Ethereum (CRYPTO:ETH) has a lot going for it -- it's made some investors a bundle and it's an innovative utility coin. Investors who put money into Ethereum when it was introduced six years ago could be sitting on more than $1 million worth of profits today from an initial $1,000 investment. The coin also is the first programmable money in the world, storing instructions on the blockchain that self-execute when certain conditions are met, also known as smart contracts.
Ethereum is a major step forward from cryptocurrencies such as Bitcoin (CRYPTO:BTC), which only allow users to send money to one another. But more importantly, innovations are coming for Ethereum. Let's look at how this revolutionary coin might make a worthy addition to investors' portfolios.
A big step forward
Ethereum is about to undergo a significant transformation that fixes a mounting challenge for cryptocurrencies like Bitcoin -- environmental sustainability. By the end of 2022, the Ethereum network will transition into one based on proof of stake (PoS) instead of proof of work (PoW). This means the network will no longer need miners using ever-more computing power to solve sophisticated, algorithmic puzzles to validate transactions on the blockchain ledger and create new coins. To put that into context, the global Bitcoin network now consumes as much energy as 23 coal-fired power plants -- and is growing day by day.
In theory, under the PoS regime, anyone will be able to validate transactions based on...
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