What Is Ethereum

What is Ethereum, How Does Ethereum Work, and How to Mine What is EthereumEthereum.

Here are some of the topics that we are going to cover on this page…

  • What is Ethereum
  • How Does Ethereum Work
  • How To Create Your Ethereum Wallet
  • How To Buy & Sell Ethereum and
  • How To Mine Ethereum.
  • How To Trade Ethereum.

Let’s get started…

What is Ethereum?

Ethereum is the world’s first decentralized computer. Because it’s decentralized, there is no single point of failure, control, or bottleneck. The Ethereum project was launched in 2013.

Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.

These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.

This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middle man or counterparty risk.

The project was bootstraped via an ether pre-sale during August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss nonprofit, with contributions from great minds across the globe.

How Does Ethereum Work?

Ether is a digital currency used for operating smart contracts on the Ethereum network. Like Bitcoin, the Ethereum network and Ether tokens are not controlled or issued by any bank or government – instead, it is an open network which is managed by its users.

Ethereum is the World’s First Decentralized Computer.

How To Create Your Ethereum Wallet?

1. To create your Ethereum Wallet, go to: github.com/ethereum/mist/releases
2. Watch This Tutorial to see exactly how to download and install your ethereum wallet

How To Buy & Sell Ethereum?

– You can Buy and Sell Ethereum through Coinbase.com

How To Mine Ethereum

Like Bitcoin, Ether is a mined cryptocurrency, which means that new Ether will be created each time a block is added to the Ether block chain.

Here Are Some Examples Of Service Providers Who Mine & Trade Ethereum:

How To Mine Ethereum

Is Ethereum safe?

Ethereum has been deployed in different phases. Currently, the Ethereum project is in the 2nd phase, called “Homestead”.

The 4 planned phases for the growth of the Ethereum network are, in order: Frontier, Homestead, Metropolis, and Serenity.

Ethereum Homestead clients are working smoothly after being in beta for several months without any major incidents.

However, Ethereum is still an experimental technology. Since it allows for programs to run on a virtual machine, it’s still possible that some things may still go wrong, such as poorly written smart contracts that contain bugs.

Why would I use Ethereum?

While Bitcoin allows you take part in a global financial network, using Ethereum you can participate in a global computational network.

This is done by means of smart contracts, which are scripts of code that can be deployed in the Ethereum blockchain.

Although smart contracts are still a very new technology, they have a wide range of potential applications in many different areas, such as voting, global supply chains, medical records, the financial system, and possibly others that have yet to be discovered.

Is it tied to the value of the dollar?

The value of Ethereum is not tied or pegged to the value of any other currency. Similar to stocks or property, Ethereum’s value is determined by buying and selling in the open market. The price of Ethereum changes in real time based on the number of people who want to buy or sell it at a given moment.

Why does it change value?

Ethereum is traded for bitcoin, dollars, euros, yen, and other currencies in real time 24 hours a day. Depending on the demand for buying or selling Ethereum, the price can fluctuate from day to day. This is similar to the manner in which the value of a stock or property can go up or down based on supply and demand. Ethereum value can be volatile compared to currencies such as the US dollar because it is still an emerging technology, with a relatively small pool of liquidity.

Is it similar to a credit card or paypal?

Ethereum operates in a similar way to the Bitcoin network, in that it allows users to send and receive tokens that represent value over an open network. However, the primary aim of Ethereum is not to act as a form of money, but to operate smart contracts.

ETH Proponents: Ethereum Will Democratize, Build Trust and Make Governments Transparent.

How To Trade Ethereum.

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I hope this was informative, please go on and do more research on your own about Ethereum.
Watch videos on YouTube and educate yourself.

On this page we covered the below topics and more:

  • What is Ethereum
  • How Does Ethereum Work
  • How To Create Your Ethereum Wallet
  • How To Buy & Sell Ethereum and
  • How To Mine Ethereum.
  • How To Trade Ethereum.

Ethereum Regards
Musa The Giant!

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