Ethereum (ETH) is probably one of the most interesting and innovative platforms that the cryptocurrency ecosystem has brought into us. It has started with Vitalik Buterin, Charles Hoskinson, Anthony Dilorio and Gavin Wood but then expanded into more.
What is Ethereum (ETH)?
Ethereum was first introduced by co-founder Vitalik Buterin in the North America Bitcoin Conference and gained much more attention than they have expected. Ethereum is a crypto operating system that has its own cryptocurrency called ETH. Ethereum brought the smart contracts technology with which everyone can create automated and decentralized systems, exchanges, applications and much more. It is no surprise that the Ethereum is No.2 cryptocurrency in the ecosystem because of its innovative steps.
How does Ethereum Work?
First of all, you can read Ethereum whitepaper for more information. You can get lots of information from the Ethereum main website, too.
Even though Ethereum has seen as an alternative to Bitcoin, Vitalik Buterin rejected that and made an announcement about it:
“If we compare crypto coins with valuable resources in the world and accept Bitcoin as ‘gold’ and Litecoin as ‘silver’, then Ethereum is ‘PETROL“
As can be seen from this statement, Ethereum doesn’t want to dethrone Bitcoin. Ethereum uses a Proof-of-Work blockchain and this allows miners to earn ETH by mining. ETH is ASIC-resistant because of its Scrypt mining system. Ethereum is currently the number 1 decentralized application blockchain and has thousands of dApps in its system. But even a system like that has some problems and Ethereum’s nemesis is the scalability problem. Ethereum Foundation aims to solve this problem by migrating to the Proof-of-Stake system from Proof-of-Work. In 2019 there have been 2 hard forks aiming this and in 2020 it is estimated that the Ethereum 2.0 will be live.
How can I purchase Ethereum?
Ethereum is one of the leading cryptocurrencies in the ecosystem. Because of its popularity, you can buy ETH from most of the exchanges. But for trust and liquidity you can choose Binance cryptocurrency exchange.
