What is Ethereum: Understanding Its Features and Applications

Ethereum is becoming the most popular cryptocurrency after Bitcoin in the digital market at present. Ethereum which is also known as The Enterprise Ethereum Alliance (EEA) has partners like Intel, JPMorgan and Microsoft who invest into it and make it profitable. The tremendous growth and increasing popularity of ethereum is a sign that it will become a giant and bigger market in future. So, it’s very important for nova to know the features and applications of Ethereum which is competing Bitcoin very efficiently. If you want more information regarding this, you can go through the Bitcoin Superstar to better understand it.

What is Ethereum?

Ethereum works like a “Blockchain”, a type of ledger for every single individual who wants to invest in the currency. It is a platform which allows every member to work as a decentralized authority which means their system is not under control by any central authority, central banks or any other third party. They are their own decision makers and they will handle or control their own private ledgers with Ethereum. Let’s discuss the ethereum features in detail. 

Ethereum Features:

Smart Contracts: Ethereum considers smart contracts between partners who deal with the cryptocurrency in an efficient manner that helps ETH to grow and develop in the market. It is very important to discover smart contracts in this era rather than traditional contracts. Basically, smart contracts are an agreement between the two parties for the process of buying, selling and exchange of assets, money or shares etc. being the partners of ethereum network which is also based on such terms and conditions that every partner who wishes to come into the smart contract has to follow it. The main feature of the smart contract is that it cannot edit, amalgamate or alter once it is executed and its execution will be permanent. The smart contract is done by the decentralized authority which means no central authority or any other authority has the right to control the transactions of the ethereum system. The exchange of assets is very private and secure including the identities of the parties of the contract which operate trust between the parties. 

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Decentralized applications: Ethereum allows you to make your own application without any controlling power of other authorities. There are numerous platforms where data is easily accessible by the controlling authority which means information and data can be obtained easily through codes and API pages and nothing is private and secret, every single information of an individual is stored in this data which can be used by any controlling authority at any time. Whereas, the ledger-based network is decentralized where the users get access through smart contracts and operates the system as a secret identity with privacy and security.  

Ethereum Virtual Machine:  Ethereum gives virtual machinery that allows you to keep data safe and understands the smart contracts by their efficient technology. EVM is the machinery that understands and operates the language of the smart contracts. The EVM includes the codes that help to maintain the security of the privacy policy that can’t be affected by the cyber-attacks.   

Applications of Ethereum

Voting Systems: The first application of the ethereum is Voting System. It is done through polls which ensure the fair and accurate democratic elections between the members of the ethereum.

Banking Systems: Ethereum is unique and popular in the banking system because of its decentralized feature which keeps secrecy and privacy. It is very difficult for the hackers to use that data.

Shipping: Ethereum is very efficient in shipping all the goods and services of the users by tracking all the information of cargos.

Agreements: Ethereum is used for the smart contracts between the parties that cannot be altered, amalgamated and edited after once executed.

Therefore, Ethereum is emerging as a very effective and efficient technology in a digital market that one should understand its concepts deeply.

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