Finding Freedom in the Digital Age
The impact that the Ethereum blockchain has had on the blockchain and crypto industries cannot go understated. Operating as a “world computer,” Ethereum enables the use of smart contracts, which allow decentralized applications (DApps) to be built. Smart Contracts have evolved over the last few years to spawn an entirely new set of financial protocols collectively called decentralized finance (DeFi). So what is DeFi, and where does it fit within the crypto industry?
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In 2017, Bitcoin and cryptocurrencies first started dominating the mainstream news as each of these assets reached incredible highs. Now, a new trend to come out of the crypto space is creating the same degree of media attention. Non-fungible tokens, or NFTs for short, are turning people into millionaires overnight. But what exactly are NFTs, and why have they become so popular?
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While Bitcoin remains king in market dominance and popularity, the slightly lesser-known “altcoin” Ethereum has proven to be a force to reckon with. Ethereum has far broader applications than just a store of value and unit of exchange. It is considered a “world computer” on which several decentralized applications (DApps) can be built.
But as Ethereum gains in popularity, many of its shortcomings are rising to the surface. The most concerning of which is its scalability. Transaction fees — or “gas fees” as they’re called on the blockchain — are notoriously high during congested periods due to all of the DApps using up resources.
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In the face of Bitcoin market dominance, Ethereum is often overlooked. As the largest of the “altcoins,” it is discussed far less in the mainstream news, leaving some to speculate that it is undervalued. But Ethereum is arguably just as revolutionary as Bitcoin, and potentially more so. It just wasn’t the first blockchain and cryptocurrency out of the gate.
After understanding Ethereum’s purpose and impact, it is hard not to get excited about it. Continue reading to learn everything you need to know about the Ethereum blockchain.
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For my final post in the Mexico 2020 digital nomad series, I’ll be recounting my last two months in the Mexican Caribbean. It would’ve been nice to explore more of this massive country, but due to COVID-19 I really wanted to minimize my movement. Still, the Caribbean coast had a lot to offer, and I’m satisfied with my time there.
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Previous: One Month in Playa Del Carmen, Mexico as a Digital Nomad
When I last posted, we were about to leave Bacalar, but I hadn’t yet described our time there. This post will cover our time in Bacalar as well as Tulum at the end of the month. In between it all we of course spent time exploring a little more of our home base city of Playa Del Carmen.
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