What is Ethereum
Ethereum is a single type of digital currency or cryptocurrency, a trading method that is only available online. Ethereum is among the most popular cryptocurrensets, and is ranked second in size since August 2021, behind Bitcoin, a crypto-currency coin. Cryptocurrency has created a lot of controversy, from those who recommend it as the world’s next payment system to those who view it as just a speculation bubble. Here’s what Ethereum is and how it works.
What is Ethereum?
Ethereum is a separate blockchain platform that creates a peer-to-peer network that acts securely and validates the application code, called smart contracts. Smart contracts allow participants to trade without a trusted central authority. Activity records are unchanged, authenticated, and securely distributed across the network, giving participants full ownership and visibility of transaction data.
Tasks are sent and received by Ethereum accounts created by users. The sender must sign the transaction and use Ether, the native Ethereum currency, as the cost of processing the transaction on the network.
Founders of Ethereum
Ethereum was launched in July 2015 by a small group of blockchain enthusiasts. They include Joe Lubin, founder of ConsenSys, a developer of blockchain applications using the Ethereum network. Another founder, Vitalik Buterin, is credited with launching the Ethereum concept and now serves as its CEO and public face Born in 1994. Ether cryptocurrency is designed for use within the Ethereum network.
In the background
Ethereum is one of thousands of cryptocurrencies that have emerged in the last few years. The cryptocurrency or platform is called Ethereum, while each unit is called ether (2 ether, 17 ether, etc.) Ethereum operates on a separate computer network, or a distributed platform called a blockchain, which controls and tracks the type of currency. This shared network is part of Ethereum’s appeal to other cryptocurrencies.
Ethereum also allows users to make anonymous transactions, even if the activity is publicly available on the blockchain. Although the whole field is financially referred to, it may be very helpful to think of crypto as a token that can be used for a specific purpose enabled by the Ethereum platform….read more