We all know that the last decade was the Cryptocurrency decade. Where many cryptocurrencies are evolve and become popular. Ethereum was one of them. Ethereum come up with the revolutionary idea that Ethereum is not only a Cryptocurrency it is a technology itself. It is more than a cryptocurrency. Ethereum can be programmed.
What is Ethereum?
Ethereum is a technology that simplifies many services and is a gateway to digital money, cryptocurrency, decentralized finance (DeFi) and D-applications (DApps). It is an association platform for all services offered for use in the online world.
The most popular part of Ethereum is Ethereum Cryptocurrency (ETH). it reached $ 124 billion market cap after bitcoin.
It is a decentralized, open source and smart contract-based technology.
Ethereum was invented in 2013 by programmer Vitalik Buterin and four others – Gavin Wood, Charles Hoskinson, Joseph Lubin and Anthony Di Lorio.
The Ethereum blockchain will introduce Proof of Stake in its development. This development of the Ethereum blockchain is known as Ethereum 2.0
How does Ethereum Work?
Ethereum works on blockchain technology and cryptography. Blockcahin is a decentralized ledger and a network of computers (called nodes) where all data is recorded and verfied.
Ethereum blockchain can not only check the data, but also run various services and applications. As a network node, everyone on the network has a copy of the ledger.
After a successful transaction verification, a block is added to the blockchain and the user is awarded ethereum (ETH) known as the miner.
There is no limit to mining Ethereum in the Ethereum blockchain. An unlimited amount of Ethereum can be generated.
Advantages of the Ethereum:
Ethereum is a blockchain-based technology that makes it decentralized and more secure.
Ethereum allows you to transact through its DeFi system, which means decentralized finance. With it you can receive and send money from anywhere in the world without any central authority.
You can invest in the Ethereum (ETH) cryptocurrency.
In addition to investing in cryptocurrencies, you can also make your own NFTs, non-fungible tokens. Anything you create in digital form can be minted as an NFT on Ethereum technology. You can make money by selling it and get royalties. So you can make your own assets on the internet.
Ethereum is blazing the trail to Internet 3.0. You can access free internet without providing personal information.
Ethereum offers great opportunities for application developers in the form of Dapps (decentralized applications).
It’s a huge network of many services, and it’s constantly innovating.
Application of Ethereum
Ethereum provides a platform for many services and applications.
Non-fungible Tokens (NFTs)
Non-fungible Tokens (NFTs) are the most popular application of Ethereum. Non-fungible tokens are the digital assets that are created through blockchain technology. These are the proof of ownership of a digital asset. NFTs are also more popular in the gaming world as Gaming NFTs.
DeFi (Decentralized Finance)
Decentralized finance is based on blockchain-based financial applications that facilitate many financial services through its network, such as: payment, landing, loan, investment and trading services without any central authority.
DApps (Decentralized Application)
The decentralized application runs on blockchain and peer to peer network nodes. Ethereum facilitates Dapps on its blockchain. They are different from the centralized app on our smartphones.
ERC-20 Tokens
There are many tokens on the ethereum blockchain ERC-20 is one of them. These tokens are smart contracts.
Contract Platform
Ethereum blockchain uses the smart contract which is written in a high level language. It can be used for many purposes.
How to Buy Ethereum?
Investing in Ethereum (ETH)
If you want to invest in Ethereum (ETH), we recommend it. It is very easy to have an Ethereum (ETH).
Choose a Crypto Exchange:
You must have an account on any exchange to buy an Ethereum. Crypto Exchange is a place where cryptocurrencies are traded.
There are many crypto exchanges in the market.
Add Money
Add some money in your Crypto Exchange wallet to buy ethereum coins. You can add funds using any method: by bank account, debit cards and UPI.
Buy Ethereum:
After adding money to your wallet, you can buy ethereum. You can buy ethereum in fractions.
Own A Wallet:
A wallet is required to enter the Ethereum world. Ethereum provides many types of wallets with various features. You can choose according to your choice. IF you want to buy Ethereum, you can choose Crypto Wallet.
Ethereum Vs Bitcoin
Everyone knows that Ethereum and Bitcoin are the cryptocurrencies. Both are open source and decentralized. Ethereum is the second most popular cryptocurrency after bitcoin.
What is different is the smart contract between Ethereum and Bitcoin. Which gives Ethereum the ability to have another application besides being a cryptocurrency. Ethereum can run many applications on its network.
Block validation on Bitcoin Blockchain is 10 minutes, but on Ethereum Blockchain it is only 12 seconds.
Ethereum blockchain can generate unlimited number of ETH coins, but bitcoin can only generate 21 million coins.
Ethereum is continually updated by programmers.
Ethereum Blockchian Vs Bitcoin Blockchain
Bitcoin blockchain can only store values on it, but on the other hand, Ethereum Blockcahin has the ability to build applications and run them with the ethereum blockchain. The Ethereum Blockchain also facilitates smart contract and decentralized financial services on it.
Ethereum Mining
Ethereum Mining is the process of generating Ethereum by verifying transactions on the Ethereum blockchain. Every time a user verifies a transaction, they get a reward in terms of Etherum.
Future of The Ethereum
Ethereum is going through a continuous upgrade. The improved version of eitereum is called Ethereum 2.0.
Ethereum is a multi-application platform. Many companies are building applications and software on the ethereum blockchain.
Many financial institutes are using the ethereum blockchain decentralized finance facility for many financial services.
FAQs
What are Ethereum Smart Contract?
Ethereum Smart Contract are the programs written over Ethereum Blocakchain in Solidity and Vyper programming language. Who drive the EThereum Blockchain.
Who is the Founder Ethereum?
Vitalik Buterin is the founder of Ethereum.
How much ethereum and bitcoin can be mine?
Bitcoins have a limited number, while ethereum has an unlimited number. Only 21 million bitcoins can be mined.
