While Bitcoin has grown in a period of seven years to become the world’s renowned digital currency, many cousins and competitors have risen and fallen. However, there has risen a global computer network known as Ethereum that is providing serious competition to Bitcoin. This is because the network has its own virtual currency that is known as the Ether. But what is Ethereum and why has it grown so fast in the last few years? According to the software’s rules, it’s defined as a global computing network. According to these rules, it is possible to program the network to complete a set of computing tasks. To ensure that the task is achieved correctly, the specified users should perform the task concurrently or in parallel. In most cases, these tasks involve money. The network was created by a computer geek known as Vitalik Buterin. According to the creator, he defines the network as a global smartphone that can be made to function depending on the apps that make the gadget. As a result, these apps are referred to as Dapps. For starters, he says that this name has been adopted because they are made to run by computers on a network that is decentralized. Ethereum has been operation since 2013, but it was introduced to the world in 2015.
Understanding Ethereum
You should not confuse Ethereum with Ether. While Ethereum is the platform, Ether is the virtual currency that is used to pay computers on the network to complete these tasks. The creator of the network says that it’s not free to use the network. At the same time, there are people who have invested in Ether. They have resulted to buying Ether and holding it to themselves. They say that the network will become valuable in the future and people wishing to use the network will be forced to buy Ethers from them. The founder of Ethereum says that he was involved with Bitcoin as an aficionado. He says that he was inspired by the success that the virtual currency experienced over the years. As for him, he desired to come up with a system that worked on programming financial transactions that were complex. This makes it suitable for finance companies especially those wishing to settle on a stock option. This has inspired finance companies such as JPMorgan Chase to create its own version of Ethereum referred to as Quorum.
