If you are interested in the world of Cryptocurrency, then you must have heard the name of Ethereum, and if not, the question arises that what is this Ethereum? And how it has gained so much fame in a few years. If we talk about Ethereum, then it is a rising star in the world of Cryptocurrency. It has achieved its status very soon and, speaking of now, it has secured second place in the Crypto Currency List.
Since its launch in 2015, the value of ether (Ethereum’s currency) has increased by more than 6,800 percent. If we talk about the figures till 2021, the price of 1 Ether has now come to around $ 1,694. If any cryptocurrency has gained so much popularity after bitcoin, it is only Ethereum.
So today I thought why should you people also be given complete information about Ethereum so that you also know about it beforehand, which will make it easier for you to understand and buy it. Then without delay let us know what this Ethereum is and how it is different from Bitcoin.
what is ethereum mining?
Ethereum, also called Ether, is the third most valuable Digital Money after Bitcoin and whose market value is in the second place right now. The technology it works on is called Ethereum Blockchain. It was first introduced to the world by Vitalik buterin, a 19-year-old Bitcoin programmer named Vitalik buterin in 2013.
This Cryptocurrency has taken its popularity to the very top in a very short time. If we talk about its current valuation, then it would be around $ 185 billion (£ 134bn), which is about $ 1,694 per coin. This price keeps increasing and decreasing.
Buterin has improved Ethereum in such a way that it is much better than Bitcoin. Just like Bitcoin, it is a Decentralized Payment Network that has its own cryptographic currency which we can send to any place in the world with the help of the Internet and we will not have to depend on any bank or third party to do so.
These Coded Transactions are stored on a Decentralized ledger which is also called Blockchain and it is visible to all those who live in the network.
Who made Ethereum?
As we know that the name of the creator of Bitcoin is Satoshi Nakamoto, who is an unknown person, about whom very little information is available on the Internet. All the information available is as follows.
Satoshi Nakamoto is the name used by the presumed pseudonymous person or persons who developed bitcoin, authored the bitcoin white paper, and created and deployed bitcoin’s original reference implementation. As part of the implementation, Nakamoto also devised the first blockchain database.
But unlike in Ethereum, the thing is different, its parent’s name is Vitalik Buterin, who is a resident of Canada and who was born in Russia. He published this idea in 2013. And that took them two years to completely set up.
Buterin was a very promising student, he was very interested in mathematics and he won the Bronze Medal at the International Olympiad in Informatics in 2012.
He received the Thiel Fellowship which was worth $ 100,000 in 2014, after which he dropped out of the University of Waterloo. Buterin and Canadian entrepreneur Joseph Lubin launched Ethereum Switzerland GmbH, after a gap of one year.
How is Ethereum different from Bitcoin?
Since it is the second-biggest cryptocurrency after Bitcoin, Ethereum has always been compared with Bitcoin. But Ethereum has been seen in many ways to be better than Bitcoin. So let’s know about this.
Although the work of both currencies is almost the same, there is some difference between the two.
1. Block Times Shortening – Mining blocks in Ethereum take roughly 15 seconds while in Bitcoin’s they are at a rate of 10-minutes. Being quick, Blockchain takes a very short time to confirm the transaction data, which can lead to more transactions.
2. Having a more sophisticated fee structure – In Ethereum, transaction fees are based on storage needs and network usage. Bitcoin transactions are based on block size and compete with each other.
3. To have more sophisticated mining – mining of Bitcoin requires ASICs (Application-Specific Integrated Circuits), which require a large amount of capital investment to mine. At the same time, the algorithm of Ethereum’s mining has been designed keeping in mind ASIC-resistance, so that mining can be easily decentralized.
4. Lack of more Transaction Fees – Transaction Fees are lower in Ethereum compared to Bitcoin.
5. More and more technology is used – In Ethereum, along with currency, other third-party applications are also allowed to run in the network, while in Bitcoin only the currency is allowed to run in the network.
6. More Profit for Miners – Miners can earn more profit than Bitcoin in Ethereum.
How is Ethereum Price affected?
Ever since Ethereum was launched, its value has been increasing slowly, while the price of bitcoin has increased very quickly.
The price of Ethereum was reduced significantly in the middle as someone had declared its founder dead, which proved to be a rumor, due to which the value of Ethereum was reduced by 20% in a single day. Recently, many big companies have made a good investment in Ethereum, due to which its value has increased significantly.
Ethereum gives more focus on “smart contracts”
Now the question arises what are these Smart Contracts? So I want to tell you that this contract is written in code, which the Creator(s) uploads in the blockchain. If ever contracts are executed then all the nodes which are present in the network are run, which are then uploaded in the Blockchain, and so they are stored in the Public Ledger which is theoretically tampered- are proof.
Small Contracts are structured like If-then statements, when certain conditions are fulfilled then the program fulfills that contract.
Because all the computers that are in the network are tracking all the transactions that are happening in the digital ledger, so it is not possible to tamper or tamper with this thing. If someone has tampered with it, then everyone will know about it.
Vitalik Buterin (CEO) – With the help of Bitcoin in 2011, Vitalik discovered cryptocurrencies and blockchain technologies. He looked at Bitcoin Magzine in 2012 to understand Bitcoin.
After receiving Theil Fellowship in 2014, he dropped out of the University of Waterloo to work full-time at Ethereum. Vitalik understood what blockchain technology has to offer in the future and in 2013 he invented Ethereum.
Gavin Wood (CTO) – In 2014, Gavin met Vitalik through a mutual friend. He created the smart contract language Solidity. For Ethereum Virtual Machine (EVM), he also wrote the first yellow paper on the Ethereum blockchain.
Jeffery Wilcke – After the inception, he is looking at the implementation of Go programming on Ethereum.
Ming Chan – He is working as the executive director of Ethereum and supervises the regulatory and legal matters of the Ethereum blockchain.
How many people use ethereum?
Today there are more than 12 million cryptocurrency wallets that are holding ether. Their number is also increasing gradually.
Should you invest in Ethereum?
If I talk about the value of Ethereum, then in a very short time their value has increased considerably and is increasing. One thing I want to tell you all is that there is no reality of the value of Cryptocurrencies and they fluctuate.
Therefore, you must have heard about many such people, how they have become millions of dollars in a very short time. All these things are the gift of Ethereum. Therefore, invest as much as you can afford.
What is the future of Ethereum?
Ever since Ethereum was born, the value of Ethereum has been steadily increasing, with investors believing that it will continue to grow in the coming years. So if an investor wants to invest in it, then he can invest irresistibly.
This is also because many big companies such as JP Morgan Chase and Microsoft have invested their money in it.
But I believe that if you do not have the funds to invest, do not take loans and invest in it, it can prove to be dangerous in the future. Invest as much as you have a disability. It is advisable to do research in a good manner before making any other investment. Only time will tell what the future of Ethereum is going to be in the future. Do you know that you can also become a big millionaire in the future?
what did you learn today?
I sincerely hope that I have given you complete information about what Ethereum is and I hope you all have understood about Ethereum. I request all of you readers that you too should share this information in your neighborhood, relatives, and friends so that we will have awareness among us and everyone will benefit a lot from it. I need your support so that I can convey more new information to you.
It has always been my endeavor that I always help my readers or readers from all sides, if you people have any doubt of any kind, then you can ask me irresponsibly. I will definitely try to solve those Doubts. How did you like this article, Ethereum, tell us by writing a comment so that we too have a chance to learn something from your ideas and improve something.