In this article, I’m going to get you up to speed with the cryptocurrency that’s making waves all over the internet. Ethereum is a digital currency that has jumped in value faster than any other cryptocurrency in history. If you want some of the sweet gains made by this digital coin, then read on to learn more about it!
A Primer on Ethereum
When you think about Ethereum, the first thing that probably comes to mind is its founder. But Vitalik Buterin wasn’t the only person behind Ethereum’s creation—it was a community effort. After all, the concept of decentralized applications (dapps) has been around since at least 2013.
Ethereum is an open-source platform based on blockchain technology that allows users to create smart contracts and build new cryptocurrencies using a distributed ledger system known as a blockchain. It supports both public and private blockchains where anyone can participate without permission or third party verification of transactions made between users on these networks.
The goal of this article is not only to give you an overview of how Ethereum works but also explain some key concepts about how it differs from Bitcoin—and why those differences matter when it comes time for you decide whether or not invest in one coin or another!
How Does Ethereum Work?
Ethereum is a blockchain technology, which means that it relies on a network of computers to create and manage the database. The information stored in this database is called “the ledger” and is publically available to anyone who wants to see it. As you can imagine, a blockchain network has immense value because of its unique ability to record transactions without a central authority or middleman. This makes it extremely difficult for anyone to manipulate or steal data from the system.
This decentralized platform also enables developers around the world to create applications (called DApps) that run on top of Ethereum’s blockchain protocol—and these DApps are responsible for allocating resources within this ecosystem. For example: If someone wants access their bank account but does not have an internet connection or cellular service plan, they could still use this technology through the use of Ether tokens (a cryptocurrency used in Ethereum). While there are some limitations when accessing funds through cryptocurrencies such as Bitcoin vs traditional currencies like U S dollars or Euros etc., there are significant benefits including faster transaction speeds/times while minimizing fees associated with international transfers between countries where banking systems may not be accessible today due systems failure caused by natural disasters like hurricanes Irma & Maria which caused massive destruction throughout Puerto Rico leaving many people without power sources needed for everyday living such as refrigeration units etc…
What’s the Difference Between Bitcoin and Ethereum?
The main difference between Ethereum and Bitcoin is that Ethereum allows you to create decentralized apps. With a cryptocurrency like Ethereum, developers can build their own applications on top of it.
One example of this type of application is called Augur, which uses smart contracts to predict the outcome of events based on predictions made by individuals within the network.
Developers who want to create decentralized apps can use Solidity, an Ethereum-specific programming language designed for writing smart contracts and creating decentralized applications (DApps).
What Can I Do With Ethereum?
Ethereum is a platform for decentralized applications, smart contracts and tokens. It’s like the internet: you can use it to send information from one place to another and store your data in a decentralized manner. With Ethereum you can create your own cryptocurrency or token, without having to deal with any third parties like banks or governments.
Who Created Ethereum?
- Vitalik Buterin, a 19-year-old programmer and writer who at the time lived in Canada, was a co-founder of Bitcoin Magazine.
- He published the Ethereum white paper in late 2013 and launched a test version of Ethereum’s blockchain software in January 2015.
- Ethereum has grown to be one of the largest cryptocurrencies by market cap with over $15 billion worth of ETH traded daily
It’s worth reading more about this fascinating new world of cryptocurrency before you add it to your investment portfolio.
If you want to get involved with Ethereum, it’s worth reading more about this fascinating new world of cryptocurrency before you add it to your investment portfolio. Here’s a quick breakdown of some terms and concepts you’ll need to know:
- Cryptocurrency, blockchain, ICOs and DAOs all refer to the same thing: The technology behind bitcoin (and other cryptocurrencies) which allows for secure transactions without a central authority.
- Smart contracts are the applications built on top of blockchains that execute commands automatically when certain conditions are met. For example, if someone sends an email saying they will pay $100 within 10 minutes after they receive an email containing a link that generates their private key and unlocks their funds; then it goes into action automatically when both parties successfully complete their tasks within those given timescales. This would be considered one type of smart contract called “atomic cross-chain trading” in which two separate transactions occur simultaneously but only after both parties fulfill their requirements for doing so first—hence why this is sometimes referred to as “trustless” because no third party needs be involved except yourself!
When we first heard about Ethereum, it seemed like something from the future. But now that we’ve learned more about it, and how it can change the world as we know it today—we think you should learn more too!
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