Last Updated on July 12, 2019In the past few months, the price of the ETH has risen significantly and at present it is one of the most promising cryptocurrencies. I am writing this blog to help you understand everything about Ethereum Cryptocurrency and I have also covered all the significant factors related to the Ethereum Blockchain Development and Ethereum app development services.
Let Me Make You Understand With A Real-Life Scenario
You have booked an Uber ride, a driverless car to pick you up. The car itself takes you to the gasoline station and self-pays for the fuel, which the car has earned from the previous rides. Afterward, the Uber car takes you at your mentioned destination and the fair of your trip is auto-deducted from your Uber wallet.
However, driving to your destination, the car also pays self-paid annual insurance fee along with its monthly liability fee on behalf of its human owner. After dropping you off, the car drives itself to a mechanic for some repairs. Doesn’t it seem like a scene from a science fiction movie.
But to your surprise, I am not!!
The scenario, I have mentioned above has already been tested and the use of cryptocurrencies like Ethererum and the technology like Ethereum blockchains are the significant reasons for something like this can happen. Autonomy has the direct connection with such theories behind the cryptocurrencies.
Thus, to digest such futuristic scenario, let me make you familiar with Ethereum.
What is Ethereum?
As the official Ethereum project website says:
“Ethereum is a decentralized platform for applications that run exactly as programmed without any chance of fraud, censorship, or third-party interference.”
Ethereum is not limited to blockchain, but it is decentralized programmable blockchain-based on the software platform. Ethereum lets you develop and execute DApps and smart contracts, without downtime, censorship or any other third party.
It has an inbuilt programming language called Solidity that is used to write smart contracts and DApps. This is the reason, Ethereum is called programmable money.
Bitcoin Live Price
Popular Ethereum Wallets
So How Many Ethereum Can Be Produced?
ETH – Ether is issued at a persistent annual linear rate via the block mining process. The rate is 0.3 times of the total annual amount of ETH formed in the pre-sale.
Total, 60,102,216 Ether was created in the presale.0.3 times 60,102,216 equals to 18,030,664.8. So, that is approximately 18 million Ether per year.
Mining of Ether
The Ethereum blockchain is protected by the Ether and the supply of Ether is limited to 18 million per year. An average of every 12 to14 seconds a new Ethereum block is mined and for that mined a reward of 5 Ether is given to the computer. Mined can be done through CPU and GPU Mining via mining blocks on the Ethereum blockchain.
At present, Ethereum has a market cap of $10 billion. Which is 1/3 market cap of the Bitcoin, still it is a worthy cryptocurrency to have. The present value of one Ether (ETH) coin is $126 which has already increased more than ten times since the first of week of February 2017.
Ethereum Blockchain Development
Ethereum is a denoting network that is leveraging a data structure called a ‘blockchain’ that acts as an extension of a cryptocurrency network. It is a blockchain app or decentralized platform that runs on ‘smart contracts’ which can be also referred as self-executing contracts, blockchain contracts or digital contracts. Such applications are built on a custom built blockchain to run exactly as programmed rejecting the prospects of fraud, downtime, censorship or any third-party interference. It aids an app development model for efficient and trusted transactions for the highly secure business networks.
Understanding Of The Blockchain App Platform:
Blockchain technology is one of the significant concepts that is performing as a key player in the enterprise application development for the companies looking for an environment that aids real-time as well as secure data sharing. In a simple term, blockchain can be described as a distributed ledger comprising of digitally record data in different packages called ‘blocks’ that are unchangeable. Every individual block is connected to the next block – chain link making use of cryptographic signature. You can also these chained blocks as a ledger where anyone with the private key can access and share the data.
Decentralized Apps Development
We hold a team of skillful of experts to help you implement cryptography based technology to store data in a tamper-proof as well as the decentralized network. We can also assist you choose a suitable process for the blockchain development technology.
Smart Contracts Development
It is so easy to connect smart contracts to your apps and data to protect your business. At Bacancy Technology, we have the skillful expertise to develop smart contracts, which is becoming the keystone for the enterprise blockchain applications.
Ethereum App Development Services
Bacancy Technology is dedicatedly working to bring the revolutionary Ethereum blockchain technology to entitle custom tailored solutions that are highly secure and suitable for the unique case of your project. Our Ethereum blockchain developers continuously endeavors to inculcate the most recent development on blockchain technologies to develop a wide range of possible business models.
Our web development services and Ethereum application development services include application integration, UI & UX design, product specifications, quality analysis, deployment of the product and continued support and maintenance. If you are looking to enhance your business operations with the Ethereum application development and want to know more about our blockchain software development services, then get in touch with us at [email protected]