What Is Ethereum ?

It can be considered a much more programmable version of bitcoin. Proof of work based on a blockchain installed on it. Proof of work, describes a system that requires a not-insignificant but feasible amount of effort in order to deter malicious uses of computing power, such as sending spam emails or launching denial of service attacks.

The mining problem is designed as memory hard to make it similar but more resistant to asic (asic-specialized equipment). Unlike bitcoin, digital contracts allow identification. Written contracts (programs) are compiled and deployed to the blockchain. One of the common examples of this is "smart" equipment that can be rented without any central server/service. For example, you can design a car that works for a certain period of time when a certain amount of ether is transferred to a certain address by simply listening to blockchain.

Although it looks like an "altcoin" at first glance, it's actually a digital currency with more innovation than altcoins.

It is a four-man team whose founders are VitalikButerin, Charles Hoskinson, Anthony Diiorio, Gavin Wood. It's built on the logic of bitcoin. It has a special spelling language of its own. This allows the development of "decentralized" software protocols using the operating system. Thus, it is possible to create thousands of altcoins using contracts agreed on within the same main operating system and on a single blockchain.

Ethereum actually basically works with the same technological structure as bitcoin. We can call it is a further development of bitcoin. Ethereum is developed with blockchain technology that makes decentralized, encrypted and secure transactions like bitcoin possible. so what is this blockchain technology? It is a data structure that represents the record of account transactions for keeping the record of virtual currencies.

Ethereum has been developed such that users who join the network, such as in bitcoin, can produce new coins using the hardware of their computers. Unlike Bitcoin, Ethereum uses a Gpu, a graphics card that runs much faster than the cpu, instead of using the computer's processor, to produce new coins. It may be noticeable that ethereum uses a different algorithm compared to bitcoin. That makes it incompatible with hardware developed specifically for bitcoin mining. Ethereum uses an algorithm called ethash.

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