What is Ethereum?
Ethereum is a distributed, opensource, public, blockchain based platform or operating system that runs accurately as programmed without any third party interference. Vitalik Buterin first introduced the concept of Ethereum in 2013, and the system went live on 30 July 2015. With the help of Ethereum, we can get a decentralized virtual machine. Ethereum allows us to execute scripts using an international network of public nodes. Ethereum platform generates the blockchain for Ether Cryptocurrency. Ethereum own Cryptocurrency is Ether, but it can be used to create other Cryptocurrencies too. All the apps in Ethereum blockchain are known as DApps(Decentralized application). All of the apps on Ethereum are base on Ethereum Virtual Machine. Turning complete language is used to write Ethereum which includes seven different programming languages.
What is Ether?
Ether is a digital currency present on Ethereum platform and the transaction made between clients saved on blockchains. Developers on Ethereum can create a market, save digital currencies in e-wallet, store registries of operations, all of those things a developer can do without an intermediary. Ether wallet is a decentralized network on Ethereum blockchain. It allows you to save your own e-currency money. The people having money in their Ethereum Wallet will be able to collect various Cryptocurrencies in it. Ethereum wallet act as a regular wallet in real life the money in it you are having will be belonging to you and nobody will be able to know how much you are having. The only difference will be that it will be the digital or virtual network. Ethereum Network is an open network anyone can participate in the Ethereum network as “miner.” Ethereum rewards miner with Ether.
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Developing Smart Contract
Smart contract or a Crypto contract is a computer code that can be used to convert digital currencies into real assets such as fiat money, content, property, shares, or anything of value or vice-versa. Because it runs on the blockchain, they run briefly as programmed without the interference of the third-party interference. To perform Smart Contract in Ethereum, we need a runtime environment, and that environment is known as Ethereum Virtual Machine (EVM).
Benefits of Ethereum Blockchain
In these two people will be able to make transactions between them and there will be no interference of the third party.
No corruption & tamper proof
In Ethereum all of the money is created from the decentralized network, and all of the transactions saved on the blockchain. So all of the money can be seen easily by people, so there is less chance of tamper.
As Ethereum provides you strong encryption so it will be challenging to hack by the user.
Ethereum will never go down and can never be switched off.
Difference between Ethereum and Bitcoin
Bitcoin and Ethereum are the most famous Cryptocurrencies. Both of them are decentralized currencies whose transactions saved on the blockchain, but there are differences between both of them.
Blockchain of Bitcoin tracks ownership of digital currency while Ethereum blockchain runs the programming code of any decentralized application.
In bitcoin, To earn coin we have to do the mining, but on Ethereum in-order to earn Ether miners will have to work to receive it. Ether can also be used to pay transaction fees and services on the Ethereum network.
The block time of Ethereum is 14 to 15 seconds while the Block time of Bitcoin is 10 minutes.
Features of Ethereum
The Ether currency is decentralized means distributed over thousands of computers network spread all over the world. The advantage of decentralized currency is that anyone can make a transaction at any time from any place and of any amount as there is no third party present in between for example governments.
It will make the payments automatically, e.g., an application built that a fee made whenever a person rents the car the payment created automatically.
Programs can run automatically without any human interruption.
Anyone can upload their app on the platform of Ethereum.
Few Enterprises using Block-Chains
Industrial and Commercial bank of China
China construction bank
JP Morgan Chase and Co.
Bank of America
Why Hire Ethereum Developer?
Most of the transactions in Cryptocurrency recorded on the blockchain, and they all are decentralized. By making a Cryptocurrency Exchange App, you will be able to be a part of the Billion dollar revolution that’s coming your way. We at Addon Solutions will provide you experienced and skilled team of Ethereum Developers and Programmers to manage blockchain as all of the transactions saved on it. We will develop a customizable, scalable Cryptocurrency exchange app. Our app will provide strong security as we well apply robust cryptography algorithms on it.
FAQ’s(Frequently asked questions) for Ethereum
How do I get Ether or ETH?
You will get Ether from the blockchain present on Ethereum in-order to earn Ether miners will have to work to receive it.
Will, I change my ether in any other form of Currency?
Yes you will be able to convert ether in any other form of currency, and it is known as Smart Contract.
As it is digital currency what are the chances of hacking?
We have applied strong encryption on it using robust Cryptographic algorithm so there is very less chance of being hacked.
Is Ethereum based on Bitcoin?
Ethereum and Bitcoin both are famous Cryptocurrencies and both use blockchain if we see it in this scenes yes they are same in terms of technology concept.