Ethereum Explained

Ethereum is this open-source distributed blockchain network where the main goal is to simply smart contract scripting. The platform has allowed developers to streamline and build decentralized applications that function on blockchains.

The platform has also introduced the general populous to a wide array of functionalities and applications.

Ethereum uses nodes to store and maintain a shared database known as the blockchain.

There are thousands of nodes within the network and each of them stores the entire blockchain. The more nodes that are generated, the safer the network and the data become as a result of that.

The information that you end up entering into this record will only be controlled by you and is not stored on your computer or within a central server, but is stored across the entirety of the node network.

Ethereum network

Ethereum network

This information that is held within this blockchain is verified by consensus. This means that more than half of the nodes have to agree that the information is in fact correct before it is allowed onto the blockchain.

As a result of this, hacking this kind of system is almost impossible as the hacker or hackers would have to control more than half of the network in order to force a consensus.

But for the sake of an example, let us assume you did indeed control more than half of the network, it would still cost you a fair bit of money to complete the attack that it would get to a point where it would not be worth your while.

Ethereum did not invent blockchain technology, Bitcoin is responsible for that but it Is using blockchain technology and making huge improvements on it.

The Ethereum Blockchain, also called Blockchain 2.0 due to its various improvements, uses extremely similar technology like the one found on Blockchain, except here it’s a bit more advanced, and you can do much more with it.

Ethereum is often mixed up with a cryptocurrency. The case of the matter is that Ethereum is the platform that the cryptocurrency known as Ether (ETH) functions within. This is an ecosystem where Ether’s primary role is to compensate miners for performing EVM computations.

Let’s talk about EVM…