, which uses its own browser, coding language and payment system. Branching out, Ethereum has also emerged as a key player in decentralized finance (DeFi).
Ethereum continues to innovate. It’s launching its first phase of development for ETH 2.0, centered around creating a separate proof-of-stake blockchain network called “the beacon chain”. On this new network within the Ethereum blockchain system, ETH holders who have a minimum of 32 ETH can earn rewards in the form of annualized interest on their wealth. This update is expected to create a secure & sustainable system through sharding which will make Ethereum capable of completing centralized, scalable transactions.
Of Ethereum’s strongest advantages is that its mining transfer is super-fast – which means transaction confirmation time as quick as 15 seconds. In five years, Ethereum has processed more than 500 million transactions, with 130 million transactions completed just in 2019.
Despite being only five years old, the future looks bright for Ethereum and we’re proud to have it listed as one of our core currencies.
National Digital Asset Exchange Inc. (NDAX) offers a world-class experience for individuals and institutions to buy and sell coins like Ethereum in the fastest, safest and most compliant manner possible. As Canada’s most advanced cryptocurrency exchange, NDAX has set the bar high for the country’s crypto industry and is consistently leading the way in terms of security and innovation.
If you are based in Canada and looking for an exchange, take a look at NDAX. NDAX is an easy-to-use, beginner-friendly exchange that can give you easy access to trade Ethereum, and other cryptocurrencies like Bitcoin, Ripple, Litecoin, Cardano, Dogecoin, EOS and Stellar.