What is Ethereum?

W

Ethereum refers to itself as a decentralized computing network based on blockchain technology. Ether (ETH) is the platform’s native cryptocurrency and, following Bitcoin, the second-largest cryptocurrency by market value that was launched In July 2015. Unlike Bitcoin and many other virtual currencies, Ethereum is supposed to be far more than just a medium of exchange or a store of value.

Ethereum does not only make a huge shift in the status quo, but it also enables the rapid creation and delivery of new applications that provide specialized solutions for a variety of sectors as it allows smart contracts and decentralized apps to be developed and operated without such risk of control, fraud, fraud, or third-party interference. Ethereum includes a programming language that runs on a blockchain, allowing developers to create and manage distributed applications.

Advantages of Using Ethereum:

  • Smart contracts ensure security. Smart contracts are implemented safely and without the involvement of a third party.
  • It is difficult to counterfeit. Ethereum is impossible to fabricate since it is a virtual money with its own identifiers which makes it one-of-a-kind.
  • It is not governed by any government agencies. Without anybody else intervening, the money will be sent directly to the owner of the paid goods or service since no government has authority over Ethereum.
  • It is less expensive. Because there are no third parties involved, it is less expensive to use.
  • It was created using an open source. The open source system allows for improvements when they are needed, which helps platform users by providing increased stability and transparency.

About the author

Pieter Borremans

Add Comment

Get in touch