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Ethereum Explained

Most of the people are not aware of the fact that Ethereum is actually the name of the blockchain and the cryptocurrency known by the name of Ether. Ether is traded with the acronym ETH. It can be easily purchased on a wide variety of cryptocurrency exchanges.

Definition:

Ether is the cryptocurrency on the Ethereum blockchain. Ether is just the transacting mechanism on the Ethereum blockchain. When you look at the Ethereum blockchain, it is very different as compared to Bitcoin blockchain.

Ethereum blockchain allows the developers to build the decentralized applications, execute smart contracts as well as execute the normal transactions.

Ethereum blockchain also allows the developers to use the decentralized computing power which is available on the blockchain. The decentralized applications can be easily run on the Ethereum virtual machines. As a result, Ethereum can be considered as a pretty versatile blockchain.

Ethereum blockchain can be defined as the blockchain which is powering hundreds of decentralized applications along with the execution of smart contracts with the help of decentralized computing power.

The developers are constantly adding more and more features to the Ethereum blockchain. The most underutilized feature of the Ethereum blockchain currently is the smart contract.

Origin:

Ethereum was conceptualized by Vitalik Buterin in 2013. The initial release, however, happened on 30 July 2015.

The technology behind Ethereum:

The platform has been created using C++, rust, go. As a result, the development of the platform is actually pretty easy and that is what is attracting a lot of different developers to the platform.

Why use Ethereum instead of other blockchain techs:

The Ethereum blockchain is popular due to 2 of its aspect. The 1staspect is smart contract and the other aspect is decentralized applications. Both of these are powered from the decentralized computing power which is available on the Ethereum blockchain. It uses the un-utilized computing power of the machines which are in the network. As a result, it is able to provide the computing power to the decentralized applications as well as the smart contracts. With the help of Ethereum virtual machine, the computing power can be provided easily to all of these applications. As a result, it is very easy to develop any kind of application or execute any kind of code on the Ethereum blockchain.

Thus, the next time around, when you hear about Ethereum, do understand that the cryptocurrencies Ether and Ethereum blockchain itself has quite a few products on offers like smart contracts, decentralized applications, and even Ethereum virtual machine.

Current Price of Ethereum:

Ethereum
% 1h
0.06
% 24h
1.34
% 7d
2.29
USD
118.25
INR
8,414.4
EUR
104.05
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