Why is Ethereum the Best Choice for Blockchain Projects?

Larry Mimosa February 07, 2024 | 21:01

If you want to develop a blockchain project, look no further than Ethereum, which provides a robust and versatile platform that allows you to build decentralized applications.

One of Ethereum’s incredible features is its smart contract functionality, enabling the execution of complex transactions and the automation of business processes.

Besides, Ethereum has a decentralized infrastructure, which offers transparency and security of the data. At the same time, its active community enables access to several resources. Hence, considering Ethereum for your blockchain project is a great idea, as it will make your business more efficient.

Ethereum the best choice for blockchain projects

Ethereum is the best choice for blockchain projects

Understanding Ethereum

Ethereum was introduced in 2015 and is an open-source blockchain platform that has transformed how you use digital contracts. In essence, Ethereum is a decentralized network designed to work without concerns regarding fraud, downtime, or third-party interference.

In the ever-changing landscape of the Internet, Ethereum is the cutting edge of Web3, governing many sectors, including NFTs and DeFi. Ethereum has a disruptive nature due to its capacity to support a decentralized platform on a global level, as well as several applications, enabling a new generation of digital interactions. Ether, the native cryptocurrency of Ethereum, represents a fuel for transactions on the network, playing a role in its appeal and functionality. If you’re wondering how to buy eth, the process is straightforward, so anyone can get started with it in a few steps.

Ether is not just utilized for transactions but also for computational services completed on the Ethereum network (known as gas). Developers can build decentralized applications without requiring central control, making Ethereum a robust platform for developing decentralized systems, from gaming and digital identities to financial services and social networks.

Ethereum’s transition to PoS: what was the upgrade’s impact on the platform?

Ethereum was based on a PoW consensus mechanism in its initial stages, but this changed in December 2021 when it switched to PoS (Proof of Stake mechanism). This upgrade was meant to enhance the security, efficiency and sustainability of the Ethereum network, replacing the energy-intensive PoW with an eco-friendly system like PoS. It also turned Ethereum into a more decentralized and scalable platform, attracting many developers to build on its blockchain.

Besides the energy efficiency advantage, PoS is also more scalable than PoW, requiring fewer computation resources and handling more transactions. Moreover, PoS provides higher security than PoW, as the nodes are vested in the network. Unlike in PoW, where attackers can take control of the network if they have access to 51% of the computing power, in PoS, they require control of 51% of the tokens for the network to be compromised.

Four major reasons why developers prefer Ethereum (and why you should choose it for your own project, too)

The maturity of the network

The Ethereum community has long been tested across different use cases, with thousands of businesses across several industries implementing it. Also, more than 300 projects have deployed over 50 million smart contracts on it. While size may not be the best indicator of market reliability, the figures show that Ethereum is stable, which is a valid reason for developers to find it reliable. Moreover, the Ethereum network has been through multiple protocol upgrades, enabling the decentralized community built around it to solve large problems whenever they arise.

The value of the ecosystem

Out of all the crypto projects, Ethereum stands out for its smart contract capabilities, making its blockchain incredibly valuable for developers and a powerhouse of creative solutions. The Ethereum ecosystem has an active developer community – the largest one which has contributed to the creation of different development frameworks and open-source tools. As a result, developers don’t need to build smart contracts or tools from scratch, as most existing frameworks can be used for free by the larger public.

The continuous improvement of its roadmap

Although Ethereum is the top smart contract-enabled blockchain, it never stops improving. It still has upgrades on its roadmap, which are designed to refine the network protocol and result in better performance. All of its developments– existing and future ones – aim to turn Ethereum into a maximally resilient platform, reducing gas fees, making transactions cheaper, refining its user experience and boosting its security level. This vision for continuous improvement is one of the most important reasons why it makes sense for developers to choose Ethereum for building projects and applications.

The solid development tools of Ethereum

Ethereum offers solid development tools that can be used to create dApps. Multiple frameworks are available for developers, including Hardhat, Foundry, Truffle, and Alchemy’s Create-Web3-app. Each of these tools has unique features that make it easy for developers to create and test smart contracts straightforwardly, saving them time and sometimes money.

Increased security

Building on Ethereum enables developers to leverage all the ecosystem’s security measures. It is important to remember that many projects have experienced security issues, whether hacking or loss of assets, requiring solutions to prevent such occurrences from happening again. Fortunately, Ethereum has been prioritizing this aspect and has succeeded in building robust security measures that can make a tremendous difference in supporting your blockchain project.

Reduced development costs and network fees

Ethereum has lower development costs due to its large developer community that frequently builds new tools and resources to create dApps in a straightforward and efficient manner. This is possible through its numerous development frameworks available that we discussed before.

Unlike other blockchain platforms, Ethereum also offers lower network fees, making it appealing for developers. This is because users are charged for the computational power on the network through Ethereum’s gas system.

The bottom line

It’s easy to understand why Ethereum is the go-to platform for so many developers. Its high decentralized security and rich ecosystem make it incredibly appealing. Moreover, Ethereum stands out through its customizability, helping meet developers’ specific needs for their projects and create unique solutions. For those in the early stages of development, Ethereum is an excellent way to get started, as you can experiment without having to stick to a single use case.

Besides, EVM enables developers to use a programming language they are comfortable with, so whether you are a beginner or more experienced, it will be easy to develop your applications.

So, are you ready to start developing on the Ethereum blockchain for your next project?