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About Ethereum and the Future of Ethereum

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Mr zino Engineer graduated from the University of Batna 2, my hobby is writing, researching, and working online

Ethereum

Ethereum

Ethereum: a complete system and not just a digital currency!
With the great spread of digital currencies and the demand of investors for them, and with the wide fame that Bitcoin has reaped as a digital currency, the Ethereum that has become popular recently is not just a digital currency in itself, but even bigger! Ethereum is a complete system and software platform that acts as a decentralized Internet and a store for decentralized applications; that is, it is not under the control of a single controlling party, although the majority of businesses and companies online are built on a centralized system, but this system is run by thousands of devices around the world. Ethereum was launched in 2015 in Switzerland by its founder Vitalik Buterin, and became available in the Arab region for the first time via the BitOasis platform in February 2017, making Ethereum just part of the Ethereum smart contract applications.
How does the Ethereum system work?
Ethereum consists of an Internet browser, its own markup language and a special payment system as well, and allows its users to create applications on a system called the Blockchain, which is a distributed public ledger technology, and the most important thing made available by the Ethereum network is the following:

  • Decentralized Applications (DAPPS)

In principle, they are similar to smartphones and other cloud applications, but they are hosted on the Blockchain system and are not managed by a developer or central body, and cannot be removed once placed on the Blockchain.

Decentralized Applications

Decentralized Applications

  • Smart Contracts

It is a distinctive type of Ethereum account capable of owning credit and sending currency, and what distinguishes it is that the user cannot control it, so it is also called self-application code.

Smart Contracts

Smart Contracts

  • Cryptocurrency Hosting in ERC-20

The Ethereum network hosts thousands of other cryptocurrencies or tokens, and these coins include some of the most famous and largest cryptocurrencies in the world, such as: Chain Link, Tether, Shiba Inu, and others.


Cryptocurrency

Cryptocurrency

Ethereum and Bitcoin: Are They Similar?
As Bitcoin is the first stable digital currency, Ethereum, on the other hand, is part of the Ethereum project, and the most important differences between them are as follows:

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  • Both Bitcoin and Ethereum adopt blockchain technology, allowing each currency's history to be scanned and confirmed.
  • Bitcoin and Ethereum run on separate protocols, which means that some transactions that may be allowed on one system may not be allowed on the other.
  • Ethereum is recognized via the Ethereum network but it is not widely spread, and in return, Bitcoin cannot be used as a recognized currency in Ethereum.
  • A most of 21 million bitcoins may be created, however the introduction of Ethereum can be endless.
  • Bitcoin mining can be done using industrial mining farms, while decentralized Ethereum mining of the coin can be done by individuals and users.

What is the fee of Ethereum in the direction of the dollar?

Ethereum was first traded on August 7, 2015 for $2.77, then its value fell on August 8, 2015 to $0.81, and remained below $1 until January 2016.
Four years in the trading world raised the value of Ethereum significantly; in December 2020, the value of the currency was $ 567.6, while the value of Ethereum on March 22, 2022, was about $ 2860.64

Should you invest in Ethereum?
There is no doubt that the cryptocurrency market is a very volatile market, so it is not always possible to say for sure to make a profit. However, as Ethereum is a famous currency, the motive for its unfolding can be attributed to the following:

  • Completely immune from any external interference or the presence of a third party, this ensures the complete autonomy of decentralized applications, protecting them against hacking attacks.
  • Eliminate any possibility of fraud, corruption or forgery, so as to adopt the principle of the (Blockchain) used in the system on consensus, and any change within it must obtain full agreement.
  • The entire platform is decentralized, which means there is no fixed point for failure, and this ensures that the work on the system will never stop.
  • The platform provides users with an Ethereum Virtual Device (EVM), which serves as an operating environment for smart contracts, providing users with protection while ensuring that programs do not interfere with each other.
    On the other hand, despite the wide fame achieved by Ethereum, the project is still relatively new, so the Ethereum system has developed its technological performance and undergone several updates over the years of its development, most of which fall under the category of periodic update for development and security purposes, such as the modernization of Homestead, DAO and Altair. [9] Experts also advise holding an investment of less than 5% of the total storage portfolio, and investing in what can be lost, not at the expense of significant financial obligations.

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© 2022 mr zino

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