Everything you need to know about Ethereum (ETH) | A powerful crypto and network


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Ethereum is a network of computers for creating a new type of applications (dApps). It is indeed a network of ultra-secure computers located around the world. This means that the information sent and received by these applications is no longer processed by a server, but by this network of computers, in which each computer does a small part of the work.

In exchange for this work, members of this network receive ethers. Ethers are the fuel that keeps apps running. If a user does not need ethers, they can resell them to application developers. This will allow application developers to have fuel for running their applications so that users can monetize their work.

Ethereum is a huge network of several thousand computers running multiple applications. This is called decentralization of applications. For secure and transparent operations, this network operates using the blockchain.

The benefits of blockchain for Ethereum

Using blockchain for decentralization provides several advantages to Ethereum:

The blockchain is public, which allows all users to be informed of all the transactions that take place. In addition, it is impossible to modify this blockchain, which means that we can view all of the transactions that have taken place since its creation.

It also protects against any risk of data corruption. Indeed, since all participants have a copy of the database, it is almost impossible to corrupt its data.

The blockchain works with an encrypted protocol which is also almost impossible to hack.

Given the size of the network, computers will always be available to power it. This allows it to offer very high reliability.

The usefulness of Ethereum

As we have already seen, ethers can not only be used as fuel for running applications, but they can also be resold to developers who need them. However, they can also be used and spent like real money, or you can simply trade ETH in your favourite exchange and treat it as commodity.

The Ethereum platform: what is it?

Ethereum is a platform allowing decentralized exchanges. Like Bitcoin, the protocol relies on blockchain technology but is not limited only to monetary transactions: it allows you to create all types of applications (dApps) in a decentralized manner. Basically, Ethereum is not a direct competitor of Bitcoin since it offers a different use of the blockchain and brings additional functionality.

Exchanges without intermediaries

The smarts contracts

The purpose of the Ethereum network is to remove all types of intermediaries from the web. It makes it possible to program contracts, which are called by the creators of the network “smart contracts”, simple or complex, the payment of which will be triggered only if all the conditions programmed at the beginning are fulfilled. These contracts allow for example to carry out a financial transaction between two companies, without the intervention of a third party.

Advantages

These stand-alone programs have the advantage of having a reduced cost to seal a contract and allowing significant speed of execution. In addition, formalizing commitments through the blockchain makes it possible to guarantee the immutability of the terms defined at the beginning.

Ether, the "fuel" of dApps

The entire protocol works with a cryptocurrency, Ether, which is used to pay for smart contracts by buying "gas". This gas can be likened to a fuel that would allow dApps to be used in the same way as gasoline is used for cars. If there is no more "gas", the contract is no longer active.

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