What is Ethereum? – Anuththiga Thurairasasingam
Ethereum is the world’s leading programmable blockchain. Ether(ETH) is the native cryptocurrency of Ethereum. We can send it to anyone in the world instantly because ETH is purely Digital money. There is no bank to keep these transaction ledgers. It’s a peer to peer transaction.
What is decentralization?
Ethereum transactions are decentralized because there are no centralized servers to do the transactions. In physical money transactions, all the transaction details are stored in the bank ledger because the bank is performed as a centralized server. But here the digital money is going to transfer the whole over the world.
Ethereum is maintained by a diverse global community. It is the most active blockchain community in the world. Ethereum community includes ETH holders, app developers, mining organizations, ordinary users, core developers, and researchers.
ETH
ETH(Ether) is the world’s top cryptocurrency. We can get ETH by mining. A wallet application is used to hold ETH. Wallets have public addresses, which are randomly generated. When someone wants to send Ether to our wallet, they can send it through that address. There are two major categories of Ethereum wallets. Hot and Cold. A hot wallet stores our keys online so we can easily access it from anywhere in the world. But they can be hacked. On the other hand, Cold wallets store our keys offline. It only connects online when we want them. So it is more secure than the Hot wallets.
How to buy ETH?
There are many platforms to exchange Ether online. Coinbase, Kraken, Bitstamp, Gemini, Binance, and Bitfinex. We can buy or sell ETH in the above platforms. We can get ETH by mining.
What is Mining?
The Ethereum mining process is based on the blocks. Blocks are changing within 12 to 15sec. Miners have to solve the puzzles to get ETH. We can’t do mining with normal computers. We have to use high power computers with GPU drivers. Sometimes we will get very less amount of ETH from mining but we may invest high power for the computers.
Now, Our computer is going to mine Ethereum. So we have to have some tools to mine Ethereum efficiently.
GPU drivers
Mining application
Ethereum Wallet to hold the ETH
Mining pool address
A compatible Operating system
A graphics card(GPU) with at least 3GB of RAM
Before mining, we have to set up these tools.
Conclusion
Ethereum is the world’s 3rd blockchain era. In terms of use and development, Ethereum is becoming more mature with a higher number of transactions than Bitcoin. More than 50% of the top 200 projects are deployed on Ethereum.
Published at Mon, 10 Feb 2020 04:34:37 +0000
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