What is Ethereum? A Simple Explanation Anyone Can Understand!!

farhan.abir (32)in #ethereum • 6 years ago

what is the Ethereum?

But first I want to talk a little bit about Bitcoin. so you can see the difference between Bitcoin and etherium because they are similar but a little bit different okay. so Bitcoin was created in 2008 by Satoshi Nakamoto. we don't know who he is the great thing about Bitcoin is interesting thing about Bitcoin nobody owns. it it is a decentralized technology that is online there's no CEO CMO CFO CTO doesn't exist there are developers and there's core teams around the world that are working on the Bitcoin protocol together to expand the technology so brick one's really really good at storing value it has the same immutable ledger since eight years ago attacked some soft forces etc and pronounced immutable them right there might be a hard for it I don't know it might it might not be hopefully doesn't whatever we'll see does technology but it's really good at storing value the issue right now is scalability issue and it's just speed transactions per second you know it's not really viable for me to go inside the store say boom I want to buy something because that instantaneous at the current moment it's really good at remittances sending money internationally for pennies because I don't need the money instantaneously I can wait an hour to get my money okay so peace okay.

images(2).jpg
Images Source

So let's look at the theorem Assyrian was founded by the taluk butyrin a couple of years ago Vitalis was working with the Bitcoin magazine he was working on Bitcoin very well-versed in that industry and basically he saw an opportunity to expand the original blockchain technology that was Bitcoin into theorem so what aetherium is is a first of all it's a complete different blockchain protocol you have Bitcoin which I forgot to mention functions on proof-of-work so computations of gaming graphics of GPUs they put all these mathematical things to solve a problem by random solving so it's not like yet it's actually guesswork so computers are guessing a certain nuts this mathematical equations solve a problem and to go sub watching so it's proof of work it's hearing right now it's proof of work but soon to be proof of safe virtual mining okay so aetherium is a different blockchain than Vic now this is what theory means it has own currency which is called either and ether makes a theorem right so the difference between etherium and bitcoin.

1.Etherium will seem to be proof or say that's a big difference that's next year.

2.it's a different cryptocurrency if it is etherium.

3.A major difference there are real finger heads to run a theorem you have italic give some other people so there are these key people they can actually do in real life to get real feedback on what's going on with the boxing protocol that is etherium.

4.Smart contracts are kind of like digital code some people call it code well let's just call it digital triggers that you can implement online to execute certain pass that you need i'll give you example i call it a virtual vending machine okay so let's say i put on an escrow and put a certain rule in escrow meaning that when certain people register their five votes into this escrow automatically that escrow will open up and send five people this many cryptocurrency ether so it's same thing like a vending machine where i put in a dollar i press a code that code executes a trigger that trigger in all spins on a different candy bar for me and i get it it's no different than what we do in email marketing with automation if you're familiar with automation setting up funnels that's what smart contracts are there based on triggers and rules and laws they implement but based on the ether currency and it's really quite amazing type of technology nothing crazy new but implemented in this way is pretty new and pretty revolutionary I do say okay.

5.Great thing about aetherium is decentralized apps so with the theory and think of it kind of like you know Linux or kind of like Microsoft where people would build on top of those software's so you have the etherium blockchain as the base as the protocol then you have these that these centralized applications are built on top of a theorem certainly centralized companies me such as Gollum right where they are trying to use your spare computer resources so you can sell on the sides actually pretty cool idea.

images(3).jpg
Images Source

so it's there is more out say flexible than Bitcoin it has more developers I may be mistaken on that it has a different Mentos than Bitcoin it's not claiming to be the true source of likes or value as like Bitcoin might be say digital gold and it's more like an hedge Imperium is trying to be a true software company where other software developers and startups can build on top of it as well as with the theory and protocol you need small amounts of ether to run as gas so without small amounts of ether you can't execute the contracts a smart contract that I talked about so let's all summarize what if your it is it is a new blockchain separate from Bitcoin that has co-founders around the world domain founder here is the talent from Toronto a hack smart contracts which is different from Bitcoin it has a different cryptocurrency which is a theorem it has decentralized apps or applications you can build on top of aetherium and it's considered the world's computer and above all which is not yet today as I mentioned perfect right so virtual mining we'll see how that goes that's happening next year hopefully we'll see but yet there are a lot of differences but a lot of similarities theory wouldn't be here if it wasn't for Bitcoin and actually all the block teams wouldn't be here from other than for Bitcoin. Bitcoin open the door open up Pandora's box for everything that you see today so my huge supporter of Adira as you can see I think that amazing dev team I think has amazing leadership the community is amazing the startups being built on top of aetherium are amazing and like I mentioned before Gollum that's what my favorites right now currently on there and I have high hopes for it as you can see currently just because of the issues with Bitcoin with the supposed fork from core and a limited you know people are losing trust and faith in Bitcoin I love Bitcoin I still have a bunch of them and I'm never going to let them go on I don't consider myself a Bitcoin maximalist but it's the first of beautiful I think it's going to be around for a much longer time regardless of if it's like Bitcoin unlimited or the Bitcoin core but yes get involved in an area get some etherium understand it ooh and I forgot to mention another makes a difference with etherion is Bitcoin is based on C++ not too many people learn it today convoluted if your based on JavaScript so if you're very good at javascript you can easily learn their programming language called solidity okay if you want more information about solidity.