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  • Ethereum, what is it?
Ethereum, what is it?

What is it?

The biggest cryptocurrency the world has to offer, its value has shot up this year and is at around 3,400$ as of May 2021 though it is not the monetary value with which you can trade and profit off of that is the only benefit you have owning one, no, it offers a way more than that. It has an open source software platform that allows developers to create Dapps(link), cryptocurrencies and other types of digital applications.it is said to be the foundation and rock of web 3.0 with which it could become one of the main currencies.

  • Benefits of Ethereum are that, just like a lot of other cryptocurrencies, all you need is an internet connection and an electronic device.
  • It is more private
  • You don’t need to go through intermediate companies for transaction as it is just peer to peer.
  • The government has no control over the transactions and services over ethereum and the network

Dapps

This is one of the features of the project that is more catered to the software engineers and developers within the Ethereum space. This is called Dapps(decentralized apps) and its benefits are what separate it from a regular app, one being that the code cant be taken down, you are free from censorship giving the user the ultimate creative freedom and rights as well as privacy, secure in the fact that there are no down-times but only if Ethereum goes down will it also go down. due to cryptography, your data has complete integrity in that data cant be changed and it is also indisputable.

Dapps work by smart contracts (backend code) running on a decentralised network. it uses the Ethereum blockchain for data storage and again smart contracts for the apps logic. Due to smart contracts Dapps can mediate agreements and accept transactions (allowing you to gain any cryptocurrency). Dapps that are deployed on the network no longer can be controlled by an individual or company, making it truly decentralised.