What is Ethereum and how is it used

Ethereum is a platform used by blockchain app developers to create, develop and test blockchain technology and other Decentralized Financial technology. It is a decentralized blockchain technology used by peer-to-peer to securely verify application codes using smart contract technology. Users use its in-built token and currency called Ether (ETH) to make payments for the services they receive. It can be used by anyone especially in creating cryptocurrency apps and other DEFI apps using blockchain technology.

Ethereum is widely loved and as a result has registered tremendous growth since its inception in 2015 owing to its scalable, secure, programmable, and decentralization capabilities. With markets tanking all over the world due to increased inflation and the war in Ukraine most currencies around the world have taken a hit below the belt and cryptocurrencies are no different. With the prices of Gold and other federal reserves widely affected in the USA and major world markets, talk has been rife of major governments toying with the idea of starting a government-controlled cryptocurrency and by extension managing and controlling the blockchain technology.

Nonetheless, Etherium has recorded tremendous growth, especially in 2021 when it posted its highest figures ever. But that was just about as high as it could go recording a high of $4800 and since then it has slumped as low as below $1000. At the moment it's averaging at $1500. Considering its launch price of $0.311 when it was launched by Vitalik Buterin, the computer programmer who created it, back in 2015 Ethereum has seen a marked sporadic growth in price over the last 7 years and is arguably the fastest growing DEFI in the blockchain technology.

If you are looking to invest you would be advised to tread carefully and invest only what you are willing to lose in the short term as the market remains volatile with current prevailing market conditions affected by the global market instability and made worse by the endless war in Ukraine. Over and above I would say it's a better bet to invest in compared to other DEFIs owing to its versatile nature and ability to attract many upcoming blockchains into its fold. More and more people are choosing Etherium and by extension, Ether owing to its ability to host other blockchains and app developers.

Bullish analysts and investors have predicted a high of $12000-$20,000 for Etherium this year and are advising cautious investors to remain patient and optimistic and invest more to reap more. It will be interesting to see how the blockchain market responds and navigates the volatile market expected as world markets and prices slump to their lowest ever in recent times.