Understand Ethereum in 3 Mins

Although commonly associated with Bitcoin, blockchain technology has many other applications that go Beyond digital currencies.

In fact Bitcoin is only one of several hundred applications that use blockchain technology today until relatively recently Building Block Chain applications required a background in coding cryptography and Mathematics as well as significant time and resources, but now previously unimagined applications are being developed to play faster than ever.

Ethereum is making this possible by providing developers the tools to build decentralized applications at its simplest. Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications is etherium similar to bitcoin sort of but not really like Bitcoin if your aim is a distributed public blockchain network, although there are some significant technical differences between the two the most important distinction is that Bitcoin and Ethereum different purpose and capability Bitcoin offers a peer-to-peer electronic cash system that enables online payments it Syrian focuses on running code for any

The application that’s deployed on his Network on the Ethereum blockchain ether is the cryptocurrency that fuels the network either is a currency like Bitcoin, but it’s also used by people on the network to pay for code execution. So what kind of code is being executed a smart contract is a phrase used to describe an Ethereum application that can facilitate the exchange of money content property shares or anything of value user send ether to interact with these self-operating computer programs and they will run exactly as coded without any possibility of censorship. Shift down time fraud or interference and cerium allows developers to create whatever interactive operations they want in their smart contracts. This means that developers can build thousands of different applications that go beyond anything built on a blockchain before.

For example, the MLB has released crypto baseball an online collectible store built on Ethereum users can buy and sell unique Collectibles using ether as well as earn rewards based on their real-world performance because this application is built on a theory users are able to truly own they’re collectibles.

Like they would in real life rather than building an entirely original Block Chain for each new application. Ethereum enables the development of thousands of different applications all on one block chain platform a simple way to look at it is that Bitcoin is an app it exchanges money in a decentralized way and that’s amazing it serum on the other hand isn’t just an app. It’s more like an app store. It’s a Computing platform that allows developers to create any application. They want on one decentralized platform in doing so the theory of has removed much of the barrier to entry and creating decentralized. Blockchain applications while it’s still in its early days etherium looks to be a truly transformational platform with many of the most exciting applications yet to be developed. We can only begin to wonder about the possibilities that await.



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