TrustRadius Insights
Fast Transaction Processing: Many users have praised Ethereum's fast and reliable transaction processing, with confirmations taking only …
Overview
What is Ethereum?
Ethereum is a community-run technology powering the cryptocurrency, ether (ETH) and thousands of decentralized applications.
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Product Details
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What is Ethereum?
Ethereum Technical Details
| Operating Systems | Unspecified |
|---|---|
| Mobile Application | No |
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Community Insights
TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!
- Pros
- Cons
- Recommendations
Fast Transaction Processing: Many users have praised Ethereum's fast and reliable transaction processing, with confirmations taking only 10 seconds. This feature makes transactions much quicker compared to other platforms.
Smart Contracts: The use of Smart Contracts on Ethereum is one of the most appreciated features by users. According to reviewers, Smart Contracts can help businesses and individuals build trustless relationships in transactions. Additionally, they are seen as the building blocks of decentralized applications.
Security and Transparency Features: Another widely acknowledged benefit of Ethereum is its security and transparency features. Users appreciate that data is kept secure with private keys, while smart contracts act as a backbone for transparency. These features make it easier for blockchain-based apps to keep data and funds safe from malicious attacks or frauds.
High network and gas fees: Many users have expressed frustration with the high fees associated with using Ethereum. Multiple reviewers have reported that the network fees are extremely expensive, making it difficult to justify using the platform for smaller transactions. Additionally, some users have noted that the volatility of gas prices can lead to unexpected costs when executing smart contracts.
Difficulty for new users: Several reviewers have mentioned that onboarding onto Ethereum can be a challenging process for new users. Some users have reported difficulty understanding how to mine currency or execute smart contracts, and no clear explanation was provided. This barrier may deter some potential users from adopting the platform.
Slow transaction times: A significant number of reviews mention slow transaction times as a major downside of Ethereum. Users report that the network gets bogged down at times due to a high volume of transactions, causing slower transaction times and higher fees. Additionally, some reviewers note that Ethereum can be slow even under ideal network conditions compared to other networks like Tron and EOS.
Users of Ethereum have provided several recommendations based on their experiences. The most common recommendations are as follows:
- It is useful to use a layer 2 solution where possible in mining, as it can improve efficiency and scalability.
- When mining Ethereum, it is advisable to partner with a mining pool instead of building your own mining farm.
- Before diving into business problems, it is recommended to go through the basics of Ethereum to have a solid understanding of its capabilities.
Overall, users highly recommend Ethereum as a powerful tool for creating smart contracts and ensuring integrity. They find Ethereum to be the most mature and reliable blockchain compared to its peers. Additionally, users anticipate significant upgrades to the Ethereum network in the next two years, especially with the launch of Ethereum 2.0. They suggest giving Ethereum a try as it can solve a wide range of problems and open up new business ideas. Furthermore, users encourage others to hop on the industry trend of using Ethereum and jump right into it.