what is Ethereum

What Is Ethereum?

What is Ethereum? How to get Ethereum? Thats some of the questions I answer here.

Ethereum is one of the most popular types of cryptocurrencies on the market today. This is the native cryptocurrency that is available on the platform now. It is the second-biggest cryptocurrency by market capitalization after Bitcoin. Many people are using this currency for doing any transactions on the Internet. This cryptocurrency is the most actively used blockchain that you can find on the market now. It is a community-built technology that will be suitable for everyone’s needs.

Ethereum was first proposed by a programmer Vitalik Buterin in 2013. The development of this currency was crowdfunded in 2014. The network started live on 30 July 2015. Around 72 million coins were pre-mined at that time. The EVM or Ethereum Virtual Machine can be used to execute any scripts and also run some decentralized applications.

What is Ethereum?

Ethereum is not only a platform, but it is also a programming language that can be used to run a blockchain. It can be used to help developers to create, build, and also publish any distributed applications easily. Like other cryptocurrencies, Etherum can be used for sending or receiving value globally. There is no third party watching and stepping in the transaction unexpectedly.

How to use Ethereum?

Etherum apps are specially used to give people control over their online information or details. Using these apps can let you learn how to buy, store, and also use the native token from the platform, Ether. These apps are commonly known as decentralized apps or dapps. They are not free. All computing resources of the Ethereum platform will be limited. The more people operating the platform, the higher the fees will be.

There is a network upgrade that will be done on the platform. It will result in Ethereum 2.0. This upgrade is made for tackling the Ethereum scalability issues. It will push the fees lower than it is on the market now. This upgrade will also improve the overall security of the network significantly.

What is an Ethereum wallet?

Before we can start collecting Ether, we are going to need a place to put the currency. Because of this reason, there is an idea of an Ethereum wallet. This wallet is made for all users who want to store the value of the Ether. Most wallets are actually digital applications. They can be accessed from a laptop or a smartphone. These digital wallets can also be used to store digital money in the form of any cryptocurrencies, such as Bitcoins, Ether, etc.

Ethereum wallets will store the user’s private keys. They are secret keys that can be used to access the Ether. Every key is unique and private. This key consists of some letters and numbers. Only the owners are allowed to use these keys for spending money from their wallets.

How can I buy Ether?

We can buy Ether from many different places easily. Some methods for buying Ether may include a compatible ATM, a centralized exchange, a peer-to-peer marketplace, or in person with other users.

From a Centralized Exchange

Buying Ether from the centralized exchange can be the easiest option for you. Some popular exchanges include Kraken or Coinbase. Buying Ether with any currencies other than the dollar may require you to do some additional steps.

Ether ATMs

You can find a lot of Ether ATMs that are available in the world. ATMs are less convenient for you because you need to come to the specific ATMs for buying ether. However, there is a benefit offered by these ATMs. Most of these machines accept cash for you who want to buy Ether.

Accounts for Ethereum

There are two account types that are available on Ethereum. They are contracts and user accounts. Both types allow you to have an Ether or ETH balance and also send ETH to other accounts. User accounts are allowed to create transactions. For the transaction to be valid, it should be signed by using the sender’s private key. This transaction can be done by using a signature algorithm called ECDSA. This algorithm will allow the recipient to get the Ether without knowing the private key from the sender. Contract accounts have an associated code that consists of a set of variable declarations and functions.

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