Analyze the advantages & disadvantages of Ethereum cryptocurrency

By Lềm Thị Phiến | An an | 31 May 2020


1.Advantages:

Ethererum is immune to any 3rd party interference. This means that all decentralized applications and DAO funds deployed in the network are not controlled by anyone.

Blockchain is formed around a consensus principle. Every node in the system needs to agree on every change made in it. This eliminates corruption and counterfeiting fraud.

The entire platform is decentralized, so all applications are always online and never off. Decentralization and cryptographic security help the Ethereum network fight hackers and fraudulent activities.

2. Disadvantages:

Has been attacked DAO funds and lost over 3.6 million Ether tokens. The attacker has exploited an error from the code. Not only was the loss of the tokens stolen, but it also weakened user confidence throughout the Ethereum network.The value of Ether dropped from $ 20 to $ 12 at the time.

Designed and smart contracts, so errors will occur in coding. And any small bugs can be exploited. If the error occurs there is no direct way to prevent the attack. The only way is to reach a consensus and rewrite a basic code. However, this goes against the nature of Blockchian - an immutable and immutable ledger.

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