Advantage of Ethereum?
What is Ethereum:
Ethereum is the platform where the currency (Ether) is managed and is not the currency itself, unlike Bitcoin, which uses the same name for the platform and the currency. Ether is a cryptocurrency, that is, a virtual currency managed on the internet and that does not have a physical form.
How Ethereum was born
Vitalik Buterin is the young man of Russian origin who founded Ethereum, whose project began at the end of 2014. Buterin was an outstanding student in the field of computer science, so much so that in 2012 he won the bronze medal at the international Olympics of computing. dapp development services Although he managed to get into university, he dropped out in 2014 after receiving a scholarship that allowed him to work full-time with Bitcoin, training that allowed him to create his own cryptocurrency , Ether, that same year.
How does the Ether (ETH) cryptocurrency work?
Ether is a digital currency that runs on the Ethereum blockchain , which is essentially a shared electronic ledger where all transactions are recorded. It is completely open and transparent, as well as extremely difficult to manipulate afterwards.
Blockchain is an immutable digital ledger that is created through the practice of data mining , as the name suggests.
Miners are tasked with validating groups of ether transactions to create “blocks” and solving tricky puzzles to code them. These algorithms can be more or less complex, with the aim of maintaining a constant block processing time (approximately one every 14 seconds).
After the fork, the new blocks are linked to the previous blockchain and the miner in question receives a reward. This is generally 5 units of ether, although this figure may decrease if the digital currency goes higher.
Advantages of Ethereum:
In essence, the advantages of Ether , with respect to traditional currencies, are very similar to those of any other cryptocurrency, in this sense very similar to those of Bitcoin, and that we can summarize as follows:
- They are not constrained by any focal government , so they have zero control over their worth.
- They are more difficult to counterfeit than the currencies we use like the Euro or the Dollar
- The shortfall of middle people while making exchanges or installments, so it is less expensive.
- Open source framework like Bitcoin, which permits upgrades to be made.
- You can create dapps within the network
- Its ERC 20 token is the most used by most cryptocurrency projects.
- Existence of smart contracts
0
