Ethereum is a blockchain technology with a platform for smart contracts that revolutionized cryptocurrency when it was introduced to the market.
Ethereum is a technology that makes it easy for us to create a cryptocurrency or token on Ethereum’s network and blockchain. Earlier in the days, you also had to create a whole new blockchain for your cryptocurrency. It did also require advanced programming knowledge and experience to create an application running on the blockchain technology,
Ethereum mastered this very time-consuming obstacle by creating a crypto platform where you and I can build new projects with crypto tokens.
Ethereum is therefore, a blockchain technology that, with the help of smart contracts, allows the community to build simple blockchain applications.
Ethereum is a network where we can create applications with blockchain technology without having to create a new blockchain. With that, we can create decentralized applications effortlessly and straight in Ethereum’s platform with Ethereum’s standard.
How to mine Ethereum
The Ethereum platform has a cryptocurrency called Ether. Ether is the GAS in the Ethereum network that keeps the daily operation live. Ethereum miners get paid in Ether for contributing computing power to the network.
If you want to mine Ethereum, you will need buy mining hardware such as high-end graphic cards or Ethereum ASIC miners.
Ethereum is built on a system where users can create a cryptocurrency and other applications through a concept of smart contracts. These contracts are distributed to thousands of computers, called nodes, around the world.
Everything that happens on Ethereum’s network is recorded in a blockchain ledger where all the transactions are stored. In this way, Ethereum smart contracts are spread through a decentralised system. Ethereum is a platform for tokens, smart contracts, and decentralised apps and uses Ether (GAS) to as the fuel to keep the network up and running.