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Ethereum (ETH)
Ethereum is an open-source, decentralised, blockchain-based platform that enables the creation of smart contracts and decentralised applications (dApps). It was created in 2015 by Vitalik Buterin.
Unlike Bitcoin, which is primarily a digital currency, Ethereum is a platform that allows developers to build and deploy their own decentralised applications and smart contracts. Smart contracts are self-executing contracts with the terms of the agreement written directly into lines of code. They allow for the automation of complex processes and can be used for a wide range of applications such as financial services, supply chain management, and gaming.
Ethereum also has its own cryptocurrency, called Ether (ETH), which is used to pay for transaction fees and computational services on the Ethereum network. Miners also earn Ether as a reward for validating transactions on the network.
Ethereum is considered a 2nd generation blockchain, as it expands on the capabilities of Bitcoin, it allows for more flexibility, scalability and it's a more versatile technology that opens the door to various use cases.
Ethereum, as a decentralised platform for building decentralised applications and smart contracts, has several strengths:
Unlike Bitcoin, which is primarily a digital currency, Ethereum is a platform that allows developers to build and deploy their own decentralised applications and smart contracts. Smart contracts are self-executing contracts with the terms of the agreement written directly into lines of code. They allow for the automation of complex processes and can be used for a wide range of applications such as financial services, supply chain management, and gaming.
Ethereum also has its own cryptocurrency, called Ether (ETH), which is used to pay for transaction fees and computational services on the Ethereum network. Miners also earn Ether as a reward for validating transactions on the network.
Ethereum is considered a 2nd generation blockchain, as it expands on the capabilities of Bitcoin, it allows for more flexibility, scalability and it's a more versatile technology that opens the door to various use cases.
Ethereum, as a decentralised platform for building decentralised applications and smart contracts, has several strengths:
- Smart contracts: Ethereum allows for the creation and execution of smart contracts, which can automate complex processes and enable the creation of decentralised applications.
- Decentralisation: Ethereum is decentralised, meaning that it is not controlled by any government, organisation, or individual, providing greater freedom and autonomy for users.
- Flexibility: Ethereum is a versatile platform that allows for the creation of a wide range of decentralised applications and use cases.
- Security: Ethereum utilizes complex mathematical algorithms and cryptographic techniques to ensure the security of its network and transactions.
- Immutability: Once a transaction is recorded on the Ethereum blockchain, it cannot be altered or tampered with, ensuring the integrity of the system.
- Censorship-resistance: Ethereum's decentralised nature allows it to operate outside of the control of any government or organisation, making it difficult to censor or shut down.
- Open-source: Ethereum is an open-source platform, which means that anyone can access and contribute to its development.
- Large developer community: Ethereum has a large and active community of developers who contribute to the development and maintenance of the platform.
- Gas: the cost of executing smart contract and dApps on Ethereum network is paid in Ether, called "gas", which ensures that transactions and computation on the network are secured and incentivised.
You can buy Ethereum (ETH) with Australian dollars (AUD) here.
