Ethereum, the second biggest cryptocurrency after Bitcoin, was proposed in 2013 by Vitalik Buterin. Like other cryptocurrencies, Ethereum is also an application of blockchain technology.
It operates on a decentralized platform; it is open-source distributed computing platform which features smart contract functionality.
It allows developers to build decentralized applications and deploy them. In 2016, after the DAO collapse, a radical change (hard fork) was made to the Ethereum market, in which Ethereum was split into Ethereum (based on original blockchain) and Ethereum Classic (based on hard forked protocol).
Bitcoin offers peer to peer electronic cash system enabling online Bitcoin payments.
Ethereum is focused on programming code for decentralized applications.
The token of earning provided to miners in Bitcoin is a Bitcoin itself while in Ethereum, the token is called Ether.
Like Bitcoin, Ethereum is a tradable cryptocurrency and it is also used by developers to pay for transaction fees and services on its network.
Smart contract is a computer code which facilitates the exchange of content, money, property, shares and other things that have a value associated with them.
Smart contract executes automatically as per the defined standards.
It gets triggered at events such as expiry date of a contract between two parties, rise in prices, etc. A person without a technical background of writing code can also build smart contracts.
It is one of the vital innovations of Ethereum.
This Turing complete software enables anyone to run any program and in any programming language. EVM is completely isolated from the rest of the main Ethereum network, hence it becomes easy for developers to test their codes and at the same time does not affect on-going blockchain operations.
Thus, EVM provides sandbox environments for smart contract development.
Any centralized service can be decentralized with the help of Ethereum, be it voting systems controlled by government, loans provided by banks, and many others.
Decentralized applications of Ethereum are often called “dapps”. Following list gives a comprehensive idea of the application of dapps in different sectors:
Ethereum can be accessed using Mist browser.
Mist can be used to write smart contracts and also for initiating any kind of ether payments. MetaMask, a browser extension, turns Google Chrome into an Ethereum browser.
Dapps can easily be run on this browser.
ETH price in INR is about Rs 77,000.
|Circulating Supply||96,872,550 ETH|
|% Change (in last 1 year)||11.60k%|
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