Ethereum is another platform in the realm of cryptocurrency. It was invented by Buterin and Joe Lubin in the year 2015, who were also founders of the Blockchain System.
In addition, Ethereum is known as the second largest digital currency agency based on market capitalization after bitcoin. The native unit or currency of the Ethereum could be known as Ether (ETH). Moreover, it is supported by blockchain technology. The blockchain technology made the Ethereum Secure, and it is mostly similar as to Bitcoin, but the Ethereum has come up with some other new modifying feature with bitcoin, that is it accounts proof of stake not as that of bitcoin’s, the proof of work where more energy was required in order to validate the deal.
Thus, Ethereum can be defined as the decentralized based platform that is supported by blockchain technology featuring the functionality of smart contracts.
The above figure shows the pictorial sign of the Ethereum digital currency.
In order to get in touch with Ethereum Platform, this link Bitcoin.com Wallet app will take you to the secure Crypto – DeFi Wallet, where one can create an account for Ethereum. This App was rated by many as secured and easy where sending, receiving, buying, selling, trading and managing of all decentralized crypto currencies including the Ethereum ETHER (ETH) would be found. This app could connect the Ether with so many other dApps which support blockchain technology and will enable it to execute smart-contracts on this platform.
Table of Contents
Read More: What is Bitcoin and its Explanation?
Is the Ethereum Computer of the World?
Yes, Ethereum is sometimes deemed as the computer of the world. The only correspondence difference between the Ethereum and computer system is in such a way that Ethereum fails to perform as a traditional shared computer system and also it’s computing power independently. Ethereum works as a shared platform by lagging and advancing with appending blocks, not as a traditional computer system in which a picture is processed and finds out how many stars were in the sky at night.
Key Features of Ethereum
The Key Features of the Ethereum are as follows:
Open Platform and Permission-less Access
The access to Ethereum network is quite easy and handy. It is considered an open platform and no permission is required while creating an account on this network. Those who wish to pay anywhere from around the globe, could have access to the Ethereum network. This Ethereum decentralized platform could be used for many protocols and purposes, for instance if a lending and borrowing is to be created, one can create an Ethereum application after getting entered in the platform by paying. In short words, this Ethereum could be accessed easily as decentralized means without depending on any intermediaries or regulating bodies.
Transparency
Ethereum by being a decentralized platform is completely transparent means that it is free of vagueness. Since, it is clear that in dApps there is no need of any broker or intermarried, thus, there is nothing hidden from the participants if anyone is willing to transact with another or deal for any other thing so that health of another party could be seen from its profile, that what collateral the other party has and so on.
Lastly, there are vivid things on chains of every node and nothing would be hidden and one can go for easy transacting on this blockchain decentralized digital platform.
Immutability
Since, the Ethereum platform is being powered by blockchain technology, it means that any new transaction takes place, it is appending to the chain and making a blockchain for every single inclusion, it can’t be changed and edited the existing one. Thus, the immutability here means that it is unable to be changed. As it is already clear in the above discussion that Ethereum is a transparent platform, thus it is also why that unbreakable chain means that if a participant wishes to enter in a deal, he could review each chain and nodes and deals till the very first and base of the network.
This is the very powerful feature of Ethereum that no one can be misled and disguised and the participants could verify each and everything by themselves without relying on another body.
Durability
By durability it means that the platform is decentralized and widely used by many around the globe. Many of the applications are running on the Ethereum blockchain network and most importantly it is not in the control of one major body like the central bank etc. rather it is an open network and only individuals have the power by using it independently. Hence, it is as far as durable unless and until the users of it have been completely owned, which is impossible. Therefore, this platform is long lasting and no one can shut it down.
Neutrality
Finally, the last feature of Ethereum platform is Neutrality, as the name implies this network is equally allowing each participant. This network fairly allows each participant to participate on the network and could interact on the platform. As this Ethereum platform is powered by decentralized blockchain so it never prefers one over another. Each individual has its own power and authority and can commit their doings on this platform.
Ethereum and The Next Iteration of the Internet, Web 3.0
The best common example for the importance of Decentralized Networks – dApps, that if Uber is putting a driver out of job, this blockchain made it possible to put the Uber out of job rather driver, as this blockchain network allows each individual equal power and independence, where the driver in this example is an individual who can connect with the customers directly.
