Introduction to Ethereum and its Uses
Since you are reading this, it is fair to assume you have done a fair bit of pondering and by now are somewhat familiar with ‘cryptocurrencies.’ With that said, you likely also know how Bitcoin has been the pioneer of the process. But of course, with time and advancing technology, something new is always on the corner.
Enter Ethereum, the second generation blockchain technology following Bitcoin. Similar to Bitcoin, Ethereum shares the same traits of being open-source, decentralized, and biggest of all, harnessing the blockchain. And the innovation in the mix would be smart contracts.
Differentiating between Ethereum and Bitcoin
Even though Ethereum is dubbed as ‘second generation,’ it does not necessarily take the place of Bitcoin. In essence, both differ in terms of application and capability, not that one enjoys any significant advantage over the other on a large scale.
While Bitcoin offers a particular blockchain application – the P2P electronic cash transfer focusing on tracking ownership of coins, jual beli ethereum relies on running decentralized programs (SMART CONTRACTS) on the blockchain framework.
What is Smart Contract?
The driving force of Ethereum, smart contract is nothing but a decentralized computer code that runs on the blockchain network. It facilitates the transfer of money, property, or anything of value. Now since it is decentralized and the system runs without on the network, there is no chance of fraud of cheating.
So what can Ethereum be used for?
Ethereum is something much more than a mere currency medium. Its uses include, but are not limited to, the following.
- Serve as a platform for developers to develop and launch decentralized applications.
- Convert a centralized application to a decentralized one. A great example of this would be loans offered by commercial banks. Furthermore, the sky is the limit with Ethereum. Various cases like voting systems, registers, etc. can take advantage of Ethereum and be more efficient, albeit sacrificing authoritarian control.
Benefits of Ethereum
Ethereum offers all the perks of running on blockchain and much, much more!
- Immutability– Changes to the data by third persons are not possible.
- Tampered and Corruption proof– Expanding the point above, jual beli ethereum is incorruptible at its core. By relying on the consensus principle, the system entertains no censorship.
- Security– As it is with all cryptocurrencies, Ethereum is encrypted A-Z and does not have failure tendencies, owing to the decentralized platform.
Real-world use cases related to Ethereum
As stated earlier, jual beli ethereum can do a lot more than facilitate money transfers. Here are some everyday use cases of Ethereum.
- Revolutionize Healthcare.
Ethereum shall provide the healthcare industry just the boost it needs. With a central record of health information of people, diseases, and treatments, seamless global coordination is a piece of cake. Just think about it, a checkup during your Maldives holidays can be uploaded to the worldwide platform, and doctors back home in the USA can pick it off right from that.
- Protection from Hackers.
Since there is no central server to penetrate, hackers are going to have a much harder time at it.