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What is Ethereum in plain language

Ethereum is a platform for creating decentralized applications based on blockchain technology, where each developer can build his project using smart contracts.

Ethereum platform is called an advanced technology not only in the field of cryptocurrencies and IT technologies but also in general. Russian-born Canadian programmer Vitalik Buterin developed it. The origin of the idea began in 2013, but the official start of the project took place on July 30, 2015.

How Ethereum works

The principle of operations with Ethereum is based on smart contracts. The smart contract is a software code that allows you to make transactions under specified conditions.

In other words, about the Ethereum blockchain, we can say that it is a transaction status system, where each transaction is accompanied by a smart contract that automatically checks the terms of the contract and fulfills the obligations prescribed in it. Since Ethereum smart contracts work on blockchain technology, are checked by communication nodes and mathematical calculations, such a contract can not be violated, canceled, or bypassed, which allows excluding the trust of the parties from the mandatory conditions.

Where does Ethereum come from?

Some of the Ethereum coins were issued as part of the ICO, for sale and to attract investment. Further emission of new Ethereum coins is provided by mining. Miners use computer technology to check the status of transactions and transactions within the system. Ethereum is mined on the pow algorithm; that is, miners need to pick up a signature to the block of information and add it to the main blockchain chain. The first miner who picked up the signature to the block receives a reward in the form of new Ethereum coins.

Ethereum is one of the most popular cryptocurrencies. It has been exhibited widely on the cryptocurrency exchanges, the online exchanges, and crypto math. Therefore, in total, you can get Ethereum by the following methods:

  • to get mining on computing hardware;
  • buy on the cryptocurrency exchange for other cryptocurrencies or fiat;
  • buy in the exchanger using a bank card, cash or cryptocurrency;
  • buy in crypto math for cash.

Cryptomate in the CIS countries are not too widely distributed and located mainly in big cities and use other methods available in the online mode.

Smart contracts

Any circumstances can fit into the terms of the Ethereum smart contract, which allows them to be used in all industries. In particular, Ethereum contracts are actively used to conclude financial contracts of any complexity. The primary selling tokens at the ICO, at which the party sent the n-none number of coins to the specified address, is guaranteed to receive a certain number of tokens of the project in accordance with the terms of the project is based on smart contract platform. In general, financial contracts can be concluded between any users on any terms. So, based on the contract, you can create a savings wallet, provided that a certain amount is available for withdrawal by one or more participants on the day. The transfer of the amount may be agreed upon, subject to special conditions.

Ethereum vs. Bitcoin

Bitcoin's capabilities are limited - it is only supposed to make transactions with advantages, like any other cryptocurrency. While Ethereum provides a huge potential of limitless possibilities of use in any industry.
In other words, Bitcoin can be called a payment system and the internal currency of this payment system. And Ethereum has the original blockchain that allows you to make several things simultaneously:

  • to make a quick transaction;
  • to create secure contracts;
  • to develop a decentralized Autonomous app;
  • to perform mathematical calculations in the cloud;
  • to store data in the cloud;
  • to invest in the development of new projects.

Bitcoin has a limited issue of 21 million coins. In Ethereum, this indicator is absent, which allows you to extract it constantly. The only similarity is that both platforms run on the blockchain and use the pow and processing power of miners to verify the validity of trades.

Ether is the cryptocurrency of the Ethereum platform. Initially, it was exclusively a means of payment within the Ethereum system to pay commissions and fees. But over time, it has spread much wider than the platform and is now actively traded on exchanges, used as a means of payment and an object for investment. The exchange designation of the ETH token, and in the specific slang of the crypto-currency market, it is called "ether."

Ethereum Prospects

Ethereum platform has become a real breakthrough in the cryptocurrency industry. If earlier blockchain and cryptocurrencies were perceived only as a decentralized and anonymous method of transactions, thanks to the development of Vitalik Buterin, the possibilities of blockchain have significantly expanded. It is thanks to Ethereum that many projects have been developed and financed, which are now successfully developing.
Although the project has many followers with identical goals, experts give a positive forecast that Ethereum will continue to be the most global platform for the development of decentralized applications. Accordingly, the cost of Ether will inevitably go up.

Conclusion

Ethereum is a revolutionary platform for the cryptocurrency world, which gave a powerful impetus to its development. According to experts, the crypto-currency boom of 2016 is caused by the release of the platform into full access. Ethereum smart contracts are actively used in all industries. Based on the blockchain platform, almost all projects that came to the market through ICO were developed, and the problem with the DAO became only an indicator that the project skillfully copes with difficulties.

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