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2018-06-28 : 40274 Hit

Ethereum





5 Major Crypto Coins as of today:

1. BitCoin(BTC)
2. Ethereum (ETH)
3. Ripple
4. BitCoin Cash
5. LiteCoin



Ethereum
Ethereum


-Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications. With more than 1,300 cryptocurrencies out there, Ethereum has risen to the top of the pile, with its name often mentioned in the same breath as bitcoin. Although its value is no way near that of the flagship cryptocurrency, its great for trading and some of its more advanced features give it some exciting potential for the future.

Like Bitcoin, Ethereum is a distributed public blockchain network. Although there are some significant technical differences between the two, the most important distinction to note is that Bitcoin and Ethereum differ substantially in purpose and capability. Bitcoin offers one particular application of blockchain technology, a peer to peer electronic cash system that enables online Bitcoin payments. While the Bitcoin blockchain is used to track ownership of digital currency (bitcoins), the Ethereum blockchain focuses on running the programming code of any decentralized application.

In the Ethereum blockchain, instead of mining for bitcoin, miners work to earn Ether, a type of crypto token that fuels the network. Beyond a tradeable cryptocurrency, Ether is also used by application developers to pay for transaction fees and services on the Ethereum network.

Ethereum


The Ethereum Virtual Machine
Early blockchain applications like Bitcoin only allowed users a set of predefined operations. For example, Bitcoin was created exclusively to operate as a cryptocurrency.

Unlike these early blockchain projects, Ethereum allows users to create their own operations. The Ethereum Virtual Machine (EVM) makes this possible. As Ethereums runtime environment, the EVM executes smart contracts. Since every Ethereum node runs the EVM, applications built on it reap the benefits of being decentralized without having to build their own blockchain.

What can Ethereum be used for?
Ethereum enables developers to build and deploy decentralized applications. A decentralized application or Dapp serve some particular purpose to its users. Bitcoin, for example, is a Dapp that provides its users with a peer to peer electronic cash system that enables online Bitcoin payments. Because decentralized applications are made up of code that runs on a blockchain network, they are not controlled by any individual or central entity.


Smart Contracts
Smart contracts are strings of computer code capable of automatically executing when certain predetermined conditions are met.

Instead of requiring a single central authority to say “yay” or “nay,” these contracts are self-operated. This not only makes the entire process more effective, it also makes it more fair and objective.

Ethereum


Decentralized Apps (Dapps)
Ethereum can also be used to build Decentralized Autonomous Organizations (DAO). A DAO is fully autonomous, decentralized organization with no single leader. DAO?s are run by programming code, on a collection of smart contracts written on the Ethereum blockchain. The code is designed to replace the rules and structure of a traditional organization, eliminating the need for people and centralized control. A DAO is owned by everyone who purchases tokens, but instead of each token equating to equity shares & ownership, tokens act as contributions that give people voting rights.

What are the benefits of Ethereum decentralized Platform? Because decentralized applications run on the blockchain, they benefit from all of its properties.

Immutability – A third party cannot make any changes to data.
Corruption & tamper proof – Apps are based on a network formed around the principle of consensus, making censorship impossible.
Secure – With no central point of failure and secured using cryptography, applications are well protected against hacking attacks and fraudulent activities.
Zero downtime – Apps never go down and can never be switched off.

Similar to Bitcoin, Ethereum is a distributed public blockchain network. While both Ethereum and Bitcoin are cryptocurrencies that can be traded among users, there are many substantial differences between the two. Both Bitcoin and Ethereum are “decentralized,” meaning they have no central control or issuing authority. Respective miners run each network by validating transactions to earn either bitcoin (for Bitcoin) or ether (for Ethereum).

Ethereum vs Bitcoin: Continued
Now that you have a decent understanding of what Ethereum is and how it functions, its useful to revisit how it compares to Bitcoin at a technical level.

While the two cryptocurrencies serve different purposes, Ethereum provides a number of benefits over Bitcoin:

Shorter Block Times – On Ethereum, blocks are mined roughly every 15 seconds compared to Bitcoins 10-minutes rate. This shorter time allows the blockchain to more quickly start confirming transaction data, although it also means more orphaned blocks.
More Sophisticated Fee Structure – Ethereum transaction fees are based off storage needs and network usage. Bitcoin transactions are limited by block size and compete with each other.
More Sophisticated Mining – Bitcoin mining currently requires ASICs (Application-Specific Integrated Circuits), necessitating a large amount of capital investment to mine. Ethereums mining algorithm was designed with ASIC-resistance in mind, thus leveling the playing field and aiding in the decentralization of mining.
Ethereum arguably currently functions better than Bitcoin as a currency. With Ethereum, you can reliably send transactions faster, pay lower transaction fees, and mine at a more profitable rate (although it still has its downfalls for miners).

However, Bitcoin does have a relatively more stable price—and therefore functions as a better value storage option—from a trading and value storage perspective. Ethereum is much younger but has covered a substantial amount of ground in recent years. Although Ethereum certainly shows promise as a currency, its true potential lies in features nonexistent in Bitcoins code.

Future Updates to Ethereum
The future for Ethereum is bright, but it is not without its potential uncertainty.

A notable event on the horizon is the Metropolis hard fork that is set to occur in late September. This hard fork indicates some major upgrades for the platform including:

Increased anonymity with new zero-knowledge proofs, or “zk-SNARKs.” This means users will be able to conduct transactions at much more secure levels of anonymity than ever before. Smart contracts and programming will be much easier to work with. Gas is also going to be adjusted for bill setting. Masking will increase security on the network. Users will be able to determine the address for which they have a private key, and this will protect them from quantum computer hacking.
A “difficulty bomb” will be included in the upgraded, meaning mining will become much more difficult. This is a significant step as Ethereum transitions from proof-of-work (PoW) to proof-of-sake (PoS). We wont know how this hard fork will affect the price of Ethereum as markets could adjust in a variety of ways. If the upgrades attract more users, the price could rise. However, if mining becomes more difficult and slows, the price could fall.

The next upgrade after Metropolis is referred to as Serenity, which should increase stability and encourage more investment.

Final Thoughts
While there is a lot of speculative interest around Ethereum, its important to note that the Ethereum and dapp communities are very much focused on building a tangible future.

Ethereum is a phenomenal application of the blockchain and has made it possible for hundreds of projects to exist.

Vitalik Buterin, Ethereum Founder
The primary goal of Ethereums founders isnt to create a cryptocurrency that makes speculators a ton of money; its to change the world. The Ethereum community attracts ideological supporters in the same way Bitcoin and other cryptocurrencies do, but its use cases give it life far beyond that of other coins.
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