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Ethereum? Decentralization taken to the new extent!
What are the fundamentals?
With current economic trends and fluctuations people have start to look into the possibility of storing their wealth in other forms of currency than just FIAT and by now most of the world if not all have heard and get some type of idea about bitcoin or litecoin at least once, now whether it is good or bad, that is a topic for another discussion.
Ethereum has the same type of working principal as does bitcoin and the niche continues to be transparency, with no central authority while operating on the blockchain. We are calling these type of funds as cryptocurrency. Networks are unique for them both, fundamentally based around money designed to be used on the blockchain.
The Blockchain itself is a public ledger in which anyone can look up every and any transaction that ever took place, starting from the very first ones Satoshi shipped out himself. Same factor is being one of the main drive in inserting trust into these type of currencies that are being used on the blockchain since there can be no secret transactions taking place as they are all being recorded and published without any salting.
Above mentioned fundamentals are similar to ethereum and bitcoin how ever that is about all that you could say about their similarity.
What is the difference in between Ethereum and Bitcoin?
As you know by know both of these inventions are developed in order to break loose from the centralized banking system, now while bitcoin is designed to only transfer value over the web then ethereum on the other hand is here for people to transfer or exchange anything that they could come up with over the web. Don't get me wrong the monetary aspect of ETH is still there but we can see the difference in which it is not being strictly limited to just being currency or trading platform.
Perhaps not the best way to describe the difference in mentioned two but simply put Bitcoin is monetary-based blockchain while Ethereum could be pictured as general-purpose blockchain.
Ethereum as smart contracts?
Here is where ethereum starts to show it true values as users and developers have options to create decentralized applications which are governed by the smart contracts. There is no significant difference in smart and normal written contracts in which two or more parties enter into the agreement, plainly spelled out.
Let us give you an example of you wanting to create application that creates legal documents. Next step is to go and spell out a contract, with the developer, that outlines the type of app being developed and who is responsible for the specific tasks in the project. Now in order for you to go and create a contract and use ethereum network for hosting of it, you must pay a fee. Price on this will vary depending on such variables but not limited to as complexity or the numbers of members.
Needless to say more simple contracts will be yielding smaller fee than the complex ones. Parties who have chosen to go into the agreement on ethereum network will pay a fee to host of people who will host your smart contract, make sure that it stays alive (active) and enforce it. Currency that will be paid out to these parties is referred to as ether. Essentially this makes contracts governed by the ethereum users and not by any single government or government organization.
We could hope that entering into agreements via ethereum network and it's own currency that is backing it, will become as possible alternative for anyone needing a lawyer and is stuck paying huge fees in order to create an enforceable contract. Certain regions in which being taken advantage of by the legal system is at higher risk than usual ethereum could serve as a safe lifeline to grab upon on.
When was Ethereum born?
It was initially conceived in early 2014, man who lead it was Vitalik Buterin, who was a developer dealing with bitcoin. His goal in crafting this network was to create a network of decentralized applications that worked in much the same way as bitcoin.
It was launched 2015 and its ether currency quickly rose in value as people saw Ethereum as a way to do everything that bitcoin does and more. The main boost came from the fact that design wasn't built solely to transfer money but people were able to transfer all sorts of services and items.
Why are you telling us about this, can we gamble with Ethereum on Betcoin?
Currently finding online casino that are utilizing Ethereum or more accurately ether is a task to one of the heroes from old Greek novels. It is due the simple fact that ether cannot operate outside of Ethereum network which means that in order for casino to utilize this they must create house within the network itself. Unlike with bitcoin where many sites have developed their banking methods to accept Bitcoin, Ether does not present them with such option.
How ever if you have been subscribed to private insider's newsletter then you might have heard a little whisper of soon Ether being added to the Betcoin financing options also.
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