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What is Ethereum?

Blockchain technology gained public notice with the advent of bitcoin in 2009. Bitcoin is a cryptocurrency that runs on blockchain technology and is by far, the most popular and most ranked cryptocurrency. Ethereum was initially released in 2015. Within two years of its release, it was ranked the second best blockchain network, Bitcoin is the first. The Ethereum network acquired more global interest when china stated that it is the best blockchain network ever created. 

What is Ethereum?

Ethereum is a Blockchain network that introduced a built-in Turing-complete programming language that can be used for creating various decentralized applications(also called Dapps). The Ethereum network is fueled by its own cryptocurrency called ‘ether’. 

History of Ethereum

Features of Ethereum

  1. Smart contracts: Ethereum allows the creation and deployment of smart contracts. Smart contracts are created mainly using a programming language called solidity. Solidity is an Object Oriented Programming language that is comparatively easy to learn. 
  2. Ethereum Virtual Machine (EVM): It is designed to operate as a runtime environment for compiling and deploying Ethereum-based smart contracts.
  3. Ether: Ether is the cryptocurrency of the Ethereum network. It is the only acceptable form of payment for transaction fees on the Ethereum network. 
  4. Decentralized applications (Daaps): Dapp has its backend code running on a decentralized peer-to-peer network. It can have a frontend and user interface written in any language to make calls and query data from its backend. They operate on Ethereum and perform the same function irrespective of the environment in which they get executed.
  5. Decentralized autonomous organizations (DAOs): It is a decentralized organization that works in a democratic and decentralized fashion. DAO relies on smart contracts for decision-making or decentralized voting systems within the organization.

Type of Ethereum Accounts

Ethereum has two types of accounts: An externally owned account (EOA), and a Contract account. These are explained as following below:

How Does Ethereum Work?

Ethereum implements an execution environment called Ethereum Virtual Machine (EVM).

Real-World Applications of Ethereum

Benefits of Ethereum

Drawbacks of Ethereum

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