The founder of Ethereum Vitalik Buterin states that the next evolution of the internet is that Ethereum itself is an internet.
Why is Ethereum known as the next iteration of the internet, Web3? It is because it frees any of the participants or users from any dominant platforms rather these individuals and users are the dominant by themselves.
In Web 2.0, or Web2, where the platforms or networks are fully controlled by the dominant bodies. The best example could be Facebook, Google, and others alike platforms where the centralized Web2 models have full and dominant control on every single user’s data and access to the platform. The Web2 network leverages the user’s data and benefits itself of them and could also have power to shut down the users out of the platforms. In addition to this, that web2 platform creator could have power to destroy the entire platform and could have the authority to stop the network for all the users as they are centralized dominant of the platforms and models. In short words, where there is in a model the innate things are hidden the end-users could be restricted to have full insight in the information, that is dominant or decentralized run on Web2 network and the benefits of them are hidden from the users and participants.
However, unlike the Web2 platforms where there are centralized holders of the models have full authority, the Web3 network which the Ethereum network and others alike decentralized platforms are being used on Web3 platform give authority to the end-user that they are not being controlled by any centralized or dominant bodies. On the Web3 platform, the users and participants have the access of one another’s and where there is nothing hidden which completely eliminates the chances of decisiveness. It provides the space where each user would know the rules, where the participants are invited to be benefited in order to further boost and make the platform more transparent and easily accessible. This Web3 technology, if fully implemented, would widely disgraced the Web2 internet platform.
In addition, on the Web3 network, the users could have their own information with themselves rather than allowing any intermediary to take advantage of. The users could have full access to monetize each and everything. The advertisers and others alike service takers would directly involve in deal with the end users rather than indulging the intermediaries which could and unsafe and expensive the deal. Furthermore, Web3 as using by Ethereum assures the credibility, neutrality as discussed above.
Lastly, the Web3 network is increasingly getting its growth because of its end-user characteristics where equality, neutrality, durability and independency exist.
Ethereum Today
The major vision of Ethereum is as the next evolution platform of the internet and getting the world towards itself. Since Ethereum is younger enough in the market, like it was invented in the year 2015 and yet capturing the worldwide market capitalization, it can be considered as in its infancy stage so far. The Ethereum network is used by many applications and services which are as follow:
Decentralized Finance (DeFi):
Decentralized Finance allows users to have an open-source system where they can borrow, lend, trade and earn interest on their Decentralized assets dAssets without depending on the intermediaries of financial intermediaries such as banks and brokers.
Non-Fungible Tokens (NFTs):
The Ethereum platform enables the creation of Non-Fungible tokens’ creation, which are known as the unique digital assets and verified by technology of blockchain. These NFTs have captured sufficient popularity in the world of Art, as these NFTs show the ownership of its unique piece of Art, the real estate and collectibles.
Gaming:
Ethereum has also given rise to a new facet that is gaming on blockchain-based where assets of games such as weapons and skins and characters could be tradeable in a way of NFTs. This Gaming would place a record of using this Ethereum platform.
Decentralized Autonomous Organizations (DAOs):
As the name Implies, the Decentralized Autonomous organizations that use Ethereum and decentralized networks in which these companies are not owned as central authority, rather the rules and decisions of them are created by the participants through a voting system and commit the smart contracts. These Autonomous organizations are used for a variety of purposes such as investments and projects which aim to run in collaborations.
Identity and Reputation Systems:
As discussed above, the Ethereum which is powered by Web3 technology, can be used to establish its own identity system for users, which means that users could have authority to maintain their identities and can be used for any website logging in and verifying in order identify that the platform they are using is genuine, without dependent on any central agency.
Supply Chain Tracking:
The Web3 and Ethereum has also made possible for the companies to use this platform and track its productions in a vivid way such as the end-user could use QR-Code System to get entire information about the products history, similarly on this platform the users could track each and everything till the very first basic and reduce the vagueness.
Lastly, Ethereum is a decentralized platform which is deemed as the second evolution of the Internet. The aim of this platform is similar to Bitcoin but that captures the market with the aim as Proof of stake, the more the users attached and hold, the more it benefits end-users without relying on rulers and dominators.
