Introduction to Ethereum Blockchain
Well, for the very first, we need to clear the confusion, Ethereum is not just another cryptocurrency. You can call it a decentralized network fueled by cryptocurrency known as Ether. It is not an alternative to the euro, dollars, or pound but a completely different application.
With Ethereum, users can develop distributed applications without any authority or regulations. And they can even use smart contracts to transfer safe transactions with each other. Many casino platforms have also started incorporating blockchain technology to make payment seamless and convenient. You will find myriad options to get the best casino welcome bonus with a Bitcoin deposit.
Now, let’s try to understand some advantages of using the Ethereum blockchain, how it’s different from Bitcoin, and other interesting facts about it.
Using distributed applications
Using the blockchain method, Ethereum can completely change the centralized computing network that uses for storing people’s data. Apple and Google are some of the centralized computer networks that control the apps in their app store. Amazon also works in a centralized manner, which stores personal data and credit card information.
The main drawback with these centralized systems is that cybercriminals can easily hack those personal data. But Ethereum comes with the solution by developing a decentralized app store leveraging blockchain technology.
Here users control all the settings, from accessing their personal data to modifying their apps. The companies will not be able to store the information, and the app store can’t apply regulations to them.
Applying smart contracts
It’s simple to make transactions safely and securely with the Ethereum blockchain. Smart contracts are small programs within Ethereum that self-execute when certain conditions are met, enabling parties to conduct all reliable transactions.
For instance, customers of an insurance company can submit their claims online with this technology. The customer will automatically receive a payout if they meet the criteria outlined in Smart Contracts.
Although if you want to run the smart contracts or make any changes to the apps, you have to make a fee on Ether-based cryptocurrency to power all these activities.
Ethereum VS Bitcoin
It’s true Ethereum and Bitcoin rely on blockchain for every transaction. But they are not the same. Ethereum is a software platform, while Bitcoin is just a currency.
Ethereum and Bitcoin come with different purposes. Ethereum is basically a platform that relies on blockchain to replace the use of centralized systems. Its goal is to reduce the rigid regulations and hacking issues that occur in a centralized computing system.
On the other hand, Bitcoin is a currency that works globally based on blockchain technology. Its purpose is to make connections between suppliers and consumers to decrease transaction fees and eliminate the need for any middleman.
Should you invest in Ethereum?
Ethereum is now becoming a global sensation for creating a decentralized platform. It uses Ether cryptocurrency to fuel all activities. You will find lots of news related to Ethereum in recent times.
So, if you are into the blockchain, you can easily invest in Ethereum using Ether. All you have to do is analyze and understand each aspect of this Ethereum Blockchain entirely before investing your money in it. Cryptocurrencies are still a risky business, so you would want to do a through investigation before investing your hard-earned money.