4. Benefits Of Ethereum.
Here’s a few of Ethereum’s benefits (we’ll come onto it’s disadvantages next)…
4.1. Censorship Resistant.
Nothing can be censored on Ethereum because of blockchain technology. Data is hosted on nodes across the world so censorship or changing of data wouldn’t be possible without controlling thousands of nodes.
4.2. No Downtime.
Since Ethereum isn’t held on one server (centralized) and is instead hosting on thousands of nodes (decentralized), there’s no downtime.
(Unless all nodes crash at the same time – which is rare).
4.3. Versatile.
With the introduction of Smart Contracts, Ethereum is a very versatile platform and could revolutionise many industries (as mentioned earlier with banking and Airbnb.
4.4. Fundraising.
Ethereum is one of the most popular platforms for launching ICOs. Ethereum’s blockchain makes it relatively easy for developers to create DApps, DAOs and other crypto-assets. Therefore it’s become an increasingly more popular and convenient platform for ICOs and developers to launch from.
4.5. Transaction Speeds.
Mining and transferring tokens is faster on the Ethereum blockchain, especially when compared to Bitcoin. Transferring Bitcoin can take 10 minutes (or even longer) – whereas transferring Ethereum takes a matter of seconds.
5. The Disadvantages Of Ethereum.
5.1. Unfamiliar Programming Language.
Ethereum uses its own programming language, Solidity. Developers’ unfamiliarity with Solidity has led to code being written incorrectly, which led to problems like The DAO hack. Projects similar to Ethereum have emerged addressing this issue and allow programmers to use more familiar languages like Javascript.
5.2. Scalability Issues
Ethereum, like Bitcoin, is facing problems, as it grows more popular. The fact that games like CryptoKitties can cause network congestion is a cause for concern. If Ethereum can’t handle many transactions, some critics are wondering how will it ever scale to meet the demands of a mainstream user base?
5.3. Inflation.
Transaction fees on the Ethereum platform are paid in Gas – and they can quickly inflate. In fact, transaction fees increased by up to 70% for Ethereum at peak usage. As you can see in the chart below, transaction fees have fluctuated dramatically over the last few months.
5.4. Syncing Problems.
Another technical problem with Ethereum is that sometimes the Ethereum wallet won’t sync properly with the blockchain. This means sometimes users can’t see their wallet’s actual balance – and the figures are can be inaccurate.
As you can imagine, that’s a bit worrying for some users!
You can find more details about this here.
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