Ethereum Blockchain And Its Currency Called Ether
Ethereum blockchain is an open-source, public distributed computing platform and operating system. This features smart contract functionality. It supports a modified version of Nakamoto consensus.
Ethereum’s Release And Platform
It was initially released last July 30, 2015. Its platform is x86, AMD64, ARM.
What is Ethereum
Ethereum is a decentralized platform for application that runs exactly as programmed. It has no chance of fraud, censorship, or third-party interference.
It is commonly associated with Bitcoin. But the blockchain technology has many other currencies that go way beyond digital currencies. Bitcoin is only one of the millions of applications which uses the blockchain technology.
By providing developers with the tools to build decentralized applications, Ethereum can may things possible.
Difference Between Ethereum And Bitcoin
Ethereum is a distributed blockchain network just like Bitcoin. Even so, there are some technical differences between the two. Ethereum and Bitcoin differ substantially in purpose and capability.
Bitcoin offers one application to blockchain, a peer to peer electronic cash system that enables online Bitcoin payments. While Ethereum blockchain focuses on running the programming code of any decentralized application.
What Is Ether
Ether is a necessary element for operating the distributed application platform Ethereum. It is a form of payment made by the clients of Ethereum to the machines operating the requested operations.
In other words, Ether is the incentive ensuring that the developers wrote quality applications, and that the network stays healthy.
Who Needs Ether
People who need ether are the developers who intend to build apps using the Ethereum blockchain. Users who want to access and interact with smart contracts in the Ethereum blockchain also need ether.
Relationship Between Bitcoin And Ether
Ethereum would never be possible without bitcoin, both the technology and the currency. Unlike bitcoin, Ether is to be treated as a “crypto-fuel”. Its purpose is only to pay for computation and not considered as currency, asset, share or anything else.
To sum it all up, Ethereum blockchain is responsible for running the programming code of any decentralized application while ether is its token used to pay for computations.