RytaDeCrypt

Basic intro to Ether

Let’s have a very brief introduction to the second most popular cryptocurrency after bitcoin – Ethereum!

Not just a cryptocurrency tho! While Bitcoin is limited to a particular “payment-only” application of the blockchain technology, Ethereum can support anything and everything through its apps and programming.

In one of my previous videos, we saw the difference between Altcoins and Tokens. Ethereum is a great example of both, but it’s actually much more than a simple medium of exchange or a store of value  – it’s more of a decentralized global computing network built on blockchain technology! Where blockchain itself records the transactions, and a virtual machine produces smart contracts – programs stored on a blockchain and automatically executed when predetermined conditions are met. 

It also has its own programming language to develop smart contracts with is called Solidity – this enables developers to build and deploy decentralized applications (DAPPs) for use by both – businesses or individuals. Thousands of those DAPPs are built on the Ethereum blockchain which charges developers for the computing power in their network . These fees required to successfully conduct a transaction on Ethereum are called Gas –

Gas prices are denoted in Gwei, which itself is a denomination of ether – ETH – just like Satoshi is the smallest unit of a bitcoin, equivalent to 100 millionth of it, like  0,000000001 BTC, so Gwei is not the same thing, but very similar! Gas is used to allocate resources of the Ethereum virtual machine (EVM).

Ethereum’s core innovation, the Ethereum Virtual Machine (EVM), instead of having to build an entirely original blockchain for each new application, enables the development of potentially thousands of different applications all on one platform. Depending on its purpose, DAPPs might create ERC-20 tokens to function as a currency, a share in the company, points in a loyalty program, or even proof of ownership, for instance, of precious metals.

Ethereum probably has the widest and most powerful community out of all. – Enterprise Ethereum Alliance – EEA – is a group of organizations all working together to learn better ways to grow and build ETH.

If you have any questions, please post in the comments under the YouTube video!

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