Category: Ethereum

What is Ethereum and How Does it Work?

In line with our endeavor to bring you the best Ethereum news, and Ether news, we bring you this post to keep you updated on the latest Ethereum news.

Before we proceed, let’s clarify a widespread confusion. Ethereum is not a cryptocurrency. Instead, it is a technology on which the cryptocurrency Ether is based.

What is Ethereum?

Ethereum is an open-source and decentralized software platform. It is a Blockchain-based network used for Ether. You can use Ether to make financial transactions, as a store of value, or as an investment. Ethereum is an open-for-all platform that allows you to access Ether irrespective of your background or location. It enables you to build and run smart contracts and distributed applications without the risk of any fraud, downtime, or interference from any third party.

How Does Ethereum Work?

A Blockchain, as most of you already know, is a decentralized and open-for-all ledger that verifies and records all transactions. Everyone who participates in the Ethereum network holds an identical copy of the Blockchain ledger. It enables them to view all the previous transactions. It is a network managed by all ledger holders instead of a central entity.

 

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