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Introduction to Ethereum; more than just a crypto

Ethereum is more than a cryptocurrency and was designed for people who want to build financial applications that are reliable and transparent as well.
ethereum
Ethereum was introduced in 2015 as a blockchain-based and decentralized software platform. It is more than a cryptocurrency and was designed for people who want to build financial applications that are reliable and transparent as well. This is possible because Ethereum is also a programming language running on a blockchain.In 2016, it was divided into two blockchains, Ethereum and Ethereum Classic, after someone stole approximately $50 million worth of funds raised on a set of smart contracts from Ethereum’s platform.

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How does it work?

The applications on Ethereum are run on a specific cryptographic token, the ether. Ether is used for two purposes:

  • it can be traded like other cryptocurrencies
  • it can be used to run applications inside Ethereum or even legitimize work

Ether utilizes a shared digital ledger where all transactions are recorded. It is completely transparent, accessible by anyone, and very difficult to alter.

Ethereum may be used to create systems for managing someone’s property and contracts, social networking and messaging systems that permit you to keep under control your data, and eventually utensils for online voting and distributed governance.

The Ethereum blockchain is comparable to that of Bitcoin, but its programming language authorizes developers to write software through which blockchain transactions manage and automate specific outcomes. This is called a smart contract.

A traditional contract shapes the terms of a relationship, but a smart contract guarantees those terms are carried through by writing it in code. The software accomplishes the agreement, abolishing the delay and cutting costs.

Ethereum

How to get started?

There are different ways to acquire Etherium’s cryptocurrency, ether. You can store them in easy software wallets or more secure hardware wallets. After identifying the platform, you can create an account and deposit the money. Now you can begin trading, and after purchasing your cryptocurrency, you’ll be able to store them in your wallet.

PROS
  • Ethereum is decentralized and transparent, making it possible for executing transactions without third parties,  eliminating fees and censorship.
  • Ethereum is more than a cryptocurrency. The fact that it supports smart contracts and apps, makes investing in this company very convenient.
  • It can be used for distinguished areas, like gaming, energy, medicine, patents, voting system, ID verification, and other agreements.
  • More and more businesses are being drawn to Ethereum. This rising popularity helps with its reliability and makes investments in ETH safer.
CONS
  • The programming language used by Etherium is very complicated, making it difficult to learn and utilize. These kinds of obstacles, make Etherium, not a beginner-friendly platform.
  • Ethereum, like all cryptocurrencies, is highly volatile, giving you a big opportunity to make profits, but can also bring a lot of losses.
  • The fact that Ethereum isn’t the only cryptocurrency, and having multiple functions, can bring a lot of issues. Due to its multifunctional nature, the platform is predisposed to malfunctions, bugs, or even hacking attacks.

Overview

Ethereum was introduced in 2015 as a blockchain-based and decentralized software platform. The applications on Ethereum are run on a specific cryptographic token, the Ether.

Ethereum’s programming language authorizes developers to write software through which blockchain transactions manage and automate specific outcomes. This is called a smart contract. You can store Ether in easy software wallets or more secure hardware wallets.

Being an affordable token, Ethereum gives those interested in the cryptocurrency world, major chances to succeed. Anyway, finding the right platform to invest in, depends from person to person.

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