Onetrack-mind

What on earth is Ethereum? I mean, I keep hearing about it all the time, I’ve seen it’s the second largest cryptocurrency around but I just can’t seem to wrap my head around it. Is it as revolutionary as Bitcoin? Can it actually change the world as we know it? If you want to have a better understanding of Ethereum, but are tired of explanations that sound like complete technical gibberish, stick around… Here on Crypto Swami Sunday, or should I say Ethereum Sunday we’ll answer these questions and more. Before we get into Ethereum coin we need to do a quick recap about Bitcoin, since it’s the basis from which Ethereum token was born. By now you probably know that Bitcoin is a form of decentralized money, and if you still have some questions about what that means or how it works, then you might consider revisiting our original video, “what is Bitcoin”. Before Bitcoin was invented, the only way to use money digitally was through an intermediary like a bank, or Paypal. Even then, the money ...

Created by Vitalik Buterin, it has scored itself the second spot in the hierarchy of cryptocurrencies. This digital currency launched in 2015 is predicted to surpass Bitcoin and may be the cryptocurrency of the future. Is Ethereum similar to Bitcoin? It is in a way, but not really. Like Bitcoin, Ethereum is a part of a blockchain network. The main difference between the two currencies is that Bitcoin blockchain focuses on tracking ownership of the digital currency while Ethereum blockchain focuses on running the programming code or network. Instead of having to build an entirely original blockchain for each new application, Ethereum enables the development of thousands of different applications in a single platform. In the Ethereum blockchain, miners work to earn Ether. Ether is a crypto token that helps run the network. Another use of the Ethereum blockchain is its ability to decentralize any services that are centralized. For instance, Ethereum is capable of...