Ethereum offers a wide range of possibilities for various purposes and applications, which is quickly confirmed by its dollar value. The asset’s popularity continues to grow due to its scalability and possibilities in various spheres.
What is Ethereum for: Features of Technology Application
The first known feature of the Ethereum network is the implementation and use of smart contracts. These are self-executing contracts, the terms of which are written as program code. How to use this feature of the Ethereum project:
- Automation of business processes. Smart contracts automate complex business processes, including supply chain management, insurance, and real estate rental.
- Decentralized organizations (DAO). The creation of decentralized autonomous organizations for project management and resource allocation without the need for a central governing body.
Optimistic and pessimistic scenarios for the development of the situation
Not a single expert will undertake to accurately predict in which direction the Ethereum price prediction will move. First, we should consider the adverse scenario. In this case, the cost of ether may fall to $ 1,100-1,200 per coin. But this option is unlikely. Experts are inclined to believe that in the case of an optimistic scenario, the Ether rate will grow significantly. Most experts in the cryptocurrency market believe that, under favorable circumstances, the rate will be $ 4.5-5 thousand. Some talk about the figure of 5-6 thousand. One of the key roles is played by the April halving of Bitcoin. An increase in the rate is noted before the division in half and immediately after it.
Previous cases of halving in 2012, 2016, and 2020 showed that in 2020, Bitcoin grew by 22% in the pre-halving rally. During the same period, Ethereum increased in price by 67%. Thus, everything is going to the fact that the Ethereum rate will grow in 2024. The growth rate in value cannot be determined exactly, but by the end of the year, we can expect that the second most crucial cryptocurrency will increase in price. Therefore, even now, these coins should be in the cryptocurrency portfolio.
Recommendations for using the Ethereum blockchain features
Before you start using it, learn the basics of blockchain and smart contracts. Pay special attention to resources such as the Ethereum documentation and online guides, which can help you understand the basic concepts.
Ensure security. Follow best practices for securing your smart contracts and wallets. Use two-factor authentication and hardware wallets to store large amounts.
