What is Ethereum?

The newest entrant in the world of cryptocurrencies is Ethereum. This has been launched closely on the heels of its predecessor the Bitcoin. It has evolved into the second-most valuable and trusted payment methods after Bitcoin. Similar to the Bitcoin, Ethereum is also associated with a public block chain network but while Bitcoin provides a specific application of the bock chain technology and is used for tracking digital currency ownership, Ethereum mainly focuses on running program codes of decentralized applications.

So, in the Ethereum block chain, the miners will work in order to earn what is called “Ether” which is a kind of crypto token which fuels this network. Ether is also being employed by application developers to pay the transaction fees on this network. Its founder Buterin had predicted that the Ethereum was going to be better than the Bitcoin. It also stands for decentralized payment network and has its cryptographic currency so that anonymous payments may be transferred over the Internet without any third party being involved. All transactions thus are stored in decentralized ledgers. The block chain is also visible by everyone. Because of its sudden rise, many critics have claimed it is going to be a bubble. At the same time, it is expected to survive because it offers many more advantages over the Bitcoin. One of these is that it makes way for the “blocks” which are faster to create than Bitcoin. The technology also makes it possible for computer apps to work on the network and not simply the currency.

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