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What is Ethereum?

What is Ethereum?

Ethereum is a decentralized and secure platform for executing applications that make payments automatically , with a virtual currency called Ether . Ethereum is based on blockchain technology, which gives it advantages such as safety and reliability.

Ethereum serves as a global computer that includes a programming language. Anyone can create applications that work on the Ethereum platform: Ethereum is an open system. There are thousands of Ethereum nodes distributed around the world. All nodes verify that applications and payments are executed correctly.

Ethereum History

  • In 2014, a group of programmers with experience in Bitcoin, began to develop Ethereum with the support of a Swiss company and private financing (raised $ 14 million through crowdfunding.
  • In 2015, the Ethereum network was already operating. In the year 2017 Ethereum gained a strong impulse, attracting the attention of investors, programmers and companies. The price of Ether rose from $ 8 to $ 400 in June 2017.

The main objective of Ethereum is to facilitate the creation of applications that use Blockchain, at the same time that it serves as a secure global platform , where these applications are executed.

Ethereum provides a blockchain with an included programming language, which allows anyone who wants to create applications that use this blockchain, easily and simply.

It is a worldwide network that is able to decentralize the central agent model (client server) through which the economy currently operates. Instead of existing servers managed by central agents, there are thousands of interconnected and scattered nodes around the world, which are responsible for executing transactions in a secure and automatic way.

It allows, for example, to create digital assets that represent financial instruments, smart contracts, property registers, non-fungible asset registers, and other applications that have not yet been imagined. All this in a simple and safe way.

Ethereum characteristics

  • It is an open platform
  • It allows the rapid development of applications: for example you can create a new cryptocurrency with only two lines of code.
  • Grant security to applications.
  • It grants the ability for different applications that use the platform to interact with each other.

Ether

Ether is the currency that Ethereum works with. In addition to being a currency similar to Bitcoin, which serves as a means of exchange, deposit value and investment instrument. Applications that use Ethereum, can pay fees and services to the Ethereum network, similar to the fees that Bitcoin currently uses. The fees are very low, in relation, for example, to the current costs of carrying out banking transactions or with credit cards. However, due to the extension of the network, the number of transactions carried out in the future will represent a gigantic volume. Currently, Bitcoin is operating a volume close to 1000 million dollars per day , and analysts believe that the volume handled by Ethereum will be higher! .

Current Price of Ethereum is

[crypto_pulse__single type=”full” style=”segment” color=”grey” coin=”ETH”]