When the cryptocurrency sector came into being, it was only Bitcoin (BTC) and its blockchain represented the entire network. However, with the passage of time, the cryptocurrency industry has grown larger and larger. The sector has been developing at a really large scale and it has been adding more sub-branches to it, almost every single month.
Despite all the growth, the development phase for cryptocurrencies and blockchain technology fast-tracked in the year 2020. This is when the cryptocurrencies and blockchains earned the respect and recognition they had aimed for.
This is when technologies that had already been founded within the crypto-verse years back, emerged and made their presence known.
Time before Launch of Ethereum Blockchain
Prior to the launch of the Ethereum blockchain, there weren’t many cryptocurrencies within the crypto-verse. Even the cryptocurrencies launched into the crypto-verse prior to the Ethereum blockchain were pretty straightforward. They had no unique functionality that set them apart from other networks.
Crypto-Blockchain Evolution after Ethereum Blockchain’s Inception
However, when the Ethereum blockchain came into being in 2015, it changed the way the world thought of crypto-blockchain technology. The Ethereum blockchain not only carried on with the tradition but also offered much more to the entire cryptocurrency industry.
For the first time in the history of the cryptocurrency and blockchain industry, there were steps taken that revolutionized the entire sector. Ethereum not only offered its native token in the form of Ether but it also offered much more than that.
Major Features Offered through the Ethereum Blockchain
Some of the major features it offered were allowing users the ability to use their development skills and launch their own cryptocurrencies. The Ethereum blockchain hosts several cryptocurrencies through its network and even the developers had the freedom of creating/launching their own cryptocurrencies.
Another major feature offered through the Ethereum blockchain was to allow users to launch their own decentralized applications (DApps). For the first time, the developers had the freedom of launching blockchain apps, as prior to that, blockchains were just offering cryptocurrencies.
In the digital currency news, people find reports about the newly launched DApps and other kinds of applications. The creation of applications through blockchains has given birth to a newer kind of sector.
Other Sectors Demonstrating Evolution of Crypto-Blockchain Technology
Apart from the above, some of the major and most remarkable milestones hit by the crypto-blockchain technology include the inception of DeFi, NFTs, metaverse, and more.
The decentralized finance sector is something that is completely opposite to the centralized financing sector when it comes to requirements and conditions. While the central bodies require individuals and applicants to go through several checks and requirements, the DeFi sector works the opposite way. The DeFi technology doesn’t demand individuals or companies to provide any kind of security or personal/financial information/assets for loans.
Then there is the NFTs sector that is growing mainly within the digital artwork, sports, and music sectors among many more. The nonfungible tokens sector has also gained worldwide recognition since the start of 2021. There are several marketplaces for the NFTs where designers, artists, and celebrities are able to interact with their fans. They not only get to interact with them but also make money sharing their content, skills, and artworks.
Then there is the metaverse sector that is linked with both DeFi and NFTs. The metaverse is mainly adopted by the game developing industries both within the crypto as well as mainstream sectors. The metaverse sector is one of the latest additions made to the crypto-verse, dealing with multiple universes that co-exist in virtual reality. People have the opportunity of interacting with each other through the virtual worlds and even own lands and other kinds of stuff within the metaverses.
Most importantly, cryptocurrency technology is also providing people the opportunity of processing cross-border transactions at local rates. The crypto-blockchain technology is the same for anyone whether they are poor investors, medium-level investors, or institutional.