What is Ethereum (ETH)? – Erctoken.exchange
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Ethereum is an open platform that enables developers to build and deploy centralized applications such as smart contracts and other complex legal and financial applications. You can think of Ethereum as a programmable Bitcoin where developers can use the underlying blockchain to create markets, shared ledgers, digital organizations, and other endless possibilities that need immutable data and agreements, all without the need for a middleman.
• Ethereum currently uses Proof of Work (PoW) algorithm but soon will be switching to new consensus algorithm under development, called Casper which is expected to be more efficient and require less mining subsidy.
• Ethereum is an open-source, blockchain-based distributed computing platform featuring smart contracts functionality, click on link for Ethereum white paper. Ethereum Virtual Machine (EVM) is the runtime environment for executing smart contracts on Ethereum platform.
• Many cryptocurrencies, Bitcoin included, have a limited to the maximum supply of coins. As time passes, fewer new coins will become available and, eventually, mining will end. Ethereum has no such limitation.
• Banks and developers also choose to use Ethereum technology, primarily because the technology has been proven to be sufficiently flexible, resilient and secure. Using Ethereum, people can safely send, transfer and store a variety of data.
Advantages of Ethereum
• Ethereum is not a self-locked system. It means other goods and services can grow together with ETH blockchain. It makes ETH grow continuously. More and more people start to invest in ETH.
• ETH has a huge support from a business community. Medium sized companies and large corporations help to improve the work of the system. Ethereum Enterprise Alliance and Hyperledger monitor the development of the project continuously.
• Much like Bitcoin and Bitcoin Cash, Ethereum has also gone through its internal disagreements. Ethereum Classic (ETC) is perhaps one of the popular alternatives to Ethereum. It is the result of a hard fork which split the network in two.
• Ethereum created a platform for the complex contracts to run on the network by allowing for a Turing complete language on the blockchain. There will be no third parties interference in many cases. This makes Ethereum more special and powerful than a lot of other blockchains.