Ethereum Definition
It is an open source system focused on blockchain technology that allows many cryptocurrencies and decentralized projects to be built. It was created in 2015, and is independent. In addition, it has an original cryptocurrency called Ether (ETH), one of the most prominent today. In addition to Ether, the Etherum network has other cryptocurrencies and tokens that have caught the attention of investors and cryptocurrency fans. Technology involves a significant change in the status quo and also the advancement of new applications that suggest alternative solutions.
Origin
With the launch of Bitcoin and its attraction by world developers, the Canadian Vitalik Buterin took the plunge. In 2013, he outlined in a white paper a system with which to take online transactions a step further through a decentralized app. After unveiling the project in 2014 and showing it off at a Bitcoin conference in Miami, he launched Ethereum.
Was launched with the purpose of developing a decentralized system that would comfort the developer community to work with a technology called smart contracts, a kind of instruction manual that is stored in the blockchain network and has the ability to make itself based on some guidelines programmed in a safe, transparent and immutable way.
Ethereum Features
• It supports all the properties of blockchain technology, including immutability, which means that third parties cannot make changes.
• Show tools protected against corruption and unauthorized entry from applications launched through the principle of consensus. Which means that all nodes have to agree when making changes.
• They are protected through cryptography and decentralized, security is guaranteed thanks to the separation of central failure points.
• Apps originated in Ethereum always work.
gas on ethereum
It is a key concept of digital currency, it is the unit of measurement used to calculate the work through any interaction. In short, it is the action you do in Ethereum had a cost measured in Gas units.
Gas Functions
• Let assign a cost to each activity. Each action that you carry out in Ethereum has a value in Gas units, conceiving this as the value to be paid for the set of actions executed.
• Mastery in improving system support. By involving consumption, it is responsible for preventing this technology from stopping its work, safeguarding its security and avoiding attacks that affect millions of users.
• It is a way of recognizing the miners. All the actions that are done in Ethereum will depend on the actions of the users, known as miners. By starting up on the hardware your actions are rewarded.
Differences Between Ethereum and Bitcoin
Bitcoin was the first cryptocurrency and a money transfer system, Ethereum is a network that uses this technology to allow its users to establish decentralized tools. On the other hand, Bitcoin had the sole purpose of establishing a decentralized universal currency. Although both Ethereum and Bitcoin are cryptocurrencies that can be traded between users, while Bitcoin uses the blockchain to investigate the ownership of the virtual currency and ensure an efficient electronic money platform between equals, Ethereum focuses on the realization of the programming code. of an app. Thus, app developers generally use it to cancel services and transaction fees on the Ethereum network.
It is true that both Bitcoin and Ethereum are independent technologies used by the miners of each network to earn Bitcoin or Ether. Ethereum is an app with blockchain technology, while Bitcoin is a currency.