Beginner’s Guide to Ethereum and Ether Basics

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Understanding Ethereum and Ether

Ethereum’s token Ether (ETH) is one of the top cryptocurrencies in the market to date. It’s market cap is $56,876,035,430 right below Bitcoin’s market cap of $128,309,662,112* (as of May 29th, 2018).

That means that ETH’s market cap is higher than Intuit (INTU) $50.57 Billion, Marriott (MAR) $47.92 Billion, and T-Mobile (TMUS) $47.92 Billion.

Ethereum started in 2015 as an ICO. Vitalik Buterin is a co-creator of the Ethereum protocol. Since 2015, it has massively grown because it is a public, open source, decentralized blockchain-based software development platform that any programmer can use.

Ethereum is different than Bitcoin because it is an open-source software platform, blockchain based technology that is intended to have more capabilities than just housing a cryptocurrency.

Ethereum has three different types applications of use:

1. The creation of multiple unique cryptocurrencies
2. Execute any contract
3. Create and store blockchain-based apps

Ethereum’s platform is designed to also run code and not just account for coins. Bitcoin’s platform focuses on maintaining a record for only one cryptocurrency transactions.

4 Basic Ethereum Facts

1. The Ethereum platform is an open-source platform. This feature means that any developer can work or build off it.
2. Ethereum is public. So this means that every aspect of the platform is available to the general public. They can use, buy, trade, develop, and mine on the Ethereum platform.
3. Ethereum is blockchain-based, which means it uses smart contracts. This technology is similar to Bitcoin’s blockchain technology.
4. The Ethereum network is decentralized; this means that the blockchain is held and powered by the platform users. There is not a central force like a central bank or company controlling Ethereum.

Ether is Ethereum’s token that is the cryptocurrency (ETH). Ethereum itself is an open-source, blockchain-based, distributed, smart contract system.

Lots of ICOs create their unique tokens on the Ethereum protocol using the ERC20 token standard. ERC20 stands for Ethereum Request for Comment and 20 is the number assigned to this request.

If you enjoyed learning some of the basic principles of Ethereum please check our blog as we launch https://hybridblock.io/ the worlds most robust cryptocurrency eco system

 

 

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May 31, 2018 at 11:04AM