Steemit Crypto Academy Contest Season 1 Week 1 - Favorite Blockchain Network by @yakspeace

INTRODUCTION

Hello everyone, I welcome you once again to my blog, and i most say I'm so delighted to be part of the steemit crypto academy contest season 1. On the topic favorite blockchain. Indeed everyone has his or her favorite blockchain and I'm not exception of that and I will like to share it with you guys, but before then I let consider what blockchain is all about.

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Blockchain: Base on my own research and understanding blockchain are shared distributed database among the pairs or node of a computer network system, that is to say the database is totally different from the main database because in this database, blockchain stores data in blocks and in form of information using digital method. The blockchain also group collective information know as the blocks, which are responsible for holding set of information. Also the block has some limited storage capacity such that if a particular block is filled up then it will be closed, after that it will be liked to another closed block as such block forms a chain of data know as the blockchain.

My favorite blockchain is ethereum

Ethereum can be seen as an open-source, public service which employs blockchain technology in order to enable smart contracts and cryptocurrency trading without involvinng any third party or middleman. Ethereum is a platform with an open source decentralized blockchain which is known for its cryptocurrency called ether. The ethereum also consist of a smart contract functionalities which was originated on the platform as a central attribute or component of how the blockchain operate.it is also know and described as the world programmable blockchain.which searve as a network with different application for its users.
Ethereum as a blockchain uses technology just like the other crytocurrencies and it has a long chain blocks linked together for it's users to know about the information and knowledge on each blocks. Because if all the users on the platform have more knowledge and information about the blockchain, it will function as an added advantage and the consensus can easily be credited and maintained all the activities and the status of the blockchain.

History of Ethereum

Even though, Ethereum blockchain has a lot of founders, Vitalik Buterin was the person whom in November 2013 published a white paper explaining the concept of Ethereum. Following Buterin’s initial work, other inventors came on board in various capacities to help bring the project to fulfilment. Jeffrey Wilcke, Mihai Alisie Vitalik Buterin, Gavin Wood, Charles Hoskinson, Amir Chetrit, Anthony Di Iorio, and Anthony Di lorio are all considered to be co-founders of Ethereum.
In 2014, ethereum gained awareness when the concept of blockchain project was introduced by Buterin in Bitcoin conference in Miami Florida. This project raised capital through an initial coin offering, later the same year, selling billions of dollars worth of ETH coins in exchange for funds for the development of the project. The asset sale sold over $18 million worth of ETH which was paid for in Bitcoin between July 22 and Sept. 2, 2014.
However, ETH coins were purchasable in 2014, the Ethereum blockchain did not go live until July 30, 2015, which means ETH buyers had to wait for the blockchain to launch before they could use their ETH.

Reasons why ethereum is my favorite blockchain

1. The reason why ethereum is my favorite blockchain is because the platform was built on a decentralized manner were by any user with internet can access anywhere and at any time without taking any permission from the administrators, all the service and the product on ethereum blockchain are available for anyone.

2. Another thing I like above ethereum blockchain is the smart contract, which is created to build a decentralized applications that can be used for different purposes.such as the Dapps which are used for buying and selling of digital network, developers technology and games as well. Another application is the cryptocurrency exchange which is the financial tools and the data services just like matcha, matcha is normally used to search different and multiple cryptocurrency exchange for a better and best price.

3. Ethereum has also played an important role in NFT by creating and developing the market trend where all user can buy and sell there unique items like art works and pictures, videos according to the website.with the way NFT is now so many people have testified about the wanders of the platform,and all the transection are done with the help of the smart contracts and the digital tokens are being powered by the ethereum blockchain.

4. Ethereum is also a blockchain were you buy and sell coins, and even transfer coins to other wallet with less stress and by volume it is the second largest cryptocurrency and most of it's users creat many larger learning curve for there new investor.

The early shortcomings of ethereum and how has the network's team taken care of the problem?

The early stage of almost all we do usually experience challenges and difficulties, ethereum is not an exception because it has faced a lot of challenges in the past, for example, in September 2020,Ether dropped 13% for the month, its second-biggest monthly decline in the past year, behind only a 16% slide in June which has given investors and developers reasons for concern.

Another challenge faced by ethereum is the split into two separate chains in late August, after someone exploited a bug in the software which most people use to connect to the blockchain and that exposed the network to an attack. however, developers discovered a vulnerability and distributed an update called “Hades Gamma” to resolve the issue.

What changes do you think would make the network better?

• Some changes which I think it will make ethereum better is that the team should work on the cost of the transection fee which is called the gass fee, if the transection fee is reduced I think it will enable users to buy and sell easily. Because the high rate at which ethereum is being demanded by its users is much and the cost is so expensive.

• Another thing is that the ethereum have to reduce there network congestions and speed for a better service for it users globally, because when there is a high demand it's let congestions when communication is taken place between the nodes and that slow down the execution of the smart contract.

• I have had a complain where by a friend make a transaction but unfortunately the transection was failed due to network issue but at that a gass fee was deducted even when the transection was not completed,so I think the term should also make look into this situation and make amends for a better change.

Project Built On The Ethereum blockchain

Several projects have been built on the ethereum network among which are; The Non-fungible tokens, it is more popular in the world now and this platform was created so that people can buy and sell there unique items such as video,art work and pictures and this platform market trend was built by the ethereum, an NFT represent ownership of the real world items as i mentioned earlier and it uses the same blockchain technology that powered the crypto currency assets. The NFTenable it's users that's the artist and the creator to also mint NFTs and sell them on the storefront or the NFT marketplace to users who are willing to buy a or own Non-fungible token on the blockchain.

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Opensea is also a decentralized marketplace built by the ethereum blockchain, in other to use the opensea platform a user most have an ethereum wallets to buy and sell in NFTs, the opensea is a market place for NFTs token where users buy and sell there unique items and it's supports many dozen of wallets, including the metamask, trustwallet and coinbase.

The opensea also support different blockchains like klatyn, and polygon, it has about 150payment options that you can choose including stablecoin like USDC, to ensure that anyone can buy and sell items on the platform. The opensea is very easy to navigate because it has a unique filter features that help users to fine the NFTs they desire.
The opensea uses smart contacts which is craeted for buying and selling unique assets.the smart contracts in opensea allows the users to secure there NFT collectively in the platform by offering security for the users incharge of the creators work. Another thing is that opensea facilitate the NFT transfer,in this case for a user to make transfer directly with another user, they most have linked the opensea to support the web3wallet like metamask.

The opensea NFTs marketplace have some features which are;

• The NFT gifting: Allows users to send NFT as a gift to another user. In a case where by you can not fine you friend user name on opensea you can easily send the gift to there ethereum wallets.
• NFT minting: here it allows users to mint NFTs and in opensea there is no chargers for minting, you will only pay some parentage at the final sale.
• Cost: it is free to set up a marketplace on opensea.but 2.5%most to paid for each sales.
• Supported wallet: there are several wallet which can be used with opensea, such as trustwallet,portis, dapper, metamask, coinbase wallet and Bitski e.t.c.

CONCLUSION

In conclusion ethereum blockchain is really a nice platform where users can buy and sell there assets with no stress,And it is my favorite blockchain due to some of the reasons already stated above, and even though, it's the second best blockchain which is slightly behind Bitcoin, I so much believe that with introduction of ETH 2.0, ethereum will get to a high level above it's current level.

Thank you......