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		<title>What Is Ethereum, How Is It Different From Bitcoin?</title>
		<link>https://www.thebuyt.com/what-is-ethereum-how-is-it-different-from-bitcoin/</link>
					<comments>https://www.thebuyt.com/what-is-ethereum-how-is-it-different-from-bitcoin/#respond</comments>
		
		<dc:creator><![CDATA[]]></dc:creator>
		<pubDate>Sun, 19 Sep 2021 07:00:07 +0000</pubDate>
				<category><![CDATA[Kaam Ki Baat]]></category>
		<category><![CDATA[Ethereum]]></category>
		<category><![CDATA[What is Ethereum]]></category>
		<guid isPermaLink="false">https://www.thebuyt.com/?p=3343</guid>

					<description><![CDATA[<p>Ethereum is also a kind of digital currency but is more than a currency. Just like Bitcoin this digital currency has no central authority and is decentralized. Both are traded on crypto markets but are very different from each other. On a popularity scale, Ethereum comes right after Bitcoin and it is the second most [&#8230;]</p>
<p>The post <a href="https://www.thebuyt.com/what-is-ethereum-how-is-it-different-from-bitcoin/">What Is Ethereum, How Is It Different From Bitcoin?</a> appeared first on <a href="https://www.thebuyt.com"></a>.</p>
]]></description>
										<content:encoded><![CDATA[<p dir="ltr">Ethereum is also a kind of digital currency but is more than a currency. Just like Bitcoin this digital currency has no central authority and is decentralized. Both are traded on crypto markets but are very different from each other. On a popularity scale, Ethereum comes right after Bitcoin and it is the second most sought after currency in the crypto universe. But Ethereum is actually not just a cryptocurrency but a platform that enables payment and generation of decentralised currency. Ethereum in itself is a decentralised computing network based on blockchain technology.</p>
<h2 dir="ltr">What is Ethereum?</h2>
<p dir="ltr">Ethereum is a platform that uses blockchain to store smart contracts and application code. Unlike a decentralized platform for undertaking financial transactions, Ethereum is a decentralized platform used for developing applications. The platform generates currency that is called Ether or ETH, just like <a href="https://www.thebuyt.com/popular-cryptocurrency-other-than-bitcoin/">bitcoin cryptocurrency</a>.</p>
<p dir="ltr">Now the developers are using the Ethereum platform to develop new blockchain applications and releasing fresh cryptocurrencies. The majority of companies are releasing cryptocurrency via an Initial Coin Offering (ICO). So they raise funds in Ethereum and grant tokens using the blockchain. The token generated through this process is called ERC20. This is why the blockchain community has given Ethereum a new name, Blockchain 2.0.</p>
<p dir="ltr">Ethereum has gained huge popularity in the past few years after its launch in 2015. There are over 1,300 decentralized applications built on the blockchain. It gained major traction in 2017, and its coin (ETH) grew to 11,000%, i.e. from $8 in 2017 to $900 per ETH. This growth of ETH has made Ethereum so popular among cryptocurrency buyers and blockchain programmers.</p>
<h3 dir="ltr">Ether: The Fuel Of Ethereum</h3>
<p dir="ltr">Ethereum increases its blockchain system value through its cryptocurrency Ether. Ethereum has stipulated a ‘gas’ price for every transaction performed over the platform. Any developer or program wanting to use the platform has to pay Ethereum a fee in its cryptocurrency, and that is Ether. Ether is similar to Bitcoin cryptocurrency, and an open network of people are controlling the Ether tokens.</p>
<p>The post <a href="https://www.thebuyt.com/what-is-ethereum-how-is-it-different-from-bitcoin/">What Is Ethereum, How Is It Different From Bitcoin?</a> appeared first on <a href="https://www.thebuyt.com"></a>.</p>
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		<title>What is Ethereum?</title>
		<link>https://www.thebuyt.com/what-is-ethereum-and-how-does-it-work-full-explaination/</link>
					<comments>https://www.thebuyt.com/what-is-ethereum-and-how-does-it-work-full-explaination/#respond</comments>
		
