What is Ethereum?
Ethereum is an open-source software platform based on blockchain technology, which allows developers to create and release decentralized applications. It’s really much more than a cryptocurrency, that’s just one piece of Ethereum’s offering. So, is it like BTC then? Well, yes and no.
What is Ethereum?
ETH and BTC share the fact that they’re created using distributed common network technology – called blockchain – but that’s really where the connection ends. Bitcoin offers a single application – a peer-to-peer digital currency system that permits online payments. It’s basically a currency in its basic form.
While BTC uses blockchain technology to follow who owns BTCs.. Ethereum uses blockchain as a platform for running around any decentralized application. Bloomberg once defined it as “shared software that can be used by all but is tamper-proof.” So the probabilities really are infinite!
Where Did Ethereum Come from and Who Created It?
Ethereum was founded by Vitalik Buterin, a cryptocurrency researcher and programmer who before worked on BTC in 2013. An online crowd sale held in 2014 created the core part of the funding for the platform. The system went live on 30 July 2015 and was populated with 11.5m ‘coins’ available for presale.
How Does Ethereum Work?
In the Ethereum blockchain, instead of ‘mining’ for Bitcoin, users work to obtain ‘Ether’, a sort of cryptocurrency that fuels the deeper network. Ether is also used by developers to pay for services on the ETH network.
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What Is Blockchain Technology?
A blockchain is a common ledger that keeps track of all transactions that have ever been performed on a particular network. It’s continually being extended when blocks are ‘completed’. Blocks are added to the blockchain in serial order. Each computer that is connected to the particular network (e.g. Ethereum or Bitcoin) gets a copy of the blockchain, which is automatically downloaded upon registering that network.
Within a blockchain, several people can write entries, and it has a community of users who measure how the record of information is amended and refreshed.
Each entry is uploaded and then updated, no one person controls the information included within it. In terms of Ethereum’s cryptocurrency, Ether, the blockchain works as a kind of database, which keeps track of all ownership and transactions carried out on the Ethereum network. Read more
Where can you spend Ether?
Ether is used to pay for specific goods and services online within the Ethereum network.
Why Did Ethereum’s Price Move So Fast?
What was the cause of the fast bullish trend in 2017? The answer is both easy and complex in similar measure and comes with increased investor awareness. As the public became more and more learned about cryptocurrencies like Ether and BTC, more interest was created as a result. The case of Ether is even more exciting. It had such a great increase in price almost particularly because it’s ‘like’ BTC, and investors wanted to jump on the boat early when the prices were moderately low.
Is Ether Safe? What Are the Risks of Trading Ether?
Ether is as safe as any currency market.
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