By Eva Carler on The Capital
Want to learn everything related to Ethereum? This article explains the concept of Ethereum, covers apps built on this platform and focuses on challenges in building its infrastructure. So let’s get started.
The Concept of Ethereum
Ethereum is defined as a network of computers that operates as a decentralized platform without requiring any computing function. It offers a platform to Ethereum developers where they can write codes and create dApps (decentralized apps) that are globally accessible. To put its definition in a simpler term, we can say that it is a distributed public blockchain network and a second-most known cryptocurrency after Bitcoin.
With the growing demand to learn this platform, various online courses and training sessions impart certification courses to make you an industry-ready Ethereum Expert.
Top Ethereum-based Applications
Before we discover the challenges, let’s have a quick look at the top Ethereum-powered applications.
GitCoin, anEthereum based platform, pays individuals for working in an open-source software like Python, Java, HTML, etc. KYC-Chain allows organizations to verify their customer’s identities and managing the whole customer lifecycle. Cent, a user-friendly app, follows a slogan ‘earn income anywhere.’ This Ethereum-based app offers individuals an income-generating social network by creating content, sharing their views, and much more. Vevue, an Ethereum app, monetizes all forms of engagements, thus offers unlimited possibilities to users to earn money. With this platform, people can place requests for videos and encourage them to share short videos and make money.
Challenges with Ethereum Infrastructure
Although Ethereum is full of possible applications, designing its infrastructure comes with its own set of challenges. Apart from the problems mentioned below, scalability, flexibility, dealing with block times, parity issues are also the concerns that one has to deal with while building Ethereum infrastructure. Let’s have a look at the major issues.
Wallet Initialization- A Prima Concern
Just like Bitcoin networks that suffer from backlogs, Ethereum is no more an exception. Wallet initialization is the prime concern because if contract creation transaction is stuck somehow, but the user started sending another transaction at the same time, then it will be impossible for the Ethereum to fire appropriate contract events.
Smart Contracts Difficulties
Debugging smart contracts while using the Ethereum platform is complicated. This is because it is hard to find out where the transaction failed.
Connecting Ethereum Requires Manual Efforts
For Connecting Ethereum with the rest of the world, it requires manual effort, which indicates it adds a burden at the developer end. Moreover, Ethereum developers have to set up the whole infrastructure via separate Ethereum nodes that lead to unseen hazards.
Difficulties in Building Future-Proof Architecture
Building future-proof architecture is one of the challenges that one has to deal with. Ethetherum is a decentralized platform, and code written to this cannot be modified, meaning they are hardly any possibility of backdoors. This indicates one can land up losing the involved parties a lot of money.
To conclude, we can say that Ethereum has the potential to revolutionalize the way we interact with the world. But to accelerate widespread adoption, it is crucial to eliminate the challenges that Ethereum is facing. Technical inefficiencies (as mentioned-above) need to be eradicated to build a perfect infrastructure.