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What is Ethereum?

Ethereum Is The The Power Source of Decentralized Applications

Ethereum is a technology that fuels the cryptocurrency ether (ETH) and thousands of decentralized applications.

What is Ethereum?

Ethereum is a huge technology that hosts global payments, digital money and many applications. Users can also earn money by creating content from this technology, buy in NFT, etc. can do many operations. Wherever you are in the world, if you have internet, you can always access the system. Ethereum aims to decentralize products and services across a wide range of use cases beyond money. It aims to create programs and custom entities that manage user actions.

If we are to consider this situation for Bitcoin, we can explain the difference with this example that Bitcoin network behaves more reserved and works for its own but Ethereum aims to allow users to do whatever they want or build on its Network. Multi-step computing functions in Ethereum are called “Smart Contracts”. Larger structures of many smart contracts are called decentralized applications (dApps).

what is ethereum

To give an example, Amazon is a platform where users, sellers, buyers, etc., transactions are stored in databases, constantly updated and linked to inventory as a result of shopping, through a website. Amazon is in the role of intermediary and technology officer here. This is exactly the role he wants to create in his Ethereum, that he wants to enter.

A Fairer Approach

When we look at today, if you want to open a bank account, the bank you apply will look at your situation with other banks and show you an approach accordingly. It restricts you, does not look at your current situations. Ethereum’s decentralized finance (DeFi) system will never restrict or discriminate against you. You can send, receive, borrow, earn and transfer money with just an internet connection. Just this system we can say that it makes most users sympathize with Ethereum.

What are the Differences Between Ethereum and Bitcoin?

There are certain transactions you can do in the Bitcoin network. However, the Ethereum network has a much wider horizon than the Bitcoin system. You can produce countless different software, new systems and new altcoins. The Ethereum Blockchain system works more systematically and faster than the Bitcoin blockchain system. 1 Bitcoin blockchain is formed in 10 minutes, while the Ethereum blockchain is formed in 15 seconds, so the confirmation process is much faster.

How Do I Buy Ethereum?

The purchase of Ethereum, contrary to popular belief, is very simple and can be purchased without the need for technical knowledge. For this, opening an account on exchange sites such as binance, creating a wallet and making the purchase.

What is Etherscan?

Etherescan is a blockchain explorer for the Ethereum network. It allows you to search through transactions, blocks, wallet addresses, smart contracts, and other data.

How Do I Use Etherscan?

To use Etherscan, you will first need a wallet address, then a transaction ID, contract address, or other identifier.

Who is the Creator of Ethereum?

The creator of Ethereum is Russian-Canadian Vitalik Buterin. Inspired by the decentralized money Bitcoin, he believed that it was possible to have a wider application than Bitcoin. However, other important figures of this community are: Gavin Wood, Jeff Wilke, Joseph Lubin and Vlad Zamfir.

Questions answered by the blog:

  • What is Ethereum?
  • How Do I Buy Ethereum?
  • What is Etherescan?
  • How Do I Use Etherescan?
  • What are the Differences Between Ethereum and Bitcoin?
  • Who is the Creator of Ethereum?

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