What is Ethereum (EHT):Ethereum is an open source public blockchain platform with smart contract functionality, which has its own cryptocurrency, Ethereum (ETH), and its own programming language, Solidity.The concept of Ethereum was first proposed by programmer Vitalik Buterin between 2013 and 2014, inspired by Bitcoin, with the general meaning of "Next Generation Cryptocurrency and Decentralized Application Platform"
What is Ethereum (EHT):
Ethereum is an open source public blockchain platform with smart contract functionality, which has its own cryptocurrency, Ethereum (ETH), and its own programming language, Solidity.
The concept of Ethereum was first proposed by programmer Vitalik Buterin between 2013 and 2014, inspired by Bitcoin, with the general meaning of "Next Generation Cryptocurrency and Decentralized Application Platform". It was developed through ICO crowdfunding in 2014.
Ethereum, as a blockchain network, is a decentralized public ledger used for verifying and recording transactions. Network users can create, publish, monetize, and use applications on the platform, and use their Ether cryptocurrency as payment. Insiders refer to decentralized applications on the internet as' dapp '.
As a cryptocurrency, as of May 2021, Ethereum's market value was second only to Bitcoin.
The main characteristics of Ethereum are as follows:
- Smart contract functionSmart contract function
- Decentralized Applications (DApps)Ethereum is a decentralized platform that can build applications based on decentralization. These applications do not rely on any centralized servers, and data is stored in the blockchain network, allowing anyone to access and use them. Some representative DApps include decentralized vegetable markets, decentralized hosting services, and decentralized social media platforms.
- High securityEthereum's blockchain is highly secure and uses cryptographic technology to protect accounts and transactions. It uses hash functions to securely store transaction data to ensure that the data is not tampered with. In addition, Ethereum also uses public and private key encryption technology to verify user identity and authorize transactions.
- Quick transaction confirmationEthereum's transaction speed is very fast, usually taking only a few seconds to complete transaction confirmation. This is because Ethereum uses the "Gas" fee system, providing fast transaction confirmation speed for blockchain networks.
- ScalabilityScalability
Ethereum has broad application prospects and potential, including but not limited to finance, supply chain management, gaming, copyright protection, identity verification, and more.
Ethereum and Bitcoin have many differences, mainly reflected in the following aspects:
- Positioning: Ethereum is seen as an employee investment development platform that can provide computing platforms for various applications to run, while Bitcoin is seen as a peer-to-peer payment system.
- Circulation: The circulation of Ethereum is unlimited, while the total issuance of Bitcoin is limited to 21 million, which will halve every four years.
- Data structure: The data structure of blockchain is a linked list nested with a merkletree, while the data structure of Ethereum is a linked list nested with multiple merklepartialtrees.
- Blockchain recording: Bitcoin records transactions, while Ethereum records account status.
In addition, Bitcoin and Ethereum also have significant differences in technical and economic characteristics, such as their working mechanism, transaction speed, security, and application scenarios. Therefore, although they are all cryptocurrencies, their characteristics and uses vary greatly.
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