How Ethereum Works

April 28, 2019

FrederikNielsen
16

How Ethereum Works

Only the best developments survived and continued to develop, those that were able to offer consumers new, interesting ways of working, wide application possibilities and attractive prospects for the future. One of these “stars” is undoubtedly the cryptocurrency Ethereum, here we call Ethereum or simply Ether. Despite the fact that you cannot call it new, investors have not yet lost interest in it, its popularity is growing day by day, and some experts (and there are quite a lot of them) are sure that Aether is able to compete on equal terms with Bitcoin and even select the last palm.

Branching Ether

In the history of Ethereum was not without the “black” pages. The year of 2016 turned out to be unfortunate, when hackers broke into The Dao (a venture fund based on Ether) and stole, as much as 64 million USD. Naturally, the crypt was stolen, we just brought its equivalent in dollars. In order to somehow get out of the predicament and compensate the losses to the affected users, the currency was divided into 2 independent branches – Ethereum (ETH) and Ethereum Classic (ETC). The separation, along with the burglary, markedly lowered the coining course, it took a long time to recover. But after all these twists and turns, the value of the currency began to grow, and both branches added to the price.

What is Ethereum

Technical details and specific nuances are unlikely to be of interest to the masses, so we will try to explain everything simpler. Ethereum is an open-source crypto platform operating on the blockchain technology. In other words, this is the base on which developers can build and deploy decentralized applications.

Buying and selling Ethereum

In addition to the above ways to get coins of Ether, you can also buy them. Since the currency has reached a fairly high level, it is represented on many stock exchanges and exchange offices. From well-known services, we can recommend Cex, Poloniex, Livecoin, Bitfinex. These are the largest and most reliable converters for Ethereum.

The exchanges are good because there is access to news and quotes, there is also the possibility of exchanging information with colleagues, and it is still possible to put coins on different wallets.

Is Ether trustable?

The question is not idle, and he cares about many. After all, it’s very difficult to predict what will happen to one or another digital currency in the future, and nobody wants to lose their money. Investing is generally a risky business, and if cryptocurrency is the object of investment, then even more so. After all, this market is quite specific.

But if there is no accurate data that gives confidence in the answer, then it is necessary to analyze the available information and on the basis of this analysis build more or less plausible assumptions about further developments.

What sways Ethereum, then after such an analysis, its future seems quite encouraging, although not without problematic moments. The project is young enough and, of course, not without risks. However, even if the worst happens and the platform ceases to exist, no global catastrophe will happen. Naturally, there will be losses, but not critical. But in the event of further development of the coin in an uptrend, investors can create fortunes over time.

Frederik Nielsen
Frederik Nielsen

I’m a freelance writer and full-time curious person. My main interests are philosophy, politics, art, culture, science, and how they’re all interlinked. When I’m not writing, I’m fronting a band, producing records, and making videos. I’m also currently working on launching a YouTube channel that will focus on culture and politics. I think blockchain technology is fascinating because of the huge potential it has to revolutionise not only the financial sector, but society as a whole.

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