Ethereum (ETH) is an open-source, blockchain-based distributed computing platform with smart contract functionality that facilitates online contractual agreements. It also provides a cryptocurrency token called “Ether”, which can be transferred between accounts and is also used to pay transaction fees and for computational services on the Ethereum network. “Gas”, an internal transaction pricing mechanism, is used to reduce spam and allocate resources on the network.
History of Ethereum
Vitalik Buterin, a programmer involved with Bitcoin, described Ethereum in a white paper in late 2013 with an aim to build decentralized applications. During July-August 2014, online public crowdsale funded the development, with the participants buying Ether with another digital currency, Bitcoin.
In May 2017, Ether experienced a 5,000% rise in its cost, with its price rising to more than $400. ETH has become the second most valuable cryptocurrency to Bitcoin.
Ethereum: More than a digital currency
Ethereum is not just a digital currency, it is a blockchain-based platform with different aspects. It comes with smart contracts, the Ethereum Virtual Machine (EVM) and uses its currency, ether, for peer to peer contracts.
The smart contracts use blockchain stored applications for contract negotiation and facilitation. The advantage of these contracts is that they can be verified and enforced in a decentralised way provided by the blockchain. Being decentralised, they are not vulnerable to fraud or censorship. Ethereum’s smart contracts provide enhanced security compared to conventional contracts and keep the associated costs low.
A few facts about Ethereum
- The average block time of Ethereum is 12 seconds. A faster block time means transaction confirmations are quicker.
- Ethereum’s was launched with a presale capital, only half of its coins will be mined by its fifth year of release.
- The cost of Ethereum transactions depends on complexity, storage needs and bandwidth usage.
- Ethereum comes with its own Turing complete internal code. It means that the calculations can be done with enough computing power and time.
The benefits of Ethereum
- Immutability: No changes to data can be made by a third party.
- Tamper proof: Applications are based on a network formed with the principles of consensus, thereby preventing censorship.
- Secure: Applications are secured using cryptography and since there is no central point of failure, apps are protected against fraudulent activities and attacks.
Where to buy ETH in Australia?
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