Home Finance EtherLite: Ethereum’s Hard Fork

EtherLite: Ethereum’s Hard Fork

EtherLite: Ethereum's Hard Fork
Photo by Bram van Oosterhout from Pexels

EtherLite is a hard fork of the more significant, well-known, and widely used chain, launched in May. EtherLite employs a proof-of-stake (PoS) consensus approach to pick up where Ethereum, a much bigger peer, leaves off. The platform is designed for optimization, providing a quick, safe, and cost-effective environment for developing decentralized applications (DApps). Its goal is to broaden the community’s understanding of blockchain development and use. 

EtherLite vs Ethereum

EtherLite is a hard fork of Ethereum, the popular blockchain that is the first option for smart contracts, DeFi, non-fungible tokens (NFTs), and other uses. Developers may utilize EtherLite to create smart contracts and apps that run on the decentralized platform. It’s Ethereum Virtual Machine (EVM) compatible, making it simple for developers to convert their current dApps in minutes. This implies users can use the system’s decentralized apps and smart contracts as well. 

The new chain is intended to fix some of the issues that still plague the Ethereum network. It has the following features:

  • Speed – The network features a five-second block period and over 10,000 transactions per second.
  • Low fees – High fees have been a roadblock for some creators and developers, driving them to switch to alternative blockchains.
  • Staking – In exchange for incentives, users can invest their ETL on staking.etherlite.org to aid preserve network security. 

ETL is the token that can be used to exchange funds on the EtherLite network and keep the network running and pay network fees. 

Etherlite also recently unveiled Etherlite Exchange, a decentralized exchange and automated market maker. The DEX is one of the programs sponsored by the EtherLite Foundation’s SmartGrant investment fund, which was just launched. Battleship, a blockchain-powered lottery system, and Noften, which looks to be focused on non-fungible tokens (NFTs), are both in development. There also seem to be other features, such as DEX’s native token, EXL, to be used as a rewards system and charts and market data analytics. 

Trade Launch

EtherLite, a new cryptocurrency established by the Etherlite Foundation, began trading earlier this month. Its value has now soared, increasing by more than 300 percent in just a few hours. The price of EtherLite had a difficult weekend, falling nearly 25 percent in just 24 hours. 

According to social media, investors focused on developing the EtherLite ecosystem are unfazed, while others find the recent dips challenging to ignore and are searching for explanations from the team. Fortunately, it is presently trading at the $0.9 mark. 

Is it a good investment?

Price predictions say that it is possible to anticipate that investing in EtherLite (ETL) for the long run will be profitable based on currently available data. Experts define long-term as the EtherLite prediction for five years or more. After five years from now, the price of ETL will be about $2.8. The algorithm-based technical analysis predicts that the price of ETL will not decrease, fall, or drop in the long run. 

Closing Thoughts

As EtherLite continues in circulation, more data will be added to the predictions, so it will be necessary to keep up to date with its price changes if investors are interested in HODLing their ETL tokens. As with most cryptocurrencies, ETL went through the weekend dip but rose back up with the others. The market is as volatile as ever, so it would be wise for holders to be cautious of the price actions.

Being a new cryptocurrency, investors are encouraged to research all other specifics to avoid being caught in the trend and later regret the decision. ETL is currently looking to be a promising coin and other altcoins, with its steady rise after the weekend dive. 

Not convinced with ETL? Look into different cryptocurrencies with this easy-use app!

Featured Photo by Bram van Oosterhout from Pexels