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What is Ethereum? All you need to know

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Cryptocurrency is the latest trend that has take the world by storm. While bitcoin has been dominating most of the headlines, there has been one silet competitor that is rising through the ranks.

Behold Ethereum. Ethereum surfaced of a need to see blockchain used for something far greater than simply sending currency back and forth.

In essence, Ethereum is a decentralized system, which allows the implementation of decentralised programs, commonly referred to as smart contracts. These smart contracts are transaction protocols, which check the terms of a contract automatically and run according to the clauses in the contract.

What is Ethereum? All you need to know
What is Ethereum? All you need to know

Ether is the used to pay for transaction fees and for computational services when utilizing the Ethereum network. It is represented as ETH.

DApps, or Decentralised Applications, are the driving force behind Ethereum’s development, and they run on the Ethereum Virtual Machine (EVM). This virtual machine permits applications to run on the blockchain.

Origin:

In 2013, a Russian-Canadian programmer named Vitalik Buterin developed a white paper describing an alternative platform designed for any type of decentralized application developers would want to

build. Two years later, it went live.

Benefits of Ethereum:

Shorter Block Time: Ethereum blocks are mined every 15 seconds, as opposed Bitcoin’s 10

minute rate.

Sophisticated Fee Structure: Ethereum transaction fees are based off storage needs and

network usage

Refined Mining: Ethereum’s mining network required a lesser amount of capital investment.

Facts about Ethereum:

-50% of all ICOs are created on the Ethereum Network.

-Ethereum is not a cryptocurrency, it is merely a platform

-Ether is the token native to the network, which is rewarded to miners upon completing

actions.

-Its name was derived from the popular multi-player game World of Warcraft (WoW).

How to buy Ethereum in India?

Bitfort is India’s fastest exchange, which now offers secure and reliable Ethereum Wallets.


What is Ethereum? All you need to know was originally published in bitfort on Medium, where people are continuing the conversation by highlighting and responding to this story.

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