Everything about Ethereum

Blockchain technologies are probably the most relevant and revolutionizing technology that have appeared in the 21st century. Even though Bitcoin is the word that pops up whenever we think of crypto, it is not the only relevant cryptocurrency out there.

This article is going to go through everything you need to know to get into Ethereum, as well as some cool facts you may not know until now. If you’ve been trying to learn more about it but don’t know where to start, you’ve finally found the right place.

What Is Ethereum?

Ethereum is a groundbreaking platform that completely changed the way we use cryptocurrencies. It has its own currency called Ether or ETH, which can be obtained through mining or trading. However, the real reason why Ethereum is so popular is because of the possibility of creating smart contracts.

Several decentralized finance groups have used these smart contracts to secure their transactions and ensure more transparent stocks and even NFT trading.

How Does It Work?

The blockchain is a fantastic discovery as it allows everyone to know the complete transaction background of each asset that’s shared within it. Blockchain is the technology in which Ethereum is built, which means that anyone can have access to the current state of the network, and every day new blocks get added as more transactions happen.

However, this network is managed by a wide group of moderators who make sure that a single person can’t take complete control of the platform or do any major changes in it without the vast majority of moderators agreeing to it.

In addition, several cryptocurrencies can be used within the platform aside from ETH, creating a safe and flexible environment for all the Ethereum dApps.

Ethereum’s History

Ethereum was first imagined by Vitalik Buterin in 2013, but it was then created by Buterin and Joe Lubin in 2015. These creative tech geniuses saw the full potential that blockchain technology could have and created this fantastic platform, which grew to have the second most popular cryptocurrency in the world.

However, not everything has been as great as you may think. In 2016 there was an incident in which a group of users managed to hack the platform and steal over $50 million of ETH. In an attempt to fix this mistake, Ethereum users decided to invalidate the current blockchain and create a new one to revert the damages caused to the platform.

Nonetheless, not everyone was on board with this decision, which caused ETH to split into two variants: ETH and ETC.

Difference Between Ethereum and ETH

Sometimes people mistake Ethereum and ETH, but these are two different things. Ethereum is the platform where the whole system is supported, while ETH is the cryptocurrency used in this platform.

You can buy ETH on several other platforms dedicated to trading stocks and cryptocurrencies. Although it comes second to Bitcoin as the world’s largest cryptocurrency, it is still recommendable to consider investing in it, as having a diversified portfolio is one of the best things that an intelligent investor can do.

Bottom Line

Ethereum still has a long path ahead. It recently added the proof of stake protocol, and it has become more secure over the years, which is a necessary upgrade as its user base keeps growing day after day.

Nonetheless, Ethereum has a huge potential, and if you’re a crypto enthusiast, we encourage you to keep learning more about it and find out all the incredible things you can do with it. If you found this article interesting, please check out bitcoin revolution to learn more about the world of crypto.