If there is one other cryptocurrency that can be considered as powerful and as popular as the Bitcoins then, it could only be the Ethereum, whose position looks very promising for any beginner, who is eager to venture into this market. But, before doing so, it is indeed important to understand the nature and significances of this popular market to achieve the desirous result.
Ethereum – What is that?
By now, you all know that Ethereum is a cryptocurrency but, its benefits do not end there! In fact, Ethereum is more of a decentralized open software platform based on the prominent blockchain technology that allows the programmers to build and deploy various decentralized applications that can accomplish useful tasks. You may ask, what’s so special about this open software platform, which any other similar platforms do not possess. The specialty of this decentralized platform lies in the fact that nobody can tamper or hack the code present in it, no matter however they try to do so.
These codes that are written using the inbuilt programming language called the ‘Solidity’ either refer to the ‘Smart Contracts’ or the ‘Distributed Autonomous Applications (DApps)’. While smart contracts can facilitate the transfer of anything valuable, say the property or the money, the DApps are written to accomplish the specific purposes of its users. To execute these codes the developers should own the associated cryptocurrency called Ether that is the fuel required to run this powerful application of blockchain technology. To simply put, if you wish to create and deploy your own code in this Ethereum technology then, the fees required to accomplish the task is the ‘Ether’
Ethereum Vs Bitcoin
If Bitcoin is considered the ‘King of the Cryptocurrencies’ then, this Ethereum (Ether) can be considered the Queen, whose benefit lies more than just being the cryptocurrency.As seen earlier, it is mainly used to write decentralized applications that can solve certain significant purposes both to the user and the community that too without suffering any downtime and security threats. Since many prominent industries like the finance and the real estate are said to get benefited by these decentralized apps, many major businesses are eager to utilize this blockchain technology’s powerful feature and this proves the surging popularity and the significance of this cryptocurrency.
Mining of Ether
As said above, Ether is the price which anyone must pay to access this blockchain technology called the Ethereum, whose supply is restricted to 18 million per year. The news is, a new Ethereum block is being mined every 14 seconds, for which the reward of 5 Ether is being given to the computer that mined it. This shows the rate at which the availability of the Ether is declining but, that should not be the cause for you to worry as you can utilize uncomplicated ways like ‘Ethereum Code Crypto Robot’ to mine your own Ether! To know more on this, please go through this review!