Ethereum is an exceptionally famous cryptocurrency, and it can have an enormous impact on not just the world of crypto but also the world of tech in a larger, more complex sense. From the live Ethereum Price as can be seen 24/7 on sites like Binance, Yahoo Finance and Forbes for example, to the changing nature of its technical needs, there’s a lot to consider, and a lot to discuss.

Here, let’s talk about some of the core ways Ethereum works and how those unique and fascinating ways may impact the world around us.

What is unique about Ethereum’s functionality?

To understand the concept of Ethereum better, let’s quickly break down what a cryptocurrency is. At a basic level, a cryptocurrency is any unit of money that functions in a decentralized way and is not backed by large currency exchanges like the US Federal Reserve.

Most cryptocurrencies work like Bitcoin, by which all different elements of the decentralized system are recorded on something called the blockchain. This blockchain is essentially a big document of information that records information on transactions, and each transaction that happens with a currency is added to the blockchain.

Ethereum, though, works a little differently to that. The Ethereum blockchain is still widespread throughout the world across many different machines and includes two main pieces of software: the execution client and the consensus client. The execution client essentially keeps track of the blockchain and maintains a local copy of it. The consensus client actively validates information from different users, which is the mechanism by which Ethereum transactions are validated.

So far, so normal – Ethereum functions as another type of cryptocurrency, meaning that it can be bought, sold, and transferred like any other currency. However, there’s a second layer!

Ethereum also has smart contract functionality. Essentially, this means that each individual Ethereum coin can store a few lines of code that would execute on the blockchain at a certain time. This functionality gives the currency a second utility: it can also be used to carry out tasks independently of the rest of the system. This is an element of the technology that’s still yet to be entirely explored. As time goes on, more and more pioneers in the crypto world are learning and changing their attitudes toward smart contracts. In turn, this may lead to the smart contracts themselves becoming more complex and dense, allowing for a greater range of functions that could safeguard transactions.

How could Ethereum’s uniqueness impact the wider world?

Ethereum’s unique nature means that it can be used in a wide variety of ways. The most famous example of the smart contract functionality was NFTs – the storage capacity for a given Ethereum coin was used to hold access to a certain image. This functionality could lead to similar functionality being rolled out across the tech sector.

A good example of this could be seen in an increased level of modularity within different tech products, especially software solutions. This is already a thing, to some extent, in that some software will allow you to purchase a base version and then supplement your purchase with additional pieces of software to increase functionality. However, this secondary purchase often takes the form of a subscription, something that many consumers dislike.

With the growth of Ethereum’s true ownership model, it’s likely that we may see this ownership roll out across different sectors, reinforcing an ownership model.

Another key thing to bear in mind about Ethereum’s functionality is that each coin works as both a functioning program, and a form of currency. This concept of owning a piece of software, and that software being inherently valuable because you own it, is entirely new.

With a little time, it’s likely that we will see this ownership/functionality model expand through the rest of the web. For instance, if you outright own your presence on social media, you could increase the functionality and prevent other people from tagging you or interacting with you.

Could Ethereum change human functioning within a business?

While this may sound a little far-fetched, it’s entirely possible! The atomicity of an individual Ethereum coin means that the entire system is somewhat modular. While this is obvious when you consider its nature as a decentralized system, this modularity may have further effects.

For instance, this hyper-modular form of purchasing could likely be adopted as a mindset by which hiring and firing are approached. Hiring a skilled professional means that you’ve got that person on your team, and you can outsource tasks to them specifically. Rather than assigning them to a manager and expecting perfect synergy between strangers, a company may expect individual hires to work far more independently.

This behavior may actually be incentivized for businesses to some extent because it would allow them to shirk some level of accountability for the work of the individual. This is, admittedly, a little pessimistic, but it’s a good way to consider how widespread crypto adoption may impact the wider world.

Ethereum is a powerful and influential form of cryptocurrency. This means that any change the coin makes may be seen through the rest of the tech sector as ripple effects. Consider how Ethereum is used today, and how it may be used in the future, to enhance your understanding of the complex tech.