Although commonly associated with Bitcoin, Ethereum is open access to digital money and data-friendly services for everyone – no matter your background or location. It’s a community-built technology behind the cryptocurrency ether (ETH) and thousands of applications you can use today. In fact, Bitcoin is just one of hundreds of applications that use Blockchain technology today.
Who created Ethereum ?
Ethereum was developed in 2013 by Vitalik Buterin, a Russian-Canadian programmer, and a group of other crypto entrepreneurs. Many of the folks behind Ethereum had previously worked in the bitcoin community.
Bitcoin, according to Buterin, has far too few features. Ethereum is founded on this principle, It’s based on blockchain technology, which is essentially a distributed computer network that keeps track of all cryptocurrency transactions, similar to bitcoin. Unlike bitcoin, though, Ethereum can be used to build apps on top of the network.
How Ethereum works ?
Ethereum is distinct since it allows computer networks to operate without the involvement of any third parties, such as large tech firms. Ethereum allows software programs to operate safely on a huge, decentralized series of interconnected private computers, rather than on a centralized platform like large corporation with massive cloud servers because Ethereum is open-source, any developer just about anywhere in the world can develop and run dApps without requiring authorization from a third party or paying exorbitant costs.
What are Smart contracts ?
A smart contract is a term that refers to computer code that may be used to enable the exchange of money, content, property, shares, or anything else of value. A smart contract becomes a self-contained computer program that runs autonomously when certain circumstances are satisfied when it is performed on the Blockchain. Because smart contracts are implemented on the Blockchain, they operate precisely as intended, with no risk of censorship, downtime, fraud, or third-party intervention.
- On the Blockchain, an option contract is written between parties in the form of code. Although the parties engaged remain anonymous, the contract is recorded in the public ledger.
- The contract is executed according to the specified terms when a trigger event occurs, such as an expiration date or strike price.
- Regulators may utilize Blockchain to gain a better understanding of market activity while keeping individual participants’ positions hidden.
Although all blockchains can handle code, the majority of them are severely constrained. Ethereum is unique and different; rather than limiting developers to a restricted range of operations, Ethereum empowers them to construct their own. As a result, developers will be able to design thousands of distinct apps that are significantly more advanced than anything we’ve seen previously.
What are the benefits of using the Ethereum decentralized platform?
Decentralized apps that operate on the Blockchain benefit from all of the technology’s features.
- Immutability – The data cannot be changed by a third party.
- Apps are resistant to corruption and hacking since they are built on a network based on consensus, making censorship impossible.
- Secure – Applications are effectively protected against hacking assaults and fraudulent activities since they have no single point of failure and are encrypted.
- Apps never crash and can’t be deactivated, therefore there’s no downtime.
I want to develop an application. How to access Ethereum?
There are several methods to join the Ethereum network. One of the simplest is to use its built-in Mist browser. Mist provides an easy-to-use interface and digital wallet allowing users to trade and store Ether as well as design, manage, deploy, and employ smart contracts. Mist acts as a window to the world of decentralized Blockchain apps, just like web browsers do for accessing and navigating the Internet.
The MetaMask browser plugin, which converts Google Chrome into an Ethereum browser, is also available. MetaMask enables anybody to build or develop decentralized applications directly from their browser. Although MetaMask was initially designed as a Chrome plugin, it now supports Firefox and the Brave browser.