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What Is Ethereum?
It is a decentralized network built in an open source to enable users send and receive currency and make use of its’ platform to design and develop decentralized Apps. As a P2P network, it can allow systems to interact securely with a multi-functional blockchain. The ethereum platform runs on smart contracts without any downtime, or interference from third-party. Ethereum makes it easy to create smart contracts, code that developers can tap and easily deploy for a range of applications. Vitalik Buterin who is a developer designed Ethereum protocols to enable developers to develop a diversity of apps that bitcoin could not offer.
Ethereum is not just about currency but an API platform you can achieve all you want to achieve.
Ethereum foundation based in Switzerland oversees the affairs of Ethereum network.
Vitalik Buterin is the CEO who developed the ethereum protocol and co-founded by Dr Gavin Wood who wrote the ethereum yellow paper.MR. Joseph Lubin was also one of the co-founders.
PRACTICAL USE OF ETHERUM
- You can store valuable assets.
- It can be used for electronic voting
- With ethereum, trading apps are now actively being built and deployed faster now. Developers are being provided with tools to build decentralised applications and the smart contracts are anonymous and failure proof.
- Ether, the fuel of ethereum network is used as ICO tokens for many companies who are in crowd safe.
- Ether is widely accepted by many merchants and is used to trade.
- It is used to purchase other currencies.
Ethereum network can be mined using two methods. They are: CPU/GPU and Mining pool.
CPU/GPU Mining: CPU/GPU is a computer that has a graphical interface. It uses Proof of Work(PoW) to mine and to secure both the transaction records and the rewards. The Proof of Work(PoW} is SHA-256 algorithm. The GPU is more efficient and faster than the CPU. Both delay a lot in recording the transactions to the blockchain, and this also delays rewards. The advantage CPU/GPU mining has over others is that it gives better privacy. Ethereum does not support ASIC mining. Please note that one needs to disable antivirus to allow mining take place.
Mining pool: This method involves forming a group and putting resources together. Once a computational problem is solved, new blocks added to the blockchain and the transaction records updated, the reward will be given to the pool. The ether coins being given as a reward will be shared amongst the members of the group based on the contribution.
NOTES FOR INVESTORS
Ethereum network is one of the promising cryptocurrency investments of 21st century. Ether as a token is one the top three valued asset in the crypto market with a market capitalization of $27billion.It has achieved 40% of what bitcoin has achieved and is still making efforts to bridge the gap.
In January,2017,ether was sold at $8 but in November,2017,it has risen to $400.This is an estimated growth of 1200%.
Ethereum is one investment that, no serious investor should overlook.
Cryptocurrency investment is speculative, and it involves unquantifiable risks – the market is full of uncertainty, susceptible to attack and capital loss, and sensitive to secondary issues, time may do not permit to mention here.
Seek advice before investing..