The Bitcoin’s status as the mainstream cryptocurrency may be challenged by Ethereum. Despite the Bitcoin recording figures and tripling in value since January, Etherium has also jumped an astonishing 4,500 percent in 2017.
According to Coindesk’s report on recent survey, this rise in value may be attributed gaining popularity among cryptocurrency users as 94% reported positives feelings compared to 49% positive feelings from the Bitcoin.
Although ether was only worth 5% of the Bitcoin, the alternative form of cryptocurrency showed “outstanding units of the Ether currency were worth around $34 billion… 82% s much as all the Bitcoin in existence”, from the New York Times.
Etherium may have similar features to the Bitcoin, but the alternative cryptocurrency has incorporated various features it predecessor could not. Arguably, the most significant and attractive feature of Etherium networks may be the capability to run computer programs and the utilization of Dapps. Also known as decentralized applications, Dapps are online services that are open source, rewards users for their own contributions, and free of entity from an individual or board.
Banking giant, JPMorgan and Chase, recently announced they would apply Ether’s decentralized applications in a monitoring system for trading. Other companies such as Microsoft, Intel, Toyota, and other corporations have joined Ethereum’s plan on contributing global computing network depicting strong support from major corporations.
Besides monetary growth, Vice News reported that Ehterieum, “silver to Bitcoin’s gold”, may be expanding faster than the Bitcoin. Ether has almost five times as many nodes in its network compared to the Bitcoin and a new block is confirmed every 12 seconds rather than 10 minutes. This translates to more developers are working and supporting etherium technologies.
Due to Ether’s rapid rise, many users are coining the “the flippening” in the event the cryptocurrency may potentially soon replace the original Bitcoin.