Hello Read.cash Community welcome, I hope you are very well, in Crypto World I will be showing summarized information of what this world of cryptography means, at the bottom of the page I will leave the links of the articles that I will be presenting.
Ethereum has its beginnings thanks to the work of Vitalik Buterin and Gavin Wood in 2013, during their work with some Bitcoin projects, they tried to improve the shortcomings of the Bitcoin blockchain. But this technology went beyond just financial applications. Ethereum was made official in 2014 in a Bitcointalk forum, after the forum they invented the Ethereum Virtual Machine EVM, this led to the creation of the Ethereum Foundation.
Photo: Vitalik Buterein
Ethereum it is one of the largest cryptocurrency projects in the industry. It is a digital platform based on blockchain technology capable of realizing many decentralized applications, smart contracts and supporting thousands of tokens. Today, the Ethereum Foundation is overseeing the development of this great project.
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Do you know the difference between Ethereum and Ether?
Ethereum is a decentralized operating system, it is a platform where decentralized operations are performed.
Ether is the cryptocurrency and like bitcoin and other cryptocurrencies is not controlled by any government, i.e. it is decentralized.
It is very important to say that it uses the POW (Proof of Work) consensus protocol, which leads to perform a Proof of Participation with the Ethereum 2.0 update.
Photo by: Freepik
Technical features
Mining, works with the POW protocol, works with GPU (video cards), 18 million ETH are issued per year, it is unlimited, if any miner solves the mathematical problem, 2 ETH are granted.
Gas, is a concept specific to Ethereum, it is used to measure the work done in the Blockchain, each operation is calculated in units of Gas, it is like a kind of fee. This gas helps to improve the security of the system, prevents denial of service attacks.
Smart contract, is also very important, this is nothing more than a computer program that performs pre-established actions, this in order to facilitate, verify and enforce a negotiation digitally, through a code. These smart contracts are necessary to perform transactions where a third party does not intervene. It can be applied in the purchase and sale of real estate, payments to professionals, purchase of assets, among others.
USES, It can be said that payments are received quickly and securely.
Realization of ICO (Initial Coin Offering), where funds are raised and the creation of Token in the Ethereum Network in the ERC20.
DAPPS, are computer programs that also use open source codes that are used within blockchain technology. Likewise developers can build decentralized applications using the ethereum network. They are also stored in the blockchain technology along with transaction records.
These Dapps are created using groups of smart contracts, codes that are used to perform different types of exchanges, money, shares, among others.
Photo By: IPROUP
Differences between Bitcoin and Ether
Both work on the Blockchain Technology, the new coins are obtained by miners.
Bitcoin, the maximum supply is 21million, 1 block is mined every 10 minutes.
Ether, the supply is unlimited, 1 block is mined every 15 seconds.
Both Ethereum and Bitcoin are totally different projects and their objectives are also different. Bitcoin was the first currency created and is a system for transferring money, through blockchain technology.
Ethereum uses the same blockchain technology but expanded its capabilities. It is a complete network, has its own blockchain, its own browser, but as mentioned in the Dapps, decentralized applications can be created.
Articles published by Mundo Crypto:
Bitcoin. What is it and how does it work?
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Tuesday, October 12, 2021
References:
Photo Portada: https://es.benzinga.com/2021/05/18/por-que-sube-polygon-de-ethereum-matic-en-un-mercado-bajista/
https://www.cmcmarkets.com/es-es/aprenda-a-operar-con-criptomonedas/que-es-ethereum
Wow huh so ETH is unlimited. Meaning once Bitcoin is used up only ETH and others will remain? 🤔