What Is Ethereum ?

If you want to know how Ethereum works, and what can it be useful for, without any unnecessary technical analysis, this guide may be useful for you.

Here you will find the basic knowledge about how the blockchain technology works, thanks to which you will better understand what Ethereum is.Typically, blockchain technology is identified with bitcoin, but it has many other implementations that go beyond the world of cryptocurrencies.

Ethereum is dispersed in the public blockchain network just like bitcoin. There are a lot of important technical differences between bitcoin and ethereum, and most importantly ethereum has completely different goals and assumptions.
Bitcoin aims to provide a peer to peer online payment system. Ethereum mainly focuses on the construction of programming code to run any decentralized applications (DAAPS).

What Is Smart Contract ?

Smart contract is used to create a programming code that provides easy exchange of something that can have any value. The subject of such exchanges is for example money, shares, ownership or content.

Smart contract is a self-acting program in which certain assumptions are realized. Smart contract can not be influenced by third parties because it operates in a decentralized blockchain network. In addition, smart contracts are free from scams, temporary downtime, and censorship.

The Ethereum Team & Creators?

The founder of Ethereum is Vitalik Buterin, who became interested in bitcoin in 2011, just three years after the invention of Bitcoin, Satoshi Nakamoto. Vitalik is a programmer from Toronto and founder of the Bitcoin Magazine information service.

In 2013, Buterin shared a white paper describing the Ethereum platform. The White Paper has become a huge inspiration for developers who want to build decentralized blockchain-based applications.

Are Ethereum Faucets Legit?

If you do not have enough funds to buy Ethereum mining equipment, you can easily try Ethereum faucets. Using a reliable ethereum faucet list, you can get rewards at ETH for solving simple rebuses (for instance captcha), for looking up ads, and even for playing simple games. Part of the revenue from the displayed ads goes to the company that provides Ethereum Faucet.

Honestly, sites like ethereum faucets are usually a scam. However, on the internet you can find websites that constantly update the ethereum faucet lists. Other sources where you can find the most up-to-date faucets are internet forums such as Bitcointalk or Reddit. However, on the forums you can also hit the scam, so searching on forums may not always be fruitful.

Firs of all, more advanced cryptocurrency users usually buy or sell cryptocurrencies on the stock exchange (for example binance exchange) and also the converter on the coinpot faucets platform.

The Ethereum Virtual Machine?

The Ethereum virtual machine greatly simplifies the whole process of creating decentralized applications. The main advantage of EMV is to enable the development of thousands of different applications on only one platform.

Thanks to Ethereum, developers can easily create and implement decentralized applications (DAAPS) that serve their users for a specific purpose. Bitcoin can also be considered as a decentralized application that will provide its users with a decentralized peer to peer payment system.

Decentralized applications work in a distributed blockchain network, therefore they can not be controlled by any central unit.