- Category: Open Source Platform
- Coin Launched: July, 2015
- Resources: White Paper
- Official Website: Ethereum
- Reddit: Ethereum
Ethereum is a global, open-source platform for decentralized applications. In other words, the vision is to create a world computer that anyone can build applications in a decentralized manner; while all states and data are distributed and publicly accessible.
Ethereum supports smart contracts in which developers can write code in order to program digital value. Examples of decentralized apps (dapps) that are built on Ethereum includes token, non-fungible tokens, decentralized finance apps, lending protocol, decentralized exchanges, and much more.
ETHEREUM History / Information / Buying / Staking
ETHEREUM started in 2017 and was developed by Stani Kulecho who wanted to change traditional finicial system with the potential of Ethereum. ETHEREUM was originally launched as ETHlend and the native token was lend, the intial coin offering raised 16.2 Million. Kulencho's vision was to create a platform to connect crypto borrowers and lenders, however due to the worsening financial sitation in 2018 Kulencho had to adjust and rebrand his project that became ETHEREUM .
HOW ETHEREUM WORKS
ETHEREUM is a protocol based on the ethereum blockchain that allows people to lend and borrow cryptocurrency on its decentralized platform. ETHEREUM has many different cryptocurrencies in their platform these cryptos can be borrowed for stable and variable interest rates or users can lend cryptocurrencies into liquidity pools and earn interest on deposits.
BENEFITS OF USING ETHEREUM
Some of the benefits of using Ethereum are:
All transactions on the Ethereum blockchain are immutable which means once the data is written it cannot be changed. This makes it nearly impossible to hack, not even the uploader can edit the data once uploaded.
The consensus mechanism used to agree on the validity of a transaction means there is no need for a trusted intermediary to perform the actions. Smart contracts are self-executed.
Instead of lengthy manual verification and clearances, automation of blockchain transactions ensure the process is significantly faster. It also tends to be cheaper as there are no third-party fees to be paid.
All transactions on the blockchain are cryptographically secured and Ethereum has three times more nodes than Bitcoin verifying its transactions. Malicious hacks associated with Ethereum tend to be the result of poorly coded smart contracts by the platform’s users rather than the incredibly secure Ethereum blockchain itself. In fact, Ethereum announced last year their plans for a transition to proof-of-stake which would make the platform even more secure.
CAN YOU STAKE ETHEREUM
Ethereum's upgrade means staking is now possible. You can stake on your own -- but the barrier to entry is high. Staking pools offer a much easier way to stake and earn passive income.
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