What is Ethereum? Everything you need to know!

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What is Ethereum? Everything you need to know!

Although commonly associated with Bitcoin blockchain technology has many other applications that go beyond digital currencies, in fact, bitcoin is only one of several hundred applications that use blockchain technology today until relatively recently, building blockchain applications required a background in coding, cryptography and mathematics, as well as significant time and resources, but now previously unimaginable a faster than ever.

If cerium is making this possible by providing developers the tools to build decentralized applications added simplest Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications is Ethereum similar to bitcoin sort of, but not really like.

Bitcoin Ethereum is a distributed public blockchain network, although there are some significant technical differences between the two. The most important distinction is that Bitcoin and Ethereum different purpose and capability bitcoin offers a peer-to-peer electronic cash system that enables online payments.

Ethereum focuses on running code for any decentralized application, that’s deployed on its network on the Ethereum. Blockchain ether is the cryptocurrency that fuels the network. Ether is a currency like Bitcoin, but it’s also used by people on the network.

To pay for code execution, so what kind of code is being executed? A smart contract is a phrase used to describe an Ethereum application that can facilitate the exchange of money, content, property shares or anything of value.

Users send either to interact with these self-operating computer programs, and they will run exactly as coded without any possibility of censorship, downtime fraud or interference. Ethereum allows developers to create whatever interactive operations they want in their smart contracts.

This means that developers can build thousands of different applications that go beyond anything built on a blockchain. Before, for example, the MLB has released crypto baseball, an online collectible store built on Ethereum users can buy and sell unique collectibles using ether as well as earn rewards based on their real-world performance, because this application is built on ethereal.

Users are able to truly own their collectibles, just like they would in real life, rather than building an entirely original blockchain for each new application. Its cerium enables the development of thousands of different applications on one blockchain platform.

A simple way to look at it is that bitcoin is an app. It exchanges, money in a decentralized way and that’s. Amazing, it’s Ethereum. On the other hand, isn’t just an app, it’s more like an app store. It’s, a computing platform that allows developers to create any application.

They want on one decentralized platform in doing so, Ethereum has removed much of the barrier to entry in creating decentralized blockchain applications, while it’s still in its early days. That cerium looks to be a truly transformational platform with many of the most exciting applications yet to be developed.

We can only begin to wonder about the possibilities that await.