What is Ethereum? All you need to know about Ethereum

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You might already be quite familiar with the Bitcoin, which has been in the news and which has taken the cryptocurrency world to a new level. Let us now look at another facet of this crypto world – the Ethereum.

Ethereum has been rising slowly and steadily over the last months and is emerging to be a promising currency to invest or trade in.

What is Ethereum?

In the words of the Ethereum website, it is a platform entirely decentralized for running applications without the fear of censorship, fraud or interference. What makes it even more interesting is the fact that the blockchain on Ethereum is unalterable. And the cryptocurrency that runs this network is Ether, shortly ETH.

Solidify, the programming language built into the platform is used for the creation of DApps (Distributed Autonomous Applications) and execution of smart contracts without any substantial or fraudulent interference. This is probably why Ethereum is referred to as “programmable money.”

Origin of Ethereum

It was created in the year 2013 by Vitaik Buterin, from Russia and was introduced to the market only in January 2014. The idea of Ethereum is to bridge the gaps that Bitcoin has created. It is meant to do things that Bitcoin is unable to, and hence you cannot just term it as another cryptocurrency in the making.

Are Bitcoin and Ethereum of the same kind?

This is a common misconception that Ethereum is the same as Bitcoin. While both of them are networks of the public blockchain, there are some differences between them.

The most significant distinction comes in the ability and purpose of Ethereum as against that of the Bitcoin. Comparing Bitcoin and Ethereum is like comparing email and internet, where the former is just an application of the latter.

With Bitcoin, one can use the blockchain technology and make a peer to peer cash transfer where the blockchain can be used for tracking the ownership of Bitcoin. In case of Ethereum, the focus is more on running programs on the platform.

Ether is not just a cryptocurrency to trade in, but it is also used as money to pay for services and transaction fees in Ethereum blockchain network.

The EVM

EVM, short for Ethereum Virtual machine is Turing software that runs on Ethereum. Provided there is enough time and enough memory, anyone can use this to run any program they want on Etherum, irrespective of the language in which the program is written.

Creating blockchain applications has been made easy with the advent of the EVM. Now you can just create different applications on the same platform instead of building a separate blockchain for each of them.

Using Ethereum

Building and deploying decentralized apps are now accessible with the help of Ethereum. The Dapp that is created can serve a particular purpose for the users. The best example of this is the Bitcoin which is a Dapp that helps with peer to peer electronic transaction.

Given that the Dapps that you create will be running on a decentralized blockchain network, there will not be any need or worry of being controlled or interfered with by a third party.

With Ethereum you are guaranteed an immutable, tamper-proof, secure and absolutely no downtime required apps to run on the blockchain.

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