ETHEREUM , The name sounds like something descending directly from the script of Avengers Infinity Wars. The Marvel studios are not paying us to advertise them. Nooooo. DC fans, please compromise for a while. When DC gets something like Ethereum in their screenwritings, I will surely mention it.
By all the great powers of eight dragon balls, sages of seven paths and all other anime power means, I would summon the new power in crypto world. The Ethereum.
WHAT IS ETHEREUM
Ethereum is basically an open source blockchain based, distributed platform. It is a computing platform and an operating system which offers the users a unique functionality of creating smart contracts/ scripting. I know you understand nothing of whatever is written in above two sentences.
Blockchain: https://techiescoops.com/blockchain-unsung-superhero/ (Read this. I have already written about this. I am advertising myself. Yes. If you say so.).
Distributed platform: A method of making the data flow in a network frame comprising of various nodes. Just like a tree sucks the water from ground and distributes it all over the branches and twigs.
Operating System: The software interface between hardware and user. This is the main stuff man. This is what allows you to use the hardware and make it your slave. Respect this one atleast. I know how you behave with your keyboard and mouse you gamer!!
Ethereum is basically the above mentioned thing. It is not a cryptocurrency. Some self educated folks say that Ethereum is a cryptocurrency… But HEY!! Tech- Mythbusters are here!!
Ether is the cryptocurrency derived from Ethereum platform.
Ethereum is implemented in form of Smart Contracts. These Smart contracts are mainly high level programming paradigms based on multiple programming languages. As I am gradually writing the technical stuff, things are starting to fly off right from in front of you. That’s why I am going to come to the point that how exactly are codes written on this platform.
Haaha…I can imagine that look on your faces when you read this “how exactly are codes written on this platform”. They’re ridiculous. Worry not Hooman. I am just going to tell on what are they written. I know your capacity to comprehend things as a 21st century person.
Ethereum platform uses multiple computer languages for programming. An Ethereum virtual machine is established and then the coding is implemented to deplo multiple ledgers and contracts as per the user requirement.
Online Gambling (Yeahhhh babyyy…Now you are talking real stuff !!)
Digital signatures for authenticity check. Video Games like cryptokitties(O Yeahh!!).
Digital rights management and digital tokens pegged to gold.
And many more applications which are based on similar concepts to make our life easy and lazy, like I am in giving more examples.
Difference: BITCOIN AND ETHEREUM
The programming language used by Ethereum is combination of multiple programming languages. Bitcoin is programmed in a stack based linguistic approach.
Ethereum uses ethash while Bitcoin uses SHA-256(secure hash-256bit algorithm).
Ethereum transaction is confirmed in seconds where as block time varies upto minutes for Bitcoin.
That’s all about Ethereum you people need to know just to be aware of the things what are going on around.
Ethereum has a digital universe to offer but everyone of us is not an Einstein to understand it. We can be, only if we really want to be after getting the above brief idea of this technology.
I leave that decision on you.