1 cryptocurrency that even the most skeptical is buying

1 cryptocurrency that even the most skeptical is buying - GettyImages 1128046391 ddf51d38136c4c4a820129c6a42666c0My main concern with most cryptocurrencies is utility. In contrast to fiat currencies such as the dollar or the euro, many cryptocurrencies have little practical use. Yes, you can shop and transact in certain types of investments, but doing so is often very complicated - to the point where it's easier to pull out a payment card and slap it on the counter, or enter your card numbers on a website.

But there is one cryptocurrency I have in my wallet that not only has solid and practical use, but also serves as the native currency of a system that promises to continue to blaze a trail in the next-generation finance forest: Ethereum (quotation ETH). That's why I believe in this popular altcoin (i.e. anything other than Bitcoin).

What is happening

One of the most exciting developments that has come out of cryptocurrencies is the decentralized application (dApp), and the first public blockchain to offer it was Ethereum.

As their name implies, dApps are small programs spread over a large network of computers that execute themselves when certain conditions are met. The Ethereum blockchain soon gained a reputation as the platform of choice for many dApps, and it holds this distinction to this day.

Not all dApps are, or will be, useful, profitable or attractive - just like any software collection. But several have already been attached to the Ethereum blockchain, and as we push deeper into our cryptocurrency future, some are sure to stand the test of time.

A little caution is certainly justified with Ethereum. The blockchain has received many complaints about its speed, or lack of it; it has been timed at an average of 14 transactions per second (TPS) or so, although peak usage times see this figure drop significantly.

This compares very unfavorably with numerous peers, in particular the 50.000 TPS which is the apparent speed limit of the arch-rival Solana (CRYPTO: SOL), or even the 250 TPS of another would-be "Ethereum killer", Cardano (CRYPTO : ADA).

But I don't think Ethereum will be stuck in the slow lane for much longer. One of its great advantages is that it has an army of developers that positively dwarf competition.

Sooner or later ETH 2.0 will arrive

According to a January report published on the industry website Cointelegraph citing research from Electric Capital, more than 18.400 monthly active open-source developers were working on blockchains at the time. Of these, around 4.000 were developing for the Ethereum blockchain. Solana, by comparison, had about a quarter of that number.

Almost certainly quite a few of those Ethereum code guys are busy building Ethereum 2.0, which will move the blockchain from the cumbersome legacy proof-of-work (PoW) system to validate transactions to a much faster proof-of-work model. stake (PoS), among other innovations.

The Ethereum team is well aware of the disadvantages of slowness in the lightning fast world of cryptocurrencies, not to mention other problems with its blockchain (such as the cost of "gas", or user fees, versus Solanas' speed and low costs. and other potential competitors). As such, Ethereum developers will surely employ their talents to address such issues in the big update, which will apparently be launched in the very near future.

Nurture a positively practical purpose

While I like the frictionless financial future that Bitcoin (CRYPTO: BTC) and its progeny promise us, many cryptocurrencies feel like clever engineering efforts looking for a use.

Ethereum doesn't have this problem; its use is clear, it has been demonstrated, and blockchain is a leader in the world of dApps. With its lead and an obvious ambition to enhance its already compelling platform, I think it can maintain or even expand this leadership.