Cryptocurrencies aren’t complicated. At least they aren’t supposed to be. They have a lot of benefits and do a lot of things: They reduce fraud and simplify contracts. They provide security from theft and, most importantly they decentralize wealth and make businesses transparent.
However, at first, many people didn’t understand the “how” or the “why” of cryptocurrency. People would invest in Bitcoin, but there was nothing much they could use it for – apart from some purchases in online stores and at a cafe or two in San Francisco.
Now, the ease-of-use and investability of cryptocurrency seems to be increasing. This is because the Ethereum platform, first introduced in 2013, makes cryptocurrency customizable to the specific needs of specific businesses. Companies built using the Ethereum platform can create custom cryptocurrencies that facilitate business growth. These cryptocurrencies are useful because of the companies they are linked to – and usefulness brings value to an investment.
There are plenty of reasons for an average person to invest in one of these currencies. It’s important to remember – investing in a cryptocurrency on the Ethereum platform is much the same as investing in a company, and these are truly the next generation of tech companies we’re talking about, representing the next wave of tech innovation. Companies utilizing Ethereum blockchain technology will build the world of tomorrow.
We will look at one such company later on to illustrate how this all works in the case of one Ethereum currency called PlusCoin. But first, an explanation of Ethereum:
What is Ethereum technology?
The first thing that needs to be understood about Ethereum technology is that it brings the blockchain to businesses – to startups and to companies. The blockchain is nothing more than an online peer-to-peer (p2p) list of transactions. This list makes things visible to everyone. Any kind of contract, be it a sale, a p...