Wonders of Ethereum
Bitcoin and Ethereum are often referred to in the same context, so beginners get rather confused in the beginning.
But Ethereum is drastically different from Bitcoin. Programmer Vitalik Buterin came up with the idea in 2013 and lacked the funds to launch, so he turned to crowdfund, and by 2015, Ethereum was launched and publicly traded.
So, what exactly is Ethereum? And what this technology gives us?
To put it into simple words, it’s just a platform for distributing information around the world that cannot be changed or manipulated.
Those who wish can use it as a giant decentralized virtual machine. To get all the advantages of blockchain, it is not necessary to create your own network. You can use the ready-made Ethereum system.
The main objective of Ethereum is a transfer of digital currency as an asset in the performance of the action enshrined in the Smart Contract. There are smart contracts in Bitcoin, but their capabilities are greatly simplified. The code for this is written in the original Solidity programming language. The developer sets the script, built on the principle of “if-then”, and the nodes of the blockchain execute this program in automatic mode with recording the results of each operation on the network.
This innovation made it possible to create applications based on Ethereum that work strictly in accordance with established algorithms without failures, censorship, fraud, and the participation of third parties. The data obtained as a result of the implementation of the smart contract always stays the same. By implementing the Ethereum blockchain protocol and fractioning a share in the company, Pre-IPO tokens can be purchased with a low entry ticket as 100EUR.
What about the currency itself?
ETH is a centralized decentralized currency. Even though it is 100 percent decentralized, Ethereum still has an established group of developers and employees who manage and promote the platform. Many investors believe these facts is what made Ethereum into the massive success that it is today.
Where is it heading?
And this is just the tip of the iceberg. Ethereum has shown to the world that the use of the digital currency can work very well. Although it’s a titan among cryptocurrencies, the fact is, this technology is still at an early stage of its development. Many in the crypto community are wondering how further it will develop. In our humble opinion, Ethereum is the key to a decentralized future.
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