Understanding Ethereum

After the Bitcoins, people these days prefer to invest in the Ethereum, not only because it is easier to achieve perfect investment solutions and profitable results using the reliable auto trading robots like the Crypto VIP Club, it is also because this digital currency Ethereum is something unique and more advantageous that can benefit the community abundantly. To understand its significance better let us first understand the Ethereum!

What is Ethereum?

Ethereum is an open-source global computing network, in where the computations happen according to the prescribed rules of the associated software. That is using this Ethereum network, programmers can build their own Dapps or the decentralized applications to achieve the desired computational/transactional results.

So, is it not a digital currency?

As stated above, the programmers can accomplish certain tasks in the form of Dapps in this Ethereum network, for which payments have to be made in the form of Ether, the digital currency of the Ethereum. So, whenever Ethereum cryptocurrency is mentioned, it actually refers to the Ether, whose demand is growing these days as people started to realize the amazing benefit of this Ethereum network.

Who is the founder?

The founder of Ethereum is Vitalik Buterin, who is a Russian-Canadian Programmer and as well as a Bitcoin aficionado. The success of the Bitcoin system inspired him to create one but with much more interesting possibilities than the Bitcoins, that is, the system should be able to handle complex financial transactions than the Bitcoins so that the larger community gets benefitted. The result of it is the Ethereum network, which, although he invented in the year 2013, only went live in 2015!

Little more on Ethereum’s working

To understand the working of the Ethereum better, let us consider this example, where two companies are trying to settle some stock options between them. To satisfactorily carry out the settlement process the companies would involve a third-party, such as the stock exchange to ensure unbiased measures are carried out. But again, there is no guarantee that the third-party could act genuine or even if they do so they might charge these companies a hefty fee proving to be financially unworthy. In here comes the benefit of the Ethereum, where the two companies can settle their transaction over the network as the verification process carried out is not only reliable but also faster. Also, the charges involved are also meager, which means absolutely a win-win situation for all!

This is just an example, while Ethereum is capable of handling many complex transactions, in where certain banking sectors are trying the option of utilizing the Ethereum as the central operating system to avoid the inclusion of costly and unreliable middlemen. The best example for this is the JPMorgan’s Quorum!