Ethereum is an open source software platform that uses the bitcoin technology to allow developers build decentralized apps. Most people know blockchain to be a cryptocurrency wallet because of its association to bitcoin. The technology behind blockchain goes beyond just digital currencies. As a matter of fact, bitcoin is just one of the several applications that use this technology. The technology can be applied in electronic voting and digital trading options such as forex. This makes it possible for developers to build and easily deploy the decentralized application through the blockchain technology.
Ethereum Virtual Machine
This is a special Turing software that runs on the Ethereum network. It enables developers to run any program on the network regardless of the programming language involved. On the network, Eth developers to develop thousands of different apps on the platform instead of having to build an entirely new blockchain for every new app. This, in turn, fastens the process of creating blockchain applications with ease and efficiency. Also, miners in the Ethereum virtual machine (EVM) platform strive to earn ether. Ether is a crypto token that powers the network. The ether is a tradable cryptocurrency and can be used to pay for transactions and any services on the Eth network.
The Ethereum Smart Wallet
This is the gateway to decentralized apps on the Eth network. It secures and holds the ether and any other cryptographic assets built on the network. You can download the smart wallet here.
The Big Question of Ethereum Vs Bitcoin
In the cryptographic world, bitcoin and Ethereum are differentiated by their individual purpose and capabilities. While bitcoin tracks ownership of digital currency, Eth runs the programming codes of any app built with blockchain technology. To break it down further, blockchain is to bitcoin what Internet is to email.
To get a more detailed guide on the Ethereum platform click here.
Uses of Ethereum and Benefits of Ethereum Decentralised Platform
As earlier stated, ETH is used to build decentralized apps from the blockchain technology. Bitcoin is an example of a decentralized app built from the blockchain technology. With Eth you can build more decentralized apps like Bitcoin which cannot be controlled by a central entity or individual.
The benefits of the Ethereum Blockchain platform are:
- The app data are indelible and cannot be changed by a third party. Applications built on the network are corruption free because it was built to make censorship impossible.
- Highly secured using cryptography to prevent hacking and other fraudulent activities.
- There’s no downtime and the app can never be switched off.
In conclusion, many service providers and industries are now using the Eth platform. Although this is a new platform for developers, it is already showing a lot of progress. To check projects that are currently being developed on this platform click here.