We’re going to cut right to the chase okay? Let’s unravel Ethereum!
What the Hell is Ethereum?
It’s a decentralized system, it is not controlled by any single body. It’s completely autonomous in its nature. It does not have a central point of failure, its run by the help of thousands and thousands of volunteer computer across the globe. Feeling a little lost? What it really means: Ethereum can never go offline.
The best part? All the personal information of the user’s only stay on their computers, the creative control completely lies in the hands of its creator and no other roles are imposed by the hosting services. You know how YouTube and App Store asks you to accept their terms and conditions? Well that’s not what Ethereum asks from you! It lets its users be!
Bitcoin and Ethereum Are Not the Same, People!
It’s a question asked very frequently! It’s crucial to understand that sure, Bitcoin and Ethereum are constantly compared to each other. They are both very different projects and extremely different goals. Bitcoin was basically the first cryptocurrency and money transfer system. It was built on the blockchain technology with a distributed public ledger on it.
It’s true that Bitcoin took from the technology that powered Bitcoin. However, it has its own network with its very own internet browser, payment system and coding language. What’s even better is that it allows the users to create decentralized applications on its own blockchain.
What Does Ethereum Achieve to Do?
Since, Ethereum allows the users to create its very own applications on its blockchain network, the middleman and all the other expenses that come with the involvement with a third party are thrown out the window. Just like that! The applications could either be completely new ideas or even reworks of existing concepts! For instance, the profit is made by Facebook when a user likes and shares their favorite artist’s page.
Be prepared to be amazed! In an Ethereum version of the social network, the audience and the artist included will receive awards for showcasing positive support and communication. Isn’t that mind blowing? Imagine the user get rewarded too! The Ethereum based application will completely eradicate all sorts of payments that are made to third parties for providing services to the users. Finally, someone has listened to us! Finally the users will make profits as well!
Is Ethereum a Cryptocurrency?
According to the definition of Ethereum, it’s a software platform that acts as a decentralized Internet and as a decentralized app store. Don’t you think a system like this needs a currency to pay for the all the resources it needs, to make sure the application or program runs? It does! This is where Ether steps in. Ether is basically a digital bearer asset and it require no third party to process any payments.
It not only operates as digital currency, it’s the fuel for the decentralized app in the Ethereum’s network. If there is situation where the user feels it’s necessary to make some changes to the apps of Ethereum, the user will have to pay a transaction fees for the network to make the changes. We say it’s a pretty fair system!
If you have more questions related to Ethereum or any other cryptocurrency feel free to hit us up!