The most popular cryptocurrency.

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The biggest and most popular cryptocurrency is Ethereum, which has gained more than 1,800% in value in the past month. Ether is the currency that powers the Ethereum blockchain.

Ethereum is increasingly being used for initial coin offerings, where startups sell tokens to the public in exchange for bitcoin or ether. A record $150 million was raised in an ICO earlier this week.

Some companies have moved to establish themselves as early contenders in the blockchain space. Airbnb announced in May that it would test the use of bitcoin to lower transaction fees.

Faster, cheaper transactions are one of the main attractions of the blockchain, as they decrease the time and cost of processing transactions. Another benefit of blockchain is that it makes it impossible to hack or alter the data, which keeps users and businesses more secure.

Thomas Glucksmann, head of marketing at Gatecoin, which operates the Hong Kong cryptocurrency exchange Gatecoin, said: “It’s no surprise that Chinese exchanges are closing up shop at the moment. The whole industry is in a period of uncertainty.”

Blockchain has had some highs and lows in its short life. It was touted as the future of the internet but has struggled to get off the ground. The technology has also been criticized for its lack of transparency, as it is designed to keep transactions secure and, as such, the identity of those who have conducted them is shielded.
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However, Glucksmann noted that despite the Chinese crackdown on bitcoin, the future of blockchain was still bright. He told CNNMoney: “The Chinese government doesn’t control or have the power to stop the bitcoin market at this moment in time.”

Seminaries, business firms and even sports teams have become early adopters of blockchain technology. Sports teams like the Colorado Rockies and the Sacramento Kings, a basketball team in the US, have made use of Ethereum to conduct ticket sales. Some have even used blockchain to pay referees.

However, there are still plenty of skeptics.

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@hdmed

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