What Is Ethereum?

Ethereum is a blockchain platform that has its own money, Ether (ETH), as well as its own programming language, Solidity. Ethereum is a decentralized public ledger for validating and recording transactions as a blockchain network. Users of the network may build, publish, monetize, and utilize apps on the platform, and they can pay using Ether, the network’s cryptocurrency. Insiders refer to the network’s decentralized applications as “dapps.” As of May 2021, Ethereum is only second in market value to Bitcoin as a cryptocurrency.
Ethereum was developed to allow developers to construct and publish smart contracts and distributed applications (dapps) without the danger of downtime, fraud, or third-party intervention. “The world’s programmable blockchain,” according to Ethereum. It differs from Bitcoin in that it is a programmable network that acts as a marketplace for financial services, games, and apps that can all be purchased using Ether money and are free of fraud, theft, and censorship.

Ethereum is the largest decentralised software platform that allows you to build up smart contracts and distributed applications without any downtime and without any third party interference. Another speciality of Ethereum is that it’s not just a software platform but also a programming language running on the blockchain that helps the developers to create and publish distributed applications. Ethereum executes the smart contracts using a crypto-asset called Ether. Ether is also a cryptocurrency just like bitcoin.

While both Ethereum and Bitcoin use the same concept of distributed ledgers, blockchain and cryptography, there are many differences between the two.

  • First of all, the pre-set block time in Bitcoin is 10 minutes whereas in Ether, the block time is of 12 seconds. So consequently, while bitcoin transactions normally take a few minutes to be cleared, the Ether transactions are cleared almost instantly and in matter of seconds

  • Ethereum uses a Turing Complete programming language and a Turing Complete internal code owing to which almost anything can be calculated by just providing sufficient computing power and a particular time period

  • Ethereum uses a Ghost Protocol that fends off the use of centralised pool mining. Whereas bitcoin still employs the pool mining concept