Every day, we hear a lot of viewpoints on cryptocurrencies and how it has and can affect the global economy. Well, anything about cryptocurrencies is a highly debated topic with so much written about them. Today, we will be talking all About Ethereum.
Anyone with even a passing interest in or knowledge of cryptocurrency has undoubtedly heard of the term Ethereum. With a market cap of more than $232 billion, it is the second most valuable cryptocurrency after Bitcoin. Today, 1 Ether (Ethereum currency) is worth 2,29,706 INR ($3120). Isn’t it huge? Everyone must be wondering what Ethereum is and why it is such a big deal.
Ethereum is a blockchain platform that has its own cryptocurrency, Ether (ETH) or Ethereum, as well as its own programming language, Solidity. It is a decentralised public ledger that is used to verify and record transactions. Users of the network may build and use apps on the platform.
It looks confusing, right?
Let us start from the beginning when Ethereum was founded. Inspired by Bitcoin’s concept of building a decentralised system of transactions in which there is no central authority to manage the network and users may facilitate operations with each other without the involvement of a third party, with each transaction being transparent.
How do I buy theta in the US? as Theta’s solution is simple and straightforward. It creates a blockchain-based decentralized peer-to-peer video delivery network that takes less of a load off the server and reduces buffering time.
The creators of Ethereum thought to extend this decentralised model to transactions and so built a blockchain platform in 2013 where one may develop their own decentralised system that no one controls even if they wrote the coding. All you require is, learn the Solidity programming language and get started on your program.
Many people refer to these decentralised networks as DApps. If you use DApps, you will have to pay a fee. This cost is called ‘gas,’ and it, too, changes depending on the quantity of usage and power required.
The ether (ETH) cryptocurrency was created for usage in the Ethereum network. Although, it is now an accepted form of payment for many big businesses and vendors. It was built in such a way that you only can control it and can do easy peer-to-peer transactions and also being flexible since it can be split up to 18 decimal places. As a matter of fact, ETH is not the only cryptocurrency on the Ethereum network. On Ethereum, anybody may develop new types of assets and exchange them. These are referred to as ‘tokens’.
Now you might have got a gist about what Ethereum is. And we are sure all of these crypto-related questions are whirling around in your head.
Is the blockchain model, as well as the cryptocurrencies safe? Are these currencies legal? Is it worth it to invest in cryptocurrency? What is causing these currencies to be so volatile?
The Crypto world is indeed an interesting topic, and there are several theories and discussion points to learn about that cannot be addressed in a single blog.
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