Why Ethereum is Still the Go-To Platform for Software Development
Ethereum might be the second most valued cryptocurrency, but its platform certainly is the first option when it comes to Decentralized Applications (DApps) development.
Even in a market that has seen newer platform such as EOS, TRON, Hedera, and Hyperledger, Etheriums has consistently occupied the first place as the dominant force when it comes to flexibility, community and big companies support.
What sets Ethereum apart from its competition is its core innovation and heart of this ecosystem: the Ethereum virtual machine.
EVM was designed in order to improve the portability of any software used for the smart contracts as well as to provide a sandboxed execution that provides an extra layer of security to any operation.
Ethereum is Well Loved by Devs
With the EVM, it is possible for developers to write their code in any high-level language which will then be compiled to the more complex bytecode. This ensures microservices can easily be implemented into already existing applications.
The ease in the portability is supported by the Ethereum community which facilitated the testing and troubleshooting of the software due to the wide range of documentation and libraries created by its members.
As with any other open-source platform, this community facilitates the detection and solution of vulnerabilities and bugs, while also increasing the speed at which stability, improvements, and features are implemented depending on the needs of its users and the market.
More dApps in the Pipe
The Quarterly Dapp Market Report Q1 2020 from dapp.com estimates the number of total Decentralized Application using the Ethereum platform to be around 1.89k, a slight increase of 3% compared to the previous quarter.
This increase can be explained due to the increasing growth of the Decentralized Finance (DeFi) movement and interest in Decentralized Autonomous Organizations (DAO), which seem to see Ethereum as the best choice for their implementation.
This choice is not fortuitous, but the result of one of the other core aspects of Ethereum, the possibility of creating a new currency for any specific purpose and with any limitations its user decides to implement.
Decentralization Provides Stability
The Ethereum ecosystem comes with all the advantages that decentralization provides to a financial system, like security in the validation, direct transactions without a broker, improved efficiency in the transfer due to the use of Ether, full transparency and stability.
In a world where needs are constantly evolving, old systems are under constant stress, new privacy concerns emerge by the minute and all systems seem to be under more public scrutiny each day, it is not hard to see why decentralization seems to be a primary concern for businesses and private users.
The current trends and statistics support what most developers of such systems seem to agree on: Ethereum fulfills all the requirements that are needed to address each of those concerns: security, community, versatility, transparency, and adaptability.