August 15, 2017

What is Ethereum?

With the birth of Bitcoin, thousands of possibilities in cryptocurrency were born too. Out of the open-source this service relied on, a great amount of new digital assets have been created, locating themselves always beneath Bitcoin since they were derivates or supported by BTC as the reference. Nevertheless, as Bitcoin is the oldest of all these systems it is only natural that better technologies are created from it, possibly surpassing it with time. Well, with the new chainblock platform called Ethereum, this seems to be happening.

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Ethereum and Ether

Ether is an accounting system that also works with chainblock but includes the coding language “Turing” which is completely integrated so anyone can create intelligent contracts and other decentralized applications just as cryptocurrencies with really short lines of code. Actually, this program is specially designed to promote short codes since extra-coding under this platform also represents extra costs.

Taking into consideration that Ethereum was created to surpass the code limitations on BTC, it’s not strange to hear that Ethereum’s e-money “Ether” is actually surpassing the growing levels of Bitcoin with nearly 4.000% growth only this year 2017.

Ether is then, the Cryptocoin that sustains Ethereum and it works only under this platform, that is the primordial difference between Ether and any other cryptocoin. By the moment, Ether is already the second most valued cryptocurrency in the market and threatens to become the first one quite soon. This responds to the fact that using the Ethereum platform anyone can create intelligent contracts to distribute any financial transaction with complete security and directly between both parties.

Another great advantage that Ethereum represents is that Ether has no limit of creation, but instead it will be created as long as there are users in the platform, allowing the possibility of an entire economic system that sustains in a long time, which doesn’t happen with the others cryptocurrency that deflates with time. This makes very useful to manage any kind of decentralized transaction with Ethereum since this longterm promise represents much more financial safety than BTC and other e-coins do.

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How does Ethereum control fraud?

Even though this system has no limit on the total amount of cryptocurrency they’ll create, certainly this could be an incentive for fraud or for manipulating or creating excessive currency, so in order to offer the safety this kind of transactions require, there’s an annual limit the creation of Ether that ascends to 18million p/y.

In the same way, Ethereum protects itself thanks to the distribution of their Blockchain and the nature of their intelligent contracts that are unbreakable, unalterable to guarantee that the previously agreed terms are met. This means that the contract will and code will work exactly the way it was programmed without the possibility of being altered and it works like a “encrypted box” that only opens when the mentioned terms are met and the reward can be not only the Ether cryptocurrency but also any other kind of financial transaction.

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