Ethereum is one of the biggest cryptocurrency platforms that emerged after the rise of bitcoin a few years ago. Basically, it is tied to Ether, which is one of the leading crypto coins.
One of the basic steps to take when trying to unravel everything about Ethereum is to take a look at its functions and how it’s unique from others within its category.
Ethereum has a wider application than Bitcoin because it doesn’t only focus on payment, but also on a more wholesome application of the blockchain technology with the use of Ether coin as means of transaction.
One of the major standpoints of Ethereum is the use of smart contracts that give it a wider reach and makes it easier for the blockchain to be used as a tool to decentralize operations in different industries. So, it can be said that it’s more than just a cryptocurrency platform and coin. It’s also a channel to ease transactions in different industries.
What It Does
Like I mentioned earlier, Ethereum is not just a cryptocurrency platform. It’s a tool that drives various industries in more ways than one. It’s basically a sort of fuel that powers machines, or transactions, in this case, when it’s needed. After a transaction with Ether coins, any fees incurred are then calculated and transferred to the Ethereum platform in Ether coins.
To better understand how Ethereum works, let’s take a look at it from the standpoint of a mobile game. In mobile games, you can earn coins by sharing details about the game on social media. The coins you earn can then be used to advance to another level depending on the terms and conditions. All you have to do is place Ether coins in the same category as those game coins and the game is actually the Ethereum platform. The game itself is the main platform, but you cannot advance without the use of Ether. Using this comparison makes it easier to understand how Ethereum is a decentralized cryptocurrency platform that needs to be fuelled by Ether and providers a wider use to the blockchain.
From all indications thus far, Ethereum is aiming to become the major platform that creates contracts. This can replace the centralized systems throughout blockchain technology. It has the ability to be used for payments, much like Bitcoin, with the addition of smart contracts. This could potentially cut out middle men entirely, which is a huge component that sets it apart from Bitcoin. If you would like to learn more about Ethereum, check out “Mastering Ethereum: The Ultimate Guide for Beginners to Understanding Ethereum Technology, Ethereum Investing, Ethereum Mining and Other Cryptocurrencies.” by Anthony Tu or try out a course like Cryto Codex. If you would like to try investing in cryptocurrencies I would start with a secure wallet like Coinbase get a fre$10 using this link https://www.coinbase.com/join/BetterfinancialInspiration