As cryptocurrencies and blockchain technology become more mainstream, I am noticing a connection to virtual reality and augmented reality ventures. I am becoming more fascinated with how this trend is developing. If you are also interested in the subject, here is an intriguing article about Ethereum:
At its most basic, Ethereum is an open-source software platform based on blockchain technology. This platform enables developers to build and deploy decentralized applications (dapps) like Status or Metamask on it. All of this is possible because of a breakthrough in blockchain technology (as popularized by Bitcoin), and then Ethereum came along with some new ideas.
As the two biggest cryptocurrencies (by market cap), Bitcoin and Ethereum often get mentioned in the same sentence. For the uninitiated, understanding what Ethereum is and how it differs from Bitcoin can be difficult.
On the official website under the tagline “build unstoppable applications”, you will find the following description of Ethereum:
A decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
Another common description of Ethereum is that it’s intended to become a “world computer”.
If none of the above makes complete sense to you, don’t worry, that’s the purpose of this article. Think of this as Ethereum 101, wherein we answer all the most important Ethereum-related questions, chart its history, provide some technical explanations, discuss pros & cons, and lay out what the future might look like.
If you’re completely new to cryptocurrency, it may be useful to get acquainted with some essential cryptocurrency terms first.
As a starting point, let’s think of Ethereum as Bitcoin’s multi-talented, more versatile younger sibling. Let’s go!