Ethereum is a computing-distributed and a block-chain based platform most associated with a cryptocurrency like bitcoin. It is open-source, which means through it you can control money through code is written on it and you can also create applications, which may or may not be related to these actions.
A platform like this is associated with blockchain it is still a huge platform that also provides different applications and purposes in the real world. Cryptocurrency is just one of its applications in the real world. Questions like what it pertains to and why should we know about it form the cusp of discussion in this blog.
Is it similar to bitcoin?
In a way, it may be but in actuality, it is not. They both are a platform based on a public and distributed blockchain network. It is where the similarities end. Ethereum is a blockchain network where applications run on decentralized code. It is entirely different from the Bitcoin blockchain network, which is essentially used for cryptographically securing peer to peer sharing of cryptocurrency (bitcoins) across different users of the Bitcoin network. Bitcoin, in other words, was made to become a decentralized currency that was universally accepted.
Ethereum’s cryptocurrency is known as the Ether, which is a type of token amount that powers the said blockchain system. Henceforth, Ether becomes its cryptocurrency which can be transferred across accounts and as a result can be used by the application developers for various transactions fees on the network.
In this section talk about a little more about the token currency of the Ethereum blockchain network. As mentioned before, it is token money that can help make the transactions on the aforementioned network. It is handled through a distributed ledger provided by the network.
Often people will just call it Ethereum, which as you are the name of the network, not the token. As with bitcoins, Ether can also be traded through brokers and crypto-exchanges all over the world.
What Advantages do Ethereum and Ether have?
It has many of those core blockchain benefits at its disposal. These are: They are immutable, which means they cannot be hacked as the data cannot be changed in any way. The network is decentralized. It means you do not need an intermediary to trust and make the transaction as the transactions are already secure. By the way, the transactions are themselves are secure, fast and reliable when they happen on Ethereum.
These were the advantages, which are usually associated with a blockchain network. Other unique benefits are also there, which stem from the user of Ethereum. It is essentially a ‘World Computer” because it is based on the concept of Turing Completeness. If the Turing Completeness concept is there in something, it means it can solve anything computational as long as it has enough resources. Ethereum can also deal in contract code and data aside from the Ether.
Ethereum has made it possible to bring new projects on the horizon due to its state of the art capabilities and excellent blockchain networks. It should be impossible to pass up an opportunity linked to it.