The cryptocurrency world has been dominated by Bitcoin. But it is becoming increasingly clear that there is a need for other cryptocurrencies. The recent coin offerings (ICO) has led to the creation of new cryptocurrencies. However, the most interesting development has been the creation of a new block chain. This has happened with Ethereum. In this article, we will look at everything you need to know about Ethereum.
What is Ethereum?
Ethereum is an open-source, decentralised, blockchain-based software that is the platform behind the second most popular cryptocurrency. Ethereum was created with a similar idea as Bitcoin. After the 2008 financial crisis, the cryptocurrency movement was initiated. The original idea was to build a new peer-to-peer network with utmost transparency. It was created to become a new form of banking devoid of any third party with an open-access ledger.
It is built by a community of developers and is fueled by its currency Ether (ETH). This currency is used for trading or exchanging coin pairs. You can know more about such coin pair exchanges at https://alligat0r.com/coin-pairs/eth/xmr/info.
Features of Ethereum
Ethereum has gained massive popularity in recent times due to the massive benefits one can derive from it. Especially the following, which have solved many problems across multiple sectors which help individuals globally indiscriminately.
Ethereum provides banking for all. Since many individuals may not have the opportunity of accessing financial services, there can be many reasons like migration, travelling in foreign lands, or anything else. Ethereum provides a platform for them by allowing all a bank’s savings, borrowing, and lending. All of this can be achieved with only a computer and an internet connection.
Digital privacy has become a very important topic for debate as many controversies and discussions have risen. It has created apprehension in the many that they can be easily tracked. But Ethereum does not believe in surveillance but rather in value. So, it has created products that provide value rather than keeping track of individual users. Users do not need to disclose all kinds of personal information to use the Ethereum app, unlike most institutions require today. So, you can maintain your anonymity on the internet.
You would be directly connected with the peers you want to work with. It can be transactions or executing contracts. All can be done directly using the network. The network itself connects you with the other person while executing the needs. So, it would help if you never went through any third party or intermediary, which reduces costs, time, and many times is a more secure way.
Ethereum is a completely decentralised network which means that no particular person or entity controls it. The network is autonomous and works according to the underlying algorithm. So, there is no possibility of any interference, be it government or any malicious entity.
These are only a glimpse of the already introduced products and services on Ethereum. The platform is always evolving and trying to create something new. It is also trying to become a pioneer in various fields, especially finance. It is also investing in scaling its transactions per second to compete directly with market leaders like Visa and Mastercard. It is only a matter of time when blockchain-based platforms will run beside traditional platforms, smarter and more innovative technology.