When in 2000 Bitcoin came to the market, that was the birth of the entire cryptocurrency industry. Now Bitcoin is a leader in the digital asset market and people call it “digital gold”. Many other crypto projects emerged after Bitcoin, and one of the most popular that comes after BTC is Ethereum. In this article, we will talk about what is Ethereum, its characteristics, and the current ETH USDT rate.
Ethereum is a versatile project – it is a cryptocurrency and a smart contract platform where developers can run decentralized applications. It is one of the most popular digital currencies globally, represented on all major crypto exchange platforms. Vitalik Buterin, a Canadian programmer and writer, is the ethereum founder. The project was launched in 2013.
The way the Ethereum coins are received is the same as in the Bitcoin network, based on the Proof-of-Work consensus. Every 15 seconds, a new block is added to the network; thus, every new coin is received.
The same as with Bitcoin, miners obtain rewards for every block added. And again, the same as with Bitcoin, it became incredibly costly to mine ETH because the conditions to add every nee block got more complex while the equipment price increased. The Ethereum representatives plan to switch to the Proof-of-Stake protocol to transition to Ethereum 2.0.
How Else the Ethereum Blockchain Can Be Used
Here are variants how the ethereum blockchain can be used:
- DApps. As mentioned above, the Ethereum platform enables building decentralized applications based on the Ethereum blockchain. Applications can be written in different programming languages and interact with each other. Numerous applications built on the top of the Ethereum blockchain have expanded the scope of this technology.
- NFT. Modern and promising direction of the crypto market – NFTs are also created on the Ethereum blockchain. Anything you own can be represented, traded, and used as non-fungible tokens (NFT). You can turn your artwork into NFT and receive royalties every time you resell it.
- Smart contracts. This is the main part of the Ethereum network that enables transactions. Smart contracts act as a guarantor of transactions, for example, when securing collateral in cryptocurrency, a smart contract guarantees the return of collateral if the conditions are fulfilled. It ensures the reliability of transactions and helps the parties involved in the transactions remain anonymous. This system does not depend on the state or regulators’ influence and is not accessible to hackers.
Ethereum is not just another crypto – it is an entire decentralized blockchain platform on a global scale. The creators of this project implemented a more comprehensive range of features in it, which is why Ethereum became so popular and widely used.
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