Before knowing what the Ethereum is, let us know about the little technology about cryptocurrency world and about Blockchain. In this Ethereum guide I will be try a little bit understand what is ETH? How does it work? And how it is impacting our society? We also learn what is core properties of Ethereum?
Relatively, building blockchain technology requires a lot of coding, cryptography, mathematics, and statistical knowledge as well as significant resources. But, now the time has changed, at the same time developer are being provided by decentralized application building tools, and it is making all this possible.
Moreover, as we know all our data are stored on the personal computer or cloud storage. In this case generally, your information will get a chance of losing and harm. Especially, hackers or government take unwelcome access to our information without our knowledge. Due to this access, when we stand steadily these hackers change all our important information.
So, what is the Ethereum by the way:
What is Ethereum?
Ethereum is an open source, public, blockchain based distributed computing platform and operating system featuring smart contract. Via transaction based state transitions it supports a modified version of Nakamoto.
Ethereum platform generates a blockchain of Ether, also is a cryptocurrency. Ether is transferable between various accounts as well as users. Similarly, it provides the Ethereum Virtual Machine (EVM) which monitor scripts those are using public node’s international network.
It is an open source software platform where developer able to create and deploy decentralize applications. For example, developer can build different financial applications. Smart contract is one of them. To understand ETH anyone can compare with programmable Bitcoin.
Here programmer can use underlying blockchain to build multi utility assets where no need any middleman. ETH started in 2015 initial idea from Vitalik Buterin.
Who Behind The ETH
In 2018 apparently name Satoshi Nakamoto invented world popular digital currency Bitcoin. After 4 years letter nine years old Vitalik Buterin first show interested to transform the internet entirely. He wanted to build, such as an decentralize application where developer able to create immutable open source applications. At the currency time there 13 member are contribution on Ethereum those are below.
Is it a cryptocurrency?
Absolutely not. Ethereum is not a cryptocurrency. It is just a software platform as well as operating system act as the decentralized internet. This operating system needs a currency to pay. Hence, ‘Ether’ come to play that role.
Ether is a digital currency which is transferable between accounts, it also acts as ‘fuel’ for the users, those want to change in the apps. Therefore, Ether is a digital currency as well as ‘fuel’. Without Ether, you can make any change in the apps of its platform.
The smart contract can facilitate by computer code and it monitors the exchanges of money, property, content, shares or value of anything and execute if specific conditions are met. Because smart contract run the Blockchain and it works as a self-operating computer program.
It resists the access of third party interference, censorship, fraud and downtime.
I thought those in the Bitcoin community weren’t approaching the problem in the right way. I thought they were going after individual applications. They were trying to kind of explicitly support each [use case] in a sort of Swiss Army knife protocol.” Vitalik Buterin, inventor of Ethereum
While all blockchain based cryptocurrencies have their ability or access to process the code, Ethereum creates whatever necessary application or operations they needed.
Unlike Blockchain, Ethereum not only processes the codes but, it allows developers to create the application as well as developing the system also.
Demerits of Ethereum
Though through the smart contracts it makes the network fault-proof, sometimes it is not safe at all. There is always an open way for human error. If anyone makes mistake in coding, it opens doors for hackers to hack. So the only way to get resist from this problem is to rewrite an underlying code.