Ethereum is an open source software platform that uses the Bitcoin technology to allow developers build decentralized apps. Most people know blockchain to be a cryptocurrency wallet because of its association to bitcoin. Blockchain goes beyond just digital currencies.
As a matter of fact, Bitcoin is just one of the several apps that use this technology. This applicable to electronic voting and digital trading options such as forex. Ethereum makes it possible for developers to build and easily deploy the decentralized application through the blockchain technology.
Ethereum Virtual Machine
This is a special Turing software that runs on the Ethereum network. It enables developers to run any program on the network regardless of the programming language involved. On the network, developers can develop thousands of different apps on one platform instead of having to build an entirely new blockchain for every new app.
This makes the process of creating blockchain apps easy and very efficient. Miners in the Ethereum virtual machine (EVM) work to earn Ether which is a crypto token that powers the network. The ether is a tradable cryptocurrency and can be used to pay for transactions and any services on the network.
The Ethereum Smart Wallet
This is the gateway to decentralized apps. It secures and holds the ether and any other cryptographic assets built on the Ethereum network. You can download the smart wallet here.
The Big Question of Ethereum Vs Bitcoin
Bitcoin and Ethereum can be differentiated by their individual purpose and capabilities. While bitcoin tracks ownership of digital currency, Ethereum runs the programming codes of any app built with blockchain technology.
To break it down further, blockchain is to bitcoin what the Internet is to email, a big electronic system, on top of which you can build applications. Currency is just one!
Uses and Benefits of Ethereum Decentralised Platform
As earlier stated, Ethereum is used to build decentralized apps. Bitcoin is an example of a decentralized app built from the blockchain technology. With Ethereum you can build more apps like Bitcoin which cannot be controlled by a central entity or individual.
The benefits of the Ethereum platform are:
- The app data are indelible and cannot be changed by a third party. Apps built on the network are corruption free because it was built to make censorship impossible.
- Highly secured to prevent hacking and other fraudulent activities.
- There’s no downtime and the app cannot be switched off.
In conclusion, many service providers and industries are now using this platform. Although this is a new platform for developers, it is already showing a lot of progress.