What is Ethereum? Why has it earned a place at the top

In its simplest form, Ethereum is an open software platform based on blockchain technology that allows developers to build and deploy decentralized applications.

Is Ethereum similar to Bitcoin? Well, more or less, but not really.

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

In the Ethereum blockchain, instead of extracting bitcoin, the miners work to earn Ether, a type of encryption token that feeds the network. Beyond a tradable cryptocurrency, application developers also use Ether to pay for transaction fees and services on the Ethereum network.

There is a second type of token that is used to pay fees to miners for including transactions in their block, it is called gas, and every intelligent execution of the contract requires that a certain amount of gas be sent to attract miners to include it. . the blockchain.

Image result for ethereum

What is a smart contract?

The smart contract is just a phrase used to describe a computer code that can facilitate the exchange of money, content, property, stocks or anything of value. When inserted in blockchain, a smart contract becomes a computer program that runs automatically when certain conditions are met. Because smart contracts run on the blockchain, they are executed exactly as programmed without the possibility of censorship, downtime, fraud or third-party interference.

While all block chains have the ability to process code, most are severely limited. Ethereum is different.Instead of giving a set of limited operations, Ethereum allows developers to create the operations they want. This means that developers can build thousands of different applications that go beyond anything we’ve seen before.

A super digital currency!

Undoubtedly, Ethereum has earned the position among the best cryptocurrencies to be versatile and allow integrations with all kinds of applications. Its design opens the way to many innovations and has also opened the way to more cryptocurrencies that have followed in the footsteps of its prominent ‘smart contracts’, such as NEO (the Chinese ethereum) or Cardano.

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