		<dc:creator><![CDATA[]]></dc:creator>
		<pubDate>Fri, 11 Jun 2021 18:46:26 +0000</pubDate>
				<category><![CDATA[What is?]]></category>
		<category><![CDATA[Ethereum]]></category>
		<category><![CDATA[What is Ethereum]]></category>
		<guid isPermaLink="false">https://www.thebuyt.com/?p=2759</guid>

					<description><![CDATA[<p>The Buyt Desk The popularity of Bitcoin brought blockchain technology to the forefront. The blockchain omits the need for a central authority for transactions between two parties. We are surrounded by the names of many cryptocurrencies. One of them is Ethereum. Though the internet is brimming with questions like the price of Ethereum, how to [&#8230;]</p>
<p>The post <a href="https://www.thebuyt.com/what-is-ethereum-and-how-does-it-work-full-explaination/">What is Ethereum?</a> appeared first on <a href="https://www.thebuyt.com"></a>.</p>
]]></description>
										<content:encoded><![CDATA[<h2>The Buyt Desk</h2>
<p dir="ltr">The popularity of Bitcoin brought blockchain technology to the forefront. The blockchain omits the need for a central authority for transactions between two parties. We are surrounded by the names of many <a href="https://www.thebuyt.com/popular-cryptocurrency-other-than-bitcoin/">cryptocurrencies</a>. One of them is Ethereum. Though the internet is brimming with questions like the price of Ethereum, how to mine Ethereum, etc., Ethereum is not a cryptocurrency but a blockchain platform with its crypto by the name Ether(ETH).</p>
<p dir="ltr">Taking a cue from the Bitcoin blockchain evolved a peer-to-peer, open-source, secure, and decentralized computational network, Ethereum. While the Bitcoin network solely works to trade and mine bitcoins, Ethereum has gone a step ahead. The use of the Ethereum network is for individuals to directly trade anything and not only digital money.</p>
<p dir="ltr"><strong>Founders</strong></p>
<p dir="ltr">Ethereum is the brainchild of blockchain enthusiasts, Joe Lubin and Vitalik Buterin. They started the network in July 2015. Buterin is the CEO of the Ethereum network.</p>
<p dir="ltr"><strong>Smart contracts</strong></p>
<p dir="ltr">Let us say you want a ride. You and the driver can use the programming language of Ethereum, Solidity, to code a smart contract upon the agreed terms and conditions. There is no need for an intermediary like Uber. Essentially, a smart contract is a coded software to execute a transaction between dealing parties on the Ethereum blockchain. Once the smart contract conditions are fulfilled, it will be automatically executed on the Ethereum network. The transactions can neither be revoked nor be traced.</p>
<p dir="ltr"><strong>Ether</strong></p>
<p dir="ltr">High computational power runs the Ethereum network. The upkeep of this supercomputing network requires money. With this objective, Ether (ETH), the cryptocurrency traded on the Ethereum network, was created. Miners solve mathematical calculations to verify and secure transactions in a block of the Bitcoin network. They earn bitcoins in the process. In the same manner, the cryptocurrency Ether is generated. Unlike Bitcoin, there is no limit on how many Ether can be mined. At present, based on market value, Ether is the second-largest cryptocurrency in the world. As of 10 June 2021, 1 Ether equals to Rs.1, 86, 295.50.</p>
<p dir="ltr"><strong>DApps</strong></p>
<p dir="ltr">DApps refer to decentralized applications that run on the Ethereum network. They represent the front end of the smart contracts. The user interface of these apps is the same as the traditional apps; however, they run on the decentralized and distributed Ethereum network. You have to pay Ether to use these apps. The advantage of using DApps is the safety of your data. The absence of an intermediary ensures no one tampers with your data. Augur is a DApp that provides forecasting for trading gains.</p>
<p dir="ltr">Ethereum is a secure network but it suffered a setback in 2016. 50 million dollars worth of Ether were stolen under the name of the project DAO. To protect the network, a fork was created in the blockchain. The network is evolving to fix existing loopholes. July 2021 anticipates the implementation of Ethereum Improvement Protocol 1559 (EIP-1559). As a result, transactions on Ethereum will be more effective and improve the overall user experience.</p>
<p>The post <a href="https://www.thebuyt.com/what-is-ethereum-and-how-does-it-work-full-explaination/">What is Ethereum?</a> appeared first on <a href="https://www.thebuyt.com"></a>.</p>
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