Latest Trends On Ethereum and Ethereum news
Unlike Bitcoin that was invented by Satoshi Nakamoto, Ethereum is a platform of blockchain and it has launched its own cryptocurrency called Ethereum. It has a short form, “ETH” which is used on trading platforms. Ethereum is also called ether. This cryptocurrency has its own language too. It is called “Solidity”. Ethereum news is always trending. The boom this currency has witnessed in the preceding years is remarkable. The platform Ethereum is decentralized.
It is commonly used for recording and verifying all transactions. People can access the site and use the various options available on it. They can create, monetize and do lots of stuff. The payment done on the app can be done using Ethereum. This decentralized platform is also called “dapps” by many insiders.
If we compare Bitcoin and Ethereum in terms of their value in the market, then obviously bitcoin leads. But Ethereum is not far away. As per the stats done till 2020, Ethereum is at the number two position. Joe Lubin is the founder of Ethereum. The sole purpose of making Ethereum was to create a platform where there was complete safety and no frauds or interference of the third parties. The major difference between bitcoin and Ethereum is that the latter is a marketplace for financial services, different games, and apps. It is a programmed network whereas, bitcoin is not. It is just a cryptocurrency.
Introduction of Ethereum
Joe Lubin is also the founder of ConsenSys. He launched Ethereum in 2015. The CEO is Vitalik Buterin. He is considered as the source and the originator of the idea of Ethereum. Not many may know, but Vitalik is the public face of this platform, and he is considered the youngest crypto billionaire. He is only 27 years old at present. Since the platform was a huge success, it had a lot of competitors in the way.
The major was Bitcoin, Ripple, IOTA, Microsoft, Block stream, JP Morgan, and others. Ethereum news can be read on many sites and, digital newspapers almost every week, because of the increase in rates and, popularity as a whole.
Not to mention the fact that the rates of Ethereum keep on fluctuating. That is the reason it is the most volatile market currency. Some of the top cryptocurrencies after Ethereum include- Dogecoin, Binance coins, Cardano, XRP, polka dot, and others.
Soon this platform is going to be a blockchain as a service. They have accomplished all this with the help of Microsoft and ConsenSys. It will provide the service on Microsoft Azure. It will provide the clients with a blockchain single-click-based cloud service in the current scenario. This project has also made Ethereum news nowadays. If it goes well and all the tests and demos are successful then, it will be a perfect place for storing information for all the enterprise clients.
In 2020 a joint venture was announced between a famous company AMD (Advanced micro devices) and, ConsenSys.
Ethereum founders realized how important and successful blockchain technology can be so they worked on it. Now in the digital era blockchain has flourished a lot. The more people understand about it; the more benefits they can get out of it. The currency Ethereum developed by this platform was just to use it as a means of payment of fees and other charges on this app.
But the platform was so secured, that it was almost invulnerable to hackers and information leaks. This led to the possibility of using this app as a storehouse of information online. Thus, the idea of a cloud system emerged. Because it was blockchain technology, creators were able to create games, images, videos, and other things on this platform. The most popular Ethereum news in 2016 has been the raid on the platform. It was said that an actor had stolen a buck load of Ethereum from the site, which was raised for the purpose of a smart contract with third parties.
This incident led to the creation of a hard fork. It basically meant that the current blockchain would be rendered useless and, a new Ethereum blockchain will be created altogether. The useless one was “Ethereum classics”
The 2.0 version
As per reports, in 2021, Ethereum was number second after bitcoin in cryptocurrency. It is so much more than millions now. In fact, in 2018 only, it crossed the mark of over a hundred million. In bitcoin, there is a number that can be created. But in Ethereum, there is no specified number. Soon a new version of Ethereum called Ethereum 2.0, will be launched in the market. It is evident now that the overall scope of Ethereum is much larger than Bitcoin. It will soon be a marketplace for info storage of enterprise, as well as individual clients in the future.
If we talk simple terms, Ethereum is a database containing information that was designed to be invulnerable to hacking, unlike bitcoin. It is the network. ETH, Ethereum is the currencies that are paid for using the services on this blockchain. The information contained on a blockchain is in blocks that are chronologically arranged.
A simple example- If you do any payment using ETH on the platform, this transaction will be verified and stored on the database as a separate block of information. You can think of it as a ledger that is prepared in accountancy. All the entries are written or compiled in it using the computer.
Now, this database not only records the currency transactions but has allowed creators to store games, videos, visuals, gifs, images, apps knowns as “dapps” and, so many different things. It is a perfect place for creators that are scared of getting information leaked on other platforms on the internet. It is the safest place that one can store information. You will be charged a fee for using the storage. Think of it as rent paid to a house owner for living. Similarly, your information will live there.