Ethereum (ETH) Sentiments are Bullish and Long-Term Growth Prospects are Unaffected

Ethereum registered a growth of more than 330% in 2021.  There is a widespread discussion about the kind of impact ETH can have when it moves to the proof of stake model.

A random survey delivered the following results:  1.  Significant increase – 25% 2.  Somewhat of an increase 53.6%; No change – 3.6%; Unsure 7.1%; Somewhat of a decrease 7.1%; Significant decrease 3.6%.

The sentiments about the worth of ETH is bullish.  The price of Ethereum is expected to consolidate in the short run.  The hash rate of ETH continues to increase and therefore its long-term growth prospects appear to be unaffected.

Ether, continues to be the world’s second-largest cryptocurrency and it enjoys the limelight next best to bitcoin.

Vitalik Buterin, the Russian Canadian Programmer compared Ethereum and Bitcoin.  He compared Bitcoin to the pocket calculator which “does one thing well.”  However, he stated that Ethereum is more like a smart phone with multiple applications that you can use for the specific purpose.

He also stated that, Ethereum is a blockchain with a built-in programming language, which is the most logical way to build a platform that can be used for different kinds of applications.

Almost every activity that we need to perform can be programmed in to a code.  So, the Ethereum Network is home to several smart contracts, which carries “collections of code” each of which are programmed for a particular purpose.

The recent activity on the Ethereum network surged due to NFTs, which are digital assets meant to represent ownership of unique digital assets.  Several NFTs like crypto kitties and colorful avatars of Cryptopunks are running on the Network.

Anyone can make NFTs from almost anything unique. It can be stored digitally and it holds value. They are like any other collector’s item like a painting or a vintage action figure; however, instead of buying a physical item, users pay for a file and proof that you own the original copy.

NFTs are now being used to verify profile picture on Twitter and this is trending.  However, the question of what is stopping someone from right clicking the image to set it as their profile picture continues, here is the answer for that right click and save problem about NFTS and profile picture.

“Link your Ethereum wallet to your Twitter account.  You get to choose from the list of NFTs you own verification is available only for Ethereum-based NFTs. Choose your NFT and profile picture typically enclosed within the circle eventually this will become a picture with a hexagonal borders.”

If right clickers would click on the profile picture and copy it, then it would be displayed, but the classic circle frame would show up.  So, only true NFT holders or the original holders’ profile picture will be displayed in a hexagonal frame.      

This is just one of the many use cases for NFTs and obviously the scale of usage is going to be big.