Ethereum: A complete system and not just a digital currency!
With the high spread of digital currencies and investor demand, and with bitcoin's popularity as a digital currency, the recently popular ethereum is not just a digital currency, but even bigger!
Ethereum is a complete system, software platform that functions as a decentralised Internet and a decentralised application store, i.e. it is not controlled by a single controlling entity, although the majority of online businesses and companies are built on a centralised system, but it is operated by thousands of devices around the world.
Such an independent electronic system certainly needs a digital currency to meet the computational needs required to operate any application or program, as represented by the role of digital currency Ether (ETH). Launched in 2015 in Switzerland by its founder Vitalik Buterin, ethereum was first available in the Arab region via bitOasis in February 2017, making ethereum just part of the ethereum's smart contract applications.
How does the ethereum system work?
Ethereum consists of an Internet browser, its own encoding language and a special payment system as well, allowing its users to create applications on a system called Blockchain, a distributed public log book technology, and the most important of which is the ethereum network:
For decentralised applications (dapps)
In principle, they are similar to smartphone and other cloud applications, but are hosted on blockchain and are not managed by a developer or central entity, and cannot be removed as soon as they are placed on blockchain.
It is a distinct type of ethereum account capable of owning balance and sending currencies, characterised by the user's inability to control them, and therefore also called self-applied codes.
Hosting cryptocurrencies at ERC-20
Ethereum hosts thousands of other cryptocurrencies or tokens, including some of the world's most famous and largest cryptocurrencies, such as Chain Link, Tether, Shiba Inu, and more.
Ethereum and bitcoin: Are they the same?
- As the first stable digital currency, Ethereum, on the other hand, is part of the ethereum project, and the most important differences between them are as follows:
- Bitcoin and Ethereum adopt Blockchain technology, allowing each currency's record to be examined and confirmed.
- Bitcoin and Ethereum operate separate protocols, which means that some transactions that may be allowed on one system may not be allowed on the other.
- Ethereum is recognised over the ethereum network but is not widespread, and bitcoin cannot be used as a recognised currency in ethereum.
- A maximum of 21 million Bitcoins can be created, but ethereum creation may be endless.
- Bitcoin can be mined using industrial mining farms, while decentralised ethereum mining of the currency can be carried out by individuals and users.
What is the price of ethereum against the dollar?
Should you invest in Ethereum?
- Wholly immune from any outside interference or third-party presence, this ensures the full independence of decentralised applications and their protection against penetration attacks.
- Eliminate any possibility of fraud, corruption or forgery, in order to adopt the blockchain principle used in the system on consensus, and any change within it must obtain full agreement.
- The entire platform is decentralised, which means there is no fixed point for failure, and this ensures that work on the system will never stop. The platform provides a virtual ethereum device (EVM) to users, a smart contract operating environment, that provides users with protection while ensuring that programs don't overlap with each other.
- The platform provides a virtual ethereum device (EVM) to users, a smart contract operating environment, that provides users with protection while ensuring that programs don't overlap with each other.