What Is Ethereum?

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ethereum

In 2013, a document for Ethereum was written by Vitalik Buterin. This document describes an open distributed computing platform, accessible to the blockchain, which can execute smart contracts: applications that work exactly as planned, without any possibility of downtime, censorship, fraud or third-party interference.

Ethereum allows developers to create and implement smart contracts, as well as release their own cryptocurrency directly into the ethereum blockchain, eliminating the need for developers to create a new blockchain for their service. This not only saves developers the time needed to create a blockchain but also provides them with Ethereum security and decentralization, which is not something common to all blockchains.

Ethereum-based smart contracts use a decentralized virtual machine, complete with Turing, Ethereum, abbreviated as an Ethereum or EVM virtual machine. This is part of the protocol that actually executes intelligent contracts/scenarios. EVM runs scripts using an international network of public nodes, providing protection from the platform from protection.

Ethereum scripts or smart contracts are written using a new programming language created specifically for Ethereum, called Solidity.

Ethereum has its own cryptocurrency, broadcast (ETH) to encourage people to run nodes and run scripts, as well as mitigate network spam.

When you perform an operation on Ethereum, you must pay a performance fee. The performance fee you pay is called “Gas” and has a price on the air. A gas measures how many work actions or a series of actions are needed: the more calculations are required for an operation, the more gas is required. The amount of air you pay for gas depends on you, but remember that the nodes set priorities for the requests depending on how much they pay.

Ethereum offers advantages such as reliable execution time. If the company server stops, their service will stop working, whereas if any particular node in Ethereum stops working, there will be much more worldwide if the service is online. The same applies to censorship: an attacker is much easier to disable a centralized server of 100 or 1000 worldwide. This protects the service, ensuring that it is always available to everyone anywhere in the world.

In short, Ethereum can be seen as a blockchain with a built-in programming language or as a computer based on a global consensus on which the applications work because they enhance the advantages offered by Ethereum compared to those offered by a normal server!

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