Currently, there are several types of blockchains that are used with digital currencies or cryptocurrencies as they are commonly known. In this case, ethereum is a kind of platform of open software that is based on technology these chains which makes it possible to implement applications completely decentralized .
Ethereum is a network type blockchain that has a language of programming fully integrated known as Turing , which allows you to write contracts intelligent and decentralized applications .
- Ethereum Features
- How Ethereum works
- What is Ethereum for
- Curiosities about Ethereum
Among the main features of the Ethereum system are the following:
- It has a programming language known as Turing with which all kinds of transactions or applications can be carried out.
- It has a type of currency known by the name of Ether .
- It is considered as the most important project in the industry related to cryptocurrency .
- It is considered as a blockchain network which has an integrated Turing programming language.
- It allows anyone to write smart contracts using few lines of code.
- It is not a currency, but it is a platform that even has its own currency.
- It is considered as the most important platform for decentralized software .
- Ethers are infinite and do not have a limit number, it is also a type of inflationary currency.
- The platform can be completely controlled by its owners .
Its story begins in 2015 by Vitalik Buterin , a programmer from Canada. however, Mihai Alisie, Anthony Di Lorio and Charles Hoskinson also had a stake in the project.
The main objective of Ethereum is to create cryptocurrency wallets that can make payments cheaper and easier to make as well as decentralize the web through dynamic messages, more reliable transactions and the creation of an interface that is more integrated and functional. Also to be able to create financial applications that allow you to make money loans, borrow money or invest digital assets . The formation of decentralized markets is another of its objectives to be able to carry out exchanges of digital assets. You can even create games where you can win real money.
How Ethereum works
Ethereum is a type of cryptocurrency that can work through the protocol known as PoW and using an algorithm called Etash . This type of algorithm has been designed to be effective, efficient and at the same time demanding and works using GPU mining . Etash also has a function known as the Keccak hash which is responsible for creating an algorithm and searching for cryptographic elements that are extremely secure.
To be able to mine in Ethereum it is necessary to have software that uses graphic cards as resources in order to be able to solve mathematical equations . The equipment to be able to do this is necessary to maximize profits. Another necessary aspect of mining is the use of the digital wallet that has the capacity to store cryptocurrencies. It is also necessary to have a specific location that is intended solely for mining.
To mine, you must think about mining pools, which are a series of resources that are distributed and shared equally among all miners. In this case, the most used for Ethereum is Ehteremine which allows the user to be anonymous. Some other mining programs for Ethereum include the following:
What is Ethereum for
Ethereum is a platform that is used for the creation of smart contracts by means of which the fulfillment of a certain agreement can be guaranteed safely and without the need for third parties. It is ideal for, with the prior consent of the parties, to execute what has been previously agreed upon at the moment in which the necessary conditions to carry out the procedure can be met. In other words, it is a type of software that is responsible for the establishment of an executing program , so that an action can be given at a certain time to carry out an action that has been previously set.
The current value of the Ethereum coin is 1 ETH = $ 396.82.
Experts consider Ethereum to be completely legal but it has yet to be approved by governments worldwide.
Among its main advantages we can mention the following:
- It allows eliminating all kinds of bureaucratic obstacles, allowing the user to interact with another directly, without intermediaries.
- The personal information of customers does not run any type of risk with this platform because its security level is extremely high. The funds as well as the content that you deposit in it is completely confidential .
- Being decentralized it is also completely transparent , hackers cannot do any damage to it.
- You can cut costs considerably and you also have the ability to create company shares within the same platform.
- It eliminates any type of barrier produced by the mistrust of customers because, thanks to its design, fraud is not possible.
- Avoid the adulteration of information or documents.
- It allows the creation of decentralized markets , it can perfectly keep records of debts or promises regarding payments. Fund transfers can also be made automatically.
Among its main disadvantages are:
- It has a roadmap that needs to be constantly updated.
- The updates have to be a tedious both.
- It suffers from attacks on a daily basis by hackers trying to steal information.
- It does not have enough documentation to be able to help people who want to become developers.
- The online content on the instructions for use is out of date.
The main risk that is run using Ethereum is that it has high requirements and the need to freeze funds so that they can then be eligible to validate any type of transaction. Despite the fact that this gives more security to the network, the average user may not be able to understand the process well, leading to a series of problems and risks that involve the theft or loss of keys and the development of incorrect procedures at the time to make a funds transfer.
As a type of currency, according to experts, it has a good future since it gives the person the ability to buy a specific amount of the security and with the market achieve a better return in relatively short periods of time. Experts consider that the platform will be one of the best means for companies to regulate payments and all transactions carried out through smart contracts , which sounds really encouraging.
Curiosities about Ethereum
Some curiosities of Ethereum are mentioned below:
- It is used by important companies such as Intel and Microsoft .
- In 2017 it suffered a drop in its capitalization .
- After its fall, a game called Criptokities emerged , with which the company managed to recover from the problem.
- The government of Russia has worked hard so that all its citizens can use the platform officially.
- The blockchain that the software has is completely programmable.
- The time it takes for Ethereum to be able to make a transaction is only 10 to 15 seconds.
- The price of the transactions will depend on the complexity and the size of storage and band that has been consumed.