What is Ethereum and How does it work? Well, Cryptocurrency is the trending stuff over the web. There are more than 4000 cryptocurrencies in the world. Among them, Ethereum is the most wanted cryptocurrency by the whole mass. While talking about Ethereum, it also used peer-to-peer technology and blockchain technology as Bitcoin. If you are a cryptocurrency enthusiast, then this article will definitely explain to you What is Ethereum and How does it work?
What is Ethereum?
Ethereum is not just a cryptocurrency. Rather it is a public, public blockchain. Blockchain is the digital public ledger for transactions that utilizes cryptography to ensure integrity and authenticity. It is the first smart contract platform that allows the creation of “distributed applications” (“dapps”) Why people are crazy about Ethereum? First of all, Ethereum was launched in 2013 and in the first year of its creation, it has raised more than $18 million from 15,000 customers. Second, Ethereum’s potential is unlimited. How does Ethereum work? Ethereum is based on the “Proof of Work” method of securing a blockchain. In the current Proof of Work, hackers can’t hack a blockchain because of the huge amount of processing power it requires to hack a blockchain.
How does Ethereum work?
First of all, the Ethereum Blockchain is a platform, which is also known as the smart contract. It is not to create a single cryptocurrency, it is to make a universal currency. There is nothing in the world, which is entirely secure, and It’s really something new. This is actually not a pure coin, as there is also the Turing complete code. This is what makes the whole Ethereum Blockchain great. It’s a distributed autonomous network, where anyone with any technical understanding can create their own currency, project, and ICO. This is why Ethereum Is a hot topic in the cryptocurrency world. There are several projects, where even the developers, who never heard of Ethereum, and how does Ethereum work. Ethereum is all around.
History and Future of Ethereum
Ethereum has gone viral for all the owners of cryptocurrency. At first, Bitcoin was the major payment platform for online payment. Later on, it was followed by the popularity of other cryptocurrencies. Ethereum was introduced to the market in 2015 by cryptocurrency expert, Vitalik Buterin. He was a college graduate from Russia. In 2013, he was working at MIT. There he developed the code of Ethereum. Buterin also co-founded the start-up named, ‘ETreserve’. This is a cryptocurrency wallet that was later on renamed a wallet of Ethereum. With the involvement of a team of developers, Ethereum was a high-level innovation in the blockchain industry. Later on, Ethereum grew into a system of money as it is a decentralized currency.
Is Ethereum a cryptocurrency or a blockchain?
It is not a currency but it has a currency i.e. ether. Ethereum is a platform that is also called a blockchain-based platform.
Cryptocurrencies are becoming more popular each and every day. The cryptocurrency in Ethereum could become the golden egg for the entire cryptocurrency community. It is the one that could bring us to a new level of financial freedom. Cryptocurrencies are the future of today's physical currency. Hope you find this article informative.
- 10 Most Innovative Private Space Companies In The World
- What Is Bitcoin And How Does It Work? | World's First Cryptocurrency
- Challenges of living on Mars | Challenges On Colonization of Mars
- Electric Vehicles: The Future of Transportation
- 10 Free Cloud Storage You Should Know
- What is Blockchain? | A Simple Explanation
- What is Cryptocurrency? | A Simple Explanation
- 10 Amazing Website Which Makes You Smart
- What is IoT? How does it work?
- Best Linux Alternative Distributions of Windows OS