Ethereum- The Latest Blockchain Technology Platform

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Ethereum is a blockchain computer program that offers open public service to facilitate the trading of cryptocurrency without the involvement of any third party. Ethereum is a secure platform where users can easily get access to the latest blockchain technology. When you are confident with the Bitcoin trading process, you can always start with app. Mr. Vitalik Buterin, the founder of Ethereum, believes that with the introduction of Ethereum, the problems would now be dealt in the right way as there is a difference in approach from Bitcoin. The main difference between Bitcoin and Ethereum was in the ability to trade not only cryptocurrency but other trading as well. Also, it is believed that it may bring solutions to all the blockchain technology that does not have a specialized system to run.

Compared to the young platforms, Ethereum keeps updating itself to be of best use and bring out solutions to unanswered problems that users face. With its ability to reform according to the needs, Ethereum shows a great amount of potential and has a lot to expand in its applications in the future. Even though Bitcoin remains the most popular cryptocurrency, looking at the rapid growth of Ethereum experts predict that it might take over Bitcoin in the coming years. Adding on, Ethereum has two types of accounts as:

  • Externally owned accounts– Also known as EOA is a type of account that can send transactions and is controlled by a private key with no access code.
  • Contract account– This is a type of account that has an access code that executes only when the transaction from EOA is received.

Ethereum has a simple process for working applications. Whenever a smart contract is triggered, all the instructions are being performed by the nodes of the network. Then, there is EVM called Ethereum Virtual Machine which is known for implementing execution on the blockchain. Lastly, it is on EVM that all the nodes run as a part of the block verification protocol moving on to the Ethereum transaction, which a data message is signed and sent from one account to another. It contains all the important information like the amount details, details of sender and recipient, the contract code, and the transaction fee. The transactions need to be under the specified gas limit and the buyer should be willing to pay a prescribed fee amount. Every transaction needs to be signed to complete the submission process of the network. When signed, it automatically generates a signature on the transaction with the help of the private key of the sender’s account.

Ethereum has proved its existence now for a consistent time frame and there are many factors that make it much more diverse. Some of the points are as below:

  1. To begin with, Ethereum only takes somewhere around 15 seconds to verify a transaction that is quite fast when compared to other networks. The gas added to the transaction may deviate the time a bit but overall Ethereum works way faster than any other network.
  2. On one hand, it has a proof of work which is quite common and on the other hand, it has a proof of stake which is used by Ethereum. The one used by Ethereum has more mining power with larger amounts of ETH. Overall, proof of stake generates less consumption of energy with faster block time and lower transaction fees.
  3. One of the strongest points that makes Ethereum better, is the smart contract feature which is a part of Ethereum’s network. A smart contract acts as a piece of evidence and provides security to the parties in the contract.
  4. The community of Bitcoin majorly consists of voluntary tech enthusiasts whereas; Ethereum has more open source developers with them and therefore, has a stronger developer community on their platform.
  5. When you talk about developer apps, Ethereum has Developer apps built on top of their blockchain. Ethereum has an advantage as it allows a lot of possibilities of new edge computing.

In comparison, Ethereum is a much newer invention that was founded with an aim for more diverse applications on blockchain technology. Although, the one rule for users of Ethereum to remember is that it is not backward compatible and thus, all the clients need to upgrade as per the latest upgradation of Ethereum.