10 Things You Did Not Know About Ethereum

Ethereum is a public, open-source and blockchain-based computing platform. It is also an operating system featuring smart contracts. However, our personal data is stored on clouds and servers controlled by companies like Google and Amazon. Though these companies have a team of specialists to store and secure data, there is also the vulnerability of data loss. They consider Ethereum is the best computing platform to solve these issues and they are implementing it. The functionality of Ethereum is very different from other technologies in the market which makes it an eye-popping topic.

Mentioned below are 10 things you did not know about Ethereum:

Smart Contract

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Smart contract is a computer program used to transfer money, property, content, shares or anything of value. It works on certain conditions known as an agreement to execute every transaction process. It runs exactly the way it is programmed without any possibility of censorship, downtime and fraud.

Ethereum Virtual Machine (EVM)

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Ethereum Virtual Machine (EVM) has its own programming language known as EVM bytecode. It acts as the engine to drive the Ethereum platform by connecting nodes across the globe. It ensures fast transactions and consistent up-time. It is basically the runtime environment used for smart contracts.

Decentralized Application

Flickr/Pepe Rivera

Decentralized Application (DApp) is operated by many users on the Ethereum Blockchain. DApp is operated through consensus protocols like Proof-of-Work (PoW) and Proof-of-Stack (PoS). DApp builder is a SaaS platform which helps users to create DApp. Some of the DApps on Ethereum platform are Ethlance, Gnosis, Aragon, Uport and Prism.

ERC20

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Ethereum Request for Comments (ERC) is a standard protocol helps in improving the Ethereum Network and 20 is the unique ID assigned to the request. ERC-20 is a set of rules and Ethereum tokens follow the rules. Some of the tokens working on the ERC20 are EOS, Binance Coin and VeChain. ERC20 compatible wallet is specially designed for the network and its examples are Exodus and MyEtherWallet.

Ether

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Ethereum is a blockchain-based platform and Ether (ETH) is a token. Ether acts as a fuel that powers the smart contracts, DApps and transactions on the platform. You can get Ether either by becoming an Ethereum miner or trading other currencies for Ether using regulated exchanges like Binance (ETH/BTC), Bitfinex (ETH/BTC) and Bitrex (ETH/BTC).

Uses Of Ethereum

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Adoption and implementation of Ethereum are increasing rapidly. It is used in the healthcare industry to store, access and share patients’ record. It gives security from hackers. Vote registration through this platform ensures transparency and accuracy of information which could fair democracy. Google will use Ethereum to revolutionize the way transport works.  

The Way Of Mining

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Ethereum mining is a process which enables miners to solve complex mathematical problems. It requires more time and computational power to solve them. If miners provide solutions, then they will be rewarded with Ether. Enigma is one of the largest Ethereum mining platforms which expanded their mining rigs to meet the growing demand of the market.

Mining Hardware

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If you use an efficient Ethereum mining hardware, then you are likely to reduce your electricity bills and cut down your costs. Some of the mining hardware are Motherboards, Graphics Processing Unit (GPU), Storage (HDD/SSD), Memory (RAM), Power Supply (PSU) and Ethernet. GPU is the brain of Graphics Cards which play a major role to determine how profitable your rigs will be.

The Beginning

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Vitalik Buterin, a programmer and Bitcoin enthusiast, co-founded Bitcoin Magazine in 2012 and used to write many articles on the cryptocurrency world. Along the way, he came up with the idea of Ethereum (ETH) in 2013 and made the project success through crowdfunding in 2014, and it was first traded publicly by 2015.

Ethereum Enterprise Alliance

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Ethereum Enterprise Alliance (EEA) brings the world’s leading corporations to build, promote and support Ethereum development. Some of the famous companies are Microsoft, Accenture, JP Morgan, Samsung SDS and Intel. Many technology giants had been using Cloud services to support Ethereum under EEA.

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