Ethereum is a Next-Generation Platform

  • Apr 13, 2018

Ethereum is a next-generation platform that allows every developer and consumer without any difficulty gain benefits of decentralized networks and realize the advantages of blockchain technology. Ethereum is a decentralized platform for applications. It is powered by Ether - a cryptocurrency, which is in turn powered by the Blockchain technology. Applications are built with the use of smart contracts - computer algorithms which execute themselves, based on incoming data from the network. The self-fulfilling nature of such applications allows them to run without reliability issues associated with human operators.

Ether is the native token of Ethereum and serves two key purposes. Firstly, by requiring applications to pay either for every operation they perform, broken or malicious programs are kept from running out of control. Secondly, ether is given as a reward to people who contribute their assets to the decentralized network.

An important point is that what Bitcoin does for payments, Ethereum does for anything that can be programmed.

Decentralizing Current Services

Services that are usually centralized can be decentralized using Ethereum. This will lead to reduced costs and fees by connecting individuals directly and removing third parties. Imagine a service like Uber or eBay without a company in the middle collecting fees.

In under one year, Ethereum has declared itself as a fundamental coin for the cryptocurrency eco-system. Leaned on for its importance in the initial coin offering (ICO) space, Ethereum quickly rose to become the second largest coin on the market.

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