In the crypto world, Ethereum is considered a direct competitor to Bitcoin. It was born to do things that Bitcoin cannot do. So what is Ethereum that is so special? Find out with 5ROI through the following article.
What is Ethereum?
Ethereum abbreviated ETH is an open-source, decentralized, and blockchain-based software platform. This is a platform that allows users to use Smart Contracts (Smart Contracts) and Decentralized Applications (dApps) to help transactions be done faster, preventing fraud.
Ethereum is more capable than Bitcoin and other cryptocurrencies, being able to deploy its own codes and interact with applications created by others. Ethereum can launch all kinds of complex programs thanks to its flexibility.
How was Ethereum born?
The idea of Ethereum was born by Russian genius – Vitalik Buterin, he was extremely curious and interested in blockchain technology before becoming a Bitcoin programmer.
Buterin began to envision a platform that would bring financial applications far beyond Bitcoin. In 2013, Buterin released a book describing what would become ETH and the Ethereum blockchain.
In 2014, Buterin and other co-founders of Ethereum launched a fundraising campaign, they sold Ether in exchange for capital to realize their vision, raising more than 18 million USD in total.
Since then, thousands of developers have come together to contribute, creating a snowball effect that helps Ethereum grow to the 2nd position worldwide, just behind Bitcoin.
How does Ethereum work?
Ethereum is an open software platform operating on Blockchain technology, stored in many computers around the world. This advantage helps Ethereum become decentralized.
Each computer has a copy of the blockchain, and a broad consensus is required before any changes to the network can be made.
The Ethereum blockchain is similar to Bitcoin in that it shares a transaction history record. However, Ethereum also allows developers to build and deploy decentralized applications. They are stored on the Blockchain along with the records of transactions.
Advantages of Ethereum
- Decentralized applications and DAOs deployed in the network cannot be controlled by any third party.
- Any changes made in the system need to be approved by the system nodes to eliminate these forms of fraud.
- Since Ethereum is a decentralized platform, there is no point in failure.
- The decentralized nature and strong cryptographic security make the network protected from hacking or phishing activities.
The application built on Ethereum
- General Decentralized Finance (Defi): In the existing system all financial services are controlled by an intermediary. Whether it’s transferring money, buying property, or making a loan, you have to go through an intermediary that charges a rental fee to mediate financial transactions. Financial services, on the other hand, are based on Ethereum, connecting individuals peer-to-peer and allowing them to access assets more easily and at a more affordable cost.
- Decentralized exchange (DEX): A form of decentralized exchange that can be mentioned as a Peer-to-peer network, … There is a very famous peer-to-peer trading platform today, Binance. P2P.
- Decentralized Applications (dApps): dApps on Ethereum are web applications powered by smart contracts. Instead of using a centralized server or database, these applications will rely on blockchain as the backend for mathematical logic and program storage. This leads to a multitude of potential applications. Anyone can self-deploy a copy and freely connect it to the public Ethereum network.
- Browser: Some browsers, wallets, and utilities are supported by Ethereum such as MetaMask, Status, Brave, Opera, Ethereum Name Service, Civic, Alethio,…
Overview of ETH coin
What is an ETH coin?
ETH or Ether is the official cryptocurrency of the Ethereum blockchain. In the foundation of Ethereum, ETH serves as the fuel to execute transaction-related operations (Gas fees).
Some basic information about ETH
- Name: Ethereum.
- Symbol: ETH.
- Blockchain: Ethereum.
- Standard: ERC-20.
- Type: Utility.
- Circulating Supply: 120,533,159 ETH
How to own ETH
- Trading ETH/USDT on 5ROI Global right here: https://www.5roi.com/exchange/BTC/USDT
- Mining ETH: If you choose to mine, you can either mine yourself or join a mining group. Just like Bitcoin, Ethereum mining is a race between miners to solve a difficult problem in order to receive a corresponding reward in ETH. On average, every 10 minutes, one or a group of ETH miners will solve this algorithm.
- Surfing Investment: Taking advantage of Ethereum’s volatile price feature, you can participate in surfing investment to earn profits in a short time. To invest in surfing, you need to have skills as well as spend a lot of time researching and choosing the right time to make a profitable investment.
Ethereum is a well-known currency in the virtual currency market with a total market capitalization second only to Bitcoin. With many outstanding features and a bright future, Ethereum is a coin worth considering investing in. However, how to invest is up to you.
For investors, trading digital assets are both an opportunity and a challenge with outstanding profit potential. 5ROI Global only provides useful information for investors to grasp, refer to and does not provide financial investment advice of any kind.
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