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Are initial coin offerings the only thing the Ethereum network has to offer?

Ethereum has over time become the platform of choice when it comes to initial coin offerings (ICOs)
Ethereum has over time become the platform of choice when it comes to initial coin offerings (ICOs)

Ethereum has over time become the platform of choice when it comes to initial coin offerings (ICOs). Ethereum was the very first digital currency to make a mark of itself and be of some industrial importance right after Bitcoin. Before Ethereum, Bitcoin was the only player in the market thus dominating it heavily. But with the entry and flourishing growth of Ethereum, people are impressed by what the Ethereum network has to offer. Now, it stands as one of the most valuable virtual currency in the fintech world. It has high reliability and brand value.

It majorly allows its users and clients to build decentralized apps or dApps as they are popularly called. The decentralized open source nature of this developing platform is highly useful and has much much more to offer than just initial coin offerings.

The initial development of Ethereum was itself mostly funded using the initial coin offerings. In using an initial coin offering as a fundraising tool, a massive Ether sale was held and this emerging digital currency was traded with a digital currency of immediate liquid value. Take note here that, the Ethereum as a platform itself charges fees for transactions but moreover, any computational changes taking place on this platform initiated by any developer requires a certain payment too, and all these charges are paid in the form of Ether. Thus Ether basically is not just a currency for this platform but also its fuel using which computational work takes place.

Unlimited applications and offerings

The world would come to an abrupt shutdown if no transaction or even a few transactions did not pull through. Basically, it is these transactions in almost every sector that makes the world what it is now without which everything would come to a standstill. Ethereum offers to revamp this space of transactions by offering something known as smart contracts. Any information or valued asset can be shared without worrying about any risks. The shared ledger feature of these smart contracts make it capable of being updated in real time and the same updated version is available to everyone on the network thus eliminating any delays or mistakes due to human restraints. The IFTTT or the If this then that logic which holds the Ethereum network up is what makes it possible to hold up such peer to peer smart contracts.

Revamped healthcare databases

The health sector industry has been looking for a sort of application for years that would help them share their patient’s records amongst each other. The sharing and access of these databases is extremely important for research purposes so as to help work and target a larger set of the population to develop new vaccines, or spreading awareness about them and much more. They would no longer require a biomedical search engine to look up for their patient’s records. They could simply make use of the shared ledger system of Ethereum. The dApps could be incorporated into small wearable devices which would record, share and constantly update your health vitals across all hospitals all over the world. All this incorporation of Ethereum could help detect and patterns in someone’s health conditions too.

Transparent Democracy

How often have there been instances in history when people have been elected to posts in the government no one voted for? The electoral commission is run down by corrupt and malpractices and polling data is more easier to manipulate than anyone could imagine. But with dApps and the shared ledger decentralized platform that Ethereum has to offer, people would not be fooled anymore. They would see exactly where the vote of every person go resulting in a fair and open transparent election of politicians. Could it get any better than that?

Decentralised storage facility

Space has always been an issue for humans. Even when they have so much they want more. And when it comes to huge companies looking at alternatives to store data, they have to do it in all one place that too in huge buildings knowns as server farms which harbour several servers that store data on them all in one place. But since we know that sharing is caring, if this data could be shared on hundred of platforms in many different places, things would get easier and much more smooth running. The Ethereum dApps offer just this service and provides for a decentralized storage facility to help share the burden. Data could be stored anywhere but it could be accessed all in one place by quick encryption and transfer of the data.

Unimagined possibilities

People believe that the Internet has changed their lives completely and it could not get any better. But there is always a scope for improvement and one must always strive to reach perfection. Ethereum offers to make the world economy decentralized and if incorporated heavily, it will revolutionize the entire existence of mankind.