The benefits of Ethereum blockchain as a platform for in-game currencies

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19 March 2020
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Ethereum - Blockchain

When Vitalik Buterin presented an open Ethereum platform designed to build projects on the blockchain to the decentralized world, it immediately became a leader in the field of corporate blockchain solutions. Today Ethereum is used by such global giants as Amazon, Siemens, UBS, Google and Microsoft. IQeon also has chosen this platform to implement its gaming project.

In this article, we will talk in detail about the benefits of Ethereum blockchain.

What is Ethereum?

Ethereum is a functional decentralized ecosystem designed to create and maintain blockchain-based applications using smart contracts.

Launched in 2015, Ethereum provided completely new opportunities for creating blockchain projects, showing its versatility and flexibility.

Ethereum platform provided an environment with convenient and user-friendly tools, therefore every person could launch a decentralized project even without having advanced technical skills.

Today, Ethereum blockchain is a database consisting of a chain of blocks which allstores all transactions conducted between users. They can be carried out only if the majority of the total number of users agrees to their implementation. Also, operations must be confirmed by miners who produce a certain amount of complex calculations. Deleting or changing data in a block is impossible, because the whole chain will be broken. This ensures the reliability of a transaction data storage.

Common benefits of Ethereum blockchain

Convenience. An important product of Ethereum network is Ethereum Virtual Machine (EVM). This is Turing software, which allows any member of the ecosystem to create a program no matter what programming language is used. Ethereum makes the process of creating blockchain applications much easier and more efficient. Instead of creating an original blockchain for every new game from scratch, Ethereum allows to develop a huge number of applications on one platform.

Security. For any platform, the protection of user data is one of the most important priorities. And Ethereum usage ensures the safety of data about all transactions conducted between players using cryptography. Thus, the information can no longer be deleted or changed.

Flexibility. Also, within Ethereum blockchain, digital currencies of the ERC-20 standard are issued. This standard guarantees the ability to interact with other electronic currencies on the network.

Development. A significant advantage is the fact that Ethereum ecosystem is actively updated and improved. So, the development company is doing its best to launch Ethereum 2.0 soon, which aims to solve the scalability problem thanks to the Proof-of-Stake protocol.

It turns out that Ethereum is a blockchain with almost unlimited possibilities, due to its flexibility, capacity and versatility. Most medium-sized projects, as well as global giants, turn to Ethereum and issue digital assets of the ERC-20 standard. And IQeon is one of such projects that have chosen this blockchain for its reliability and security.

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