This is a groundbreaking addition to the blockchain universe that have become really popular in way less time. NFTs are a way to represent anything unique in the form of an Ethereum based asset. They empower content creators to gain more control over the sale of their content and are powered by smart contracts running on the Ethereum blockchain.
3. Decentralised Autonomous Organisations (DAOs)
This is a relatively novice concept and refers to member-owned communities which operate in a decentralised manner. Hence, DAOs are communities that function without any leader. It is a secure way to collaborate on the internet with strangers and commit funds to a specific cause.
Future Scope of Ethereum
As mentioned earlier, Etherum is trying to transition to the proof of stake protocol, which validates transactions and mines new ETH coins based on the user’s ether holdings. This along with some other game-changing upgrades are expected to revamp the Ethereum platform which will be called Eth2. It also increases network capacity to encourage the growth of the blockchain.
Today a lot of decentralised applications (called as dapps) and even tokens (like BAT- Basic Attention Token) also run on Ethereum. Microsoft, partnered with ConsenSys in 2015 to develop Ethereum Blockchain as a Service (EBaaS) on the Azure cloud platform.
Summary
This was all about ethereum, its history, working, use cases and future.
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