Everything you need to know about ethereum

by docgate

In today’s world, the personal data and financial information of people are stored on the other person’s computer. Due to such technological advancement, a hacker can easily gain access to your files without even your knowledge. They can leak or change your important information without your permission. That is why there was a need for decentralized movement that can protect people from fraud. Ethereum has also joined this movement and become the rising star of the cryptocurrency world in a short span of time. Today, ethereum has become the second most valuable mode of payment. You must be interested in knowing this digital money. This article will let you know everything about etherum.

About the ethereum

Ethereum is the decentralized platform on which different applications can be built. Vitalik Buterin, a ten-year-old bitcoin programmer, developed this technology in the year 2013. It is the blockchain-based platform where a vast majority of cryptocurrencies run on. Ether is the cryptocurrency of the Etheerum network that serves two different functions. It let the things run smoothly by compensating the full mining nodes. It also motivates the users to work on this platform by paying then under a smart contract.

Comparison between etherum and bitcoin

Ethereum is the second largest cryptocurrency after Bitcoin. The rapid rise of ethereum has good reasons and it may benefits you more than bitcoin. Let’s take a look at the major differences and similarities between these popular cryptocurrencies!

  • Bitcoin uses the blockchain to track the owner of a digital currency while ethereum aims to run the programming code of the application. The developer of application uses ethereum to make transactions or pay for services.
  • Both the bitcoin and ethereum are decentralized which means there is no central control.

Advantages of etherum

Etherum is one of the popular technology with lots of benefits. Let’s take a look at major advantages of etherum!

  • It is the technology that allows for a computer application to run on the network. It allows not just for money but all types of other things to run on.
  • The transaction confirmation time for ethereum is pretty faster that save lots of your time.
  • It comes with a great roadmap of where they want to be in the next five years.

Due to the advantages of ethereum, almost 5 million wallets are holding ether. A single individual can have more than one wallets, and this number dramatically increased with ether in the recent months.