Cinema News
    No Result
    View All Result
    No Result
    View All Result
    Cinema News
    No Result
    View All Result
    Home Tech

    All About Ethereum !

    news by news
    September 21, 2021
    in Tech
    0
    All About Ethereum !
    0
    SHARES
    148
    VIEWS
    Share on FacebookShare on Twitter

    Like any other cryptocurrency, Ethereum has its Blockchain or digital ledger, where it houses all transactions through data mining.

    The logic is similar to that of Bitcoin:

    Miners are responsible for verifying transactions to form blocks and encode them by solving complex algorithms. Processing time is around 14 seconds.
    The new blocks are intertwined with the previous block, and the miner receives a reward. Currently, they are approximately five ether.

    How does the Ethereum blockchain work?

    The Ethereum blockchain works similarly to Bitcoin, but it allows developers to program software with which transactions with smart contracts are managed and automated.

    It ensures that it is met as soon as all the conditions of the same are met. An example of this would be that you decide to send a certain amount of ethers on a predetermined date. In this way, once the date is reached, the ethers of your wallet will be sent to that of the other counterparty.

    Their potential is unlimited since it will respond to the programmers’ indications in each smart contract.

    The main characteristics of these are:

    Cut out the middlemen.
    They are logged, encrypted and duplicated on the public Blockchain, where all users can see the market activity.
    Eliminate the time and effort required in manual processes

    Although it is a novel and attractive process, there are still many aspects of being polished. Any mistake in the programming code can spoil the final result.
    Ethereum, being a decentralized system, is autonomous and not controlled by anyone at all. It does not have a central point of failure, as it is running from the computers of thousands of volunteers worldwide, which means that it can never be disconnected. In addition, users’ personal information remains on their computers, while content, such as applications, videos, etc., remains in complete control of its creators without obeying the rules imposed by hosting services such as App Store and Youtube.

    Second, it is essential to understand that Ethereum and Bitcoin are two completely different projects with entirely different goals, although constantly compared to each other. Bitcoin is the first cryptocurrency and money transfer system built and supported by Blockchain’s distributed public ledger technology.

    Ethereum vs Bitcoin

    Ethereum took the technology behind Bitcoin and substantially expanded its capabilities. It is a complete network, with its Internet browser, coding language and payment system. Most importantly, it allows users to create decentralized applications on the Ethereum Blockchain.

    These applications can be either completely new ideas or decentralized reworkings of existing concepts. This essentially eliminates the middleman and all the expenses associated with involving a third party. For example, the only benefit from users “liking” and “sharing” the messages of their favourite musicians on Facebook is generated from an ad placed on your page and goes directly to Facebook. In an Ethereum version of such a social network, both artists and the public would receive positive communication and support awards. Similarly, in a decentralized version of Kickstarter, you will not receive just an artefact for your contribution to the company, but you will receive a share of the future profits of the company. Lastly, Ethereum-based applications will eliminate all types of third-party payments to fascinate any service.
    As mentioned above, Ethereum is a decentralized system, which means that it uses a peer-to-peer approach. Each of the interactions occurs between the users who participate in it, without the intervention of any control authority.

    The entire Ethereum system is supported by a global system of so-called “nodes”. The nodes are volunteers who download the entire Ethereum blockchain to their desktops and fully enforce all the consensus rules of the system, keeping the network honest and receiving rewards in return.

    Those consensus rules and many other aspects of the network are dictated by “smart contracts.” These are designed to perform transactions automatically and other specific network actions with parties you do not necessarily trust. The terms that both parties must adhere to are pre-programmed in the contract.

    Previous Post

    what are the best fps games?

    Next Post

    Who created Ethereum ?

    Next Post
    Who created Ethereum ?

    Who created Ethereum ?

    Leave a Reply Cancel reply

    Your email address will not be published. Required fields are marked *

    Stay Connected test

    • 121 Followers
    • 72k Followers
    • 23.7k Followers
    • 99 Subscribers
    • Trending
    • Comments
    • Latest
    ‘VENOM: THERE WILL BE KILLING’ CHANGES ITS PREMIERE DATE

    ‘VENOM: THERE WILL BE KILLING’ CHANGES ITS PREMIERE DATE

    April 5, 2021
    Kate Winslet: “I know young actors who are terrified of having their sexuality revealed”

    Kate Winslet: “I know young actors who are terrified of having their sexuality revealed”

    April 8, 2021
    RETURN TO ‘TIERRA’: EMMA SUÁREZ AND CARMELO GÓMEZ REACT TO THE MOST ICONIC SCENES

    RETURN TO ‘TIERRA’: EMMA SUÁREZ AND CARMELO GÓMEZ REACT TO THE MOST ICONIC SCENES

    March 29, 2021
    ‘TOKYO GHOST’: CARY JOJI FUKUNAGA TO DIRECT AN ADAPTATION OF THE AWESOME SCIENCE FICTION COMIC

    ‘TOKYO GHOST’: CARY JOJI FUKUNAGA TO DIRECT AN ADAPTATION OF THE AWESOME SCIENCE FICTION COMIC

    March 29, 2021
    RETURN TO ‘TIERRA’: EMMA SUÁREZ AND CARMELO GÓMEZ REACT TO THE MOST ICONIC SCENES

    RETURN TO ‘TIERRA’: EMMA SUÁREZ AND CARMELO GÓMEZ REACT TO THE MOST ICONIC SCENES

    0
    PARTICULAR OF EWAN MCGREGOR

    PARTICULAR OF EWAN MCGREGOR

    0
    ANYA TAYLOR-JOY: A STAR IS BORN

    ANYA TAYLOR-JOY: A STAR IS BORN

    0
    ‘RESIDENT EVIL: WELCOME TO RACCOON CITY’ DELAYS ITS RELEASE DATE IN SPAIN

    ‘RESIDENT EVIL: WELCOME TO RACCOON CITY’ DELAYS ITS RELEASE DATE IN SPAIN

    0
    CRITICISM OF ‘A PROMISING YOUNG GIRL’

    CRITICISM OF ‘A PROMISING YOUNG GIRL’

    February 8, 2023
    How to Switch between Pubg mobile accounts n both Android and IOS devices?

    How to Switch between Pubg mobile accounts n both Android and IOS devices?

    October 3, 2022
    Moto G71 5G Review

    Moto G71 5G Review

    May 22, 2022
    Google Pixel 5 review

    Google Pixel 5 review

    November 24, 2021

    Recent News

    CRITICISM OF ‘A PROMISING YOUNG GIRL’

    CRITICISM OF ‘A PROMISING YOUNG GIRL’

    February 8, 2023
    How to Switch between Pubg mobile accounts n both Android and IOS devices?

    How to Switch between Pubg mobile accounts n both Android and IOS devices?

    October 3, 2022
    Moto G71 5G Review

    Moto G71 5G Review

    May 22, 2022
    Google Pixel 5 review

    Google Pixel 5 review

    November 24, 2021
    Cinema News

    We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

    Follow Us

    Browse by Category

    • No categories

    Recent News

    CRITICISM OF ‘A PROMISING YOUNG GIRL’

    CRITICISM OF ‘A PROMISING YOUNG GIRL’

    February 8, 2023
    How to Switch between Pubg mobile accounts n both Android and IOS devices?

    How to Switch between Pubg mobile accounts n both Android and IOS devices?

    October 3, 2022

      © 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

      No Result
      View All Result

        © 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.