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Ethereum, although often compared to Bitcoin, is a unique blockchain-based decentralized platform. Unlike Bitcoin, Ethereum’s blockchain does a lot more than merely store financial records. Ethereum allows you to write code to build new applications that can be accessed from across the globe.
Until recently, building a blockchain-based application was almost next to impossible. It requires a complex coding background, financial resources and sound knowledge of cryptography and mathematics. However, the Ethereum blockchain enables people to build decentralized applications.
Applications ranging from digitally recorded property assets to electronic voting are being developed. Ensuring regulatory compliance and cryptocurrency trading are being actively developed. However, Ethereum’s platform is currently very slow and still quite expensive. The applications on the platform can only perform very trivial tasks, and those too at an extremely low speed.
How does it work?
Like every other blockchain, Ethereum has thousands of people running software on their advanced computers to power the Ethereum network. Each node involved in the network runs an EVM (Ethereum Virtual Machine). EVM is an operating system that executes software written in Ethereum’s specific programming language. The apps executed by the EVM are called smart contracts.
To be able to execute or write smart contracts, one needs Ether (ETH) to pay for the services on the platform. Ether is a crypto asset generated by the platform to compensate the crypto mining nodes for tasks performed. Ether, mistaken to be the same as Ethereum, is the currency token on the platform.
ETH can be used for crypto trading and investing in crypto exchanges like Marketscap.com. The exchange platform is home to over 800 cryptocurrencies and offers 24/7 assistance. Marketscap.com offers easy crypto trading on the go with its mobile app, and margin trading.
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