Ethereum is an open-source and blockchain-based software platform launched in 2015. It is the world’s second-largest virtual currency by market capitalization after Bitcoin. Like many other cryptocurrencies, Ethereum is also decentralized and can perform value exchanges and smart contract transactions without any interference from a third party.
Ethereum is a decentralized platform running on the blockchain. It is completely autonomous and non-regulated by any centralized entity. At its inception, Ethereum was created to promote value exchange like its counterparts. However, it has evolved into a platform that has attracted a lot of attention from software developers. It has an attribute that enables developers to build and publish decentralized applications (DApps) that runs on the blockchain.
The Ethereum system is supported by a global system of Nodes. Nodes are voluntary network participants that acquire the blockchain to their personal computers and enforce consensus rules of the system. It serves as a means of revenue to the participants.
These consensus rules are guided and dictated by smart contracts- a set of computer protocols and algorithms that control the verification and execution of a contract. With these rules in place, one can perform multiple transactions via the ethereum blockchain network without necessarily trusting the other party. Smart contracts ensure that the pre-defined rules of engagement are satisfied before the successful completion of the transaction. This system is safe, trustworthy, and more effective than the traditional process.
While other cryptocurrencies such as blockchain were created to process day-to-day transactions, Ethereum was created specifically to eliminate and replace third-party entities. They aim to use the same technology employed in blockchain systems to perform basic transactions regulated by centralized agencies. DApps is the approach considered to store data, transfer mortgages, and keep track of complex transactions. They can equally perform the same tasks as centralized applications such as Facebook and Twitter.
What Is Ether?
Due to the costly and high power-consuming rate of running computers that execute DApps programming codes, ethereum created a cryptocurrency called Ether. It was created to encourage developers to run ethereum programs on their machines. These developers that contribute to the community by developing quality applications are compensated in virtual ether coins. This system is a lot similar to the approach adopted in Bitcoin Whereby Bitcoin miners are compensated to maintain Bitcoin popularity by solving computational problems.
Shortcomings of Ethereum blockchain
The shortcomings of the ethereum blockchain are insignificant compared to the value it delivers. In recent years, the most experienced technical problems have been speed and storage. This is due to the surging size and scope of the network. It operates at only a few transactions per second, with other cryptocurrencies carrying out hundreds per second. Ethereum users have complained about the difficulties experienced in performing transactions and ethereum developers are working out an upgrade that could improve the performance of the technology.
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Ethereum has been around for a few years but has only started gaining mainstream attention and recognition. Blockchain experts agree that it is a profound concept that is set to revolutionize the existing structure of the internet and how business is conducted.
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BitcoinBitcoin is the cryptocurrency that started it all.Although Satoshi Nakamoto described Bitcoin as a P2P currency system, today the narrative is a little different.The narrative has now changed, and people refer to Bitcoin as “Digital Gold.”Not surprisingly, many institutional investors have started buying into Bitcoin, making the supply scarce for the common investor.Bitcoin, The Store of ValueBitcoin is no longer a currency to it’s advocates, but rather a store of value like gold.Practically speaking, newer wallets with one whole Bitcoin are disappearing by the hour.This limited availability and mass adoption of Bitcoin, combined with huge cash flow from institutional investors has pumped prices skyhigh.Experts have predicted that Bitcoin could hit a whopping $200,000 by the time this bull run ends (Est.
September 2021).EthereumEthereum wasn’t supposed to be a currency system like Bitcoin.However, it is outperforming Bitcoin, and fast outgrowing its status as an Altcoin.Ethereum is essentially a smart contract platform, an ecosystem to build blockchain projects on.This solid use case, combined with the deflationary system that it follows for Ether (ETH), and popularity, has also caught the eyes of big investors.Ethereum — The OpportunityEthereum has outperformed Bitcoin in this bull run and is gearing up to move past it’s all time high.Experts have predicted that the price of Ether (ETH) could hit a tune of $10,000 by the time this bull run ends.This makes Ethereum the best opportunity for people looking to make big gains, as Bitcoin becomes the more expensive option.So, what happens after the Bull Market?After any Bull market, there will be a Bear market.This means that the prices could fall upto 90% after the market reaches its peak.So, it’s better to always take profits as you ride the wave and not wait till the top of the hill.
What on earth is Ethereum?
I mean, I keep hearing about it all the time, I’ve seen it’s the second-largest cryptocurrency around but I just can’t seem to wrap my head around it.
Is it as revolutionary as Bitcoin?
Can it actually change the world as we know it?
Blockchain Training Institute: Bitcoin mining giant Bitmain’s co-founder Micree Zhan, says he is going take legal action to make his return to Bitmain.
However, he was removed from the company a week ago.
Jihan Wu, co-founder of Bitmain addressed his staff and conveyed a message saying that Micree Zhan was dismissed from all roles.
Also, he added that employees are prohibited from engaging with him.There was a struggle between the two to have powers which ended in the removal of Micree Zhan.
Zhan remained silent until Wednesday by not address any media questions.
Later on Wednesday, he posted on his WeChat saying he did not have prior information about the removal from roles and he would take legal actions to get back to the firm.“I have never thought that as a person focusing on technology and product, I have to start thinking from legal perspectives.
