What is Ethereum?
The Ethereum is the open source software platform that enables the developers to develop and deploy the decentralized applications. The Ethereum was invented by Vitalik Buterin. The Ethereum applications are not controlled by an individual or a central entity. Instead, the Ethereum blockchain network is run by millions of volunteers across the Globe.
Ethereum Smart contract:
- The Ethereum is not just created for peer to peer digital currency transactions. The smart contract mechanism is used for creating applications to automatically process the conditions.
- The smart contract is the script or the code that runs on the blockchain network. Based on the application, the code is executed to process the instructions.
- This technology is used in hundreds of application that runs on blockchain including real estate, shares, exchanges, digital banking, mortgages, money exchange, voting systems, financial applications etc.
- The Ether(ETH) is the digital currency similar to the Bitcoin, Litecoin, etc. The ETH is used for operating the smart contracts on the Ethereum network.
- The ETH is called the Ether token and few search for Ethereum coin.
- The Ether is used by the application developers to pay for transaction fees on the Ethereum network.
- The ETH value is determined by the real-time buying and selling. The Ether value is volatile and it varies depending on the availability and market balance.
- When the users continuously sell the ETH, its value decreases and similarly hikes on demand.
Bitcoin vs Ethereum:
- The Bitcoin is the peer to peer digital currency and is only used for transactions. The Bitcoin is the base for all the applications using the blockchain technology.
- The Bitcoin is used only as the money by the Bitcoin users.
- The Ethereum operates similar to the Bitcoin network. While the Bitcoin is primarily used as the digital currency, the Ethereum do not act as the form of money, but it operates the smart contract.
- The Ethereum allows the users to send and receive the value of ETH tokens over the open network.
- The Bitcoin mining is limited to 21 million Bitcoins but there is no limit in Ethereum mining.
Ethereum Virtual Machine(EVM):
- The Ethereum Virtual Machine(EVM) is the software that runs on the Ethereum network simplifies the creation of blockchain applications.
- It is easier to build applications using EVM. Such applications are highly efficient.
- The EVM helps the development of various applications all on one platform.
- Though the Ethereum helps the huge organizations and app developers to create their own safe applications using the smart contract technology, here we talk the uses of Ethereum for the online earners.
- The ETH is similar to the bitcoin. By earning ETH, we can sell it for USD or any other currency.
- Since ETH value is highly volatile similar to the Bitcoins, we can trade ETH to make the profit.
- The Ethereum technology is growing every day. So, this will be the right time to earn ETH. The ETH value is said to reach thousands in the future so it’s not too late to earn or invest in ETH.
- Creating the Ethereum wallet is simple as creating the Bitcoin wallet. Moreover, the Coinbase has the feature to store both Bitcoin and the Ethereum in the same account.
- So if you have an account on the Coinbase already, go to the Coinbase account and click Accounts. You will find both the Bitcoin and the Ethereum wallet as shown below.
- Click the “Get wallet address” link at the right side to get the Ethereum wallet address.
- We can store the Ethereum and Bitcoins safely on the Coinbase account. This helps us to maintain the major cryptocurrencies at the same place. The Coinbase will add the functionalities to store more crypto currencies in the future.
- If you don’t have an account in Coinbase, click the link given below to start a free online wallet right away.
Click here – Coinbase.
How to create the wallet for Mining Ethereum:
- The Coinbase advises it users not to send the mining rewards directly to the wallet. So, if you’re planning to mine Ethereum, I recommend you to download Jaxx wallet.
- The Jaxx wallet allows us to store multiple cryptocurrencies in a single place. So, we don’t have to create an induvidual wallet for each crypto currency.
- Jaxx is available on different platforms including Windows, IOS, Android, Linux etc.