Let’s get Everything Right About EthereumJanuary 24, 2018
UNDERSTANDING DEEP ETHEREUM……?
I really think we should break the ice on these blockchains terminologies because I feel people jump in very fast on the money making part.This is dangerous!!!!
according to the research, etherium should be decentralized platforms that run in the blockchain technologies that are programmed with the possibility of zero latency, fraud or third party level of intervention.
It uses a public blockchain similar to Bitcoin but also enables advanced programmable transactions.
SIMILARLY…..What is Ether?
Ether (ETH) is a solid low-level currency on the te Ethereum food chain or network as others may put it. Similar to the likes of Bitcoin, it’s majorly created by computerized mining.This can be sent to and from one address on the chain to another, and can also be used in other transactions reffered as “small contracts“.
In our last post I discussed Vitalik Buterin, he is the father of ethereum, and as many people come in; they just contribute to his original sweat.
The exemplified difference between Ethereum and Bitcoin…
Bitcoin is a child of strictly peer to peer version of electronic cash, that establishes the payment and value transfer as its primary applications.Whereas ethereum provides a more generalized computational platform through the creation of smart contracts by supporting decentralized applications governance.
Sending Bitcoin to an Ether Wallet? And Vice Versa…..
My answer…is nope.Bitcoin and Ethereum are separate protocols in the blockchain as discussed above.It is impossible for now, but let’s hope for something to come up with advancement in Blockchain engineering.
A smart contract is like as normal executable program stored on ethereum blockchain and normally is processed by a miner.
They are like a legal contract in that it specifies an agreement for the need that will arise from the future. Specifically smart contracts differ from any contract you have ever known because it’s not subject to the interpretation of human institutions
What is ERC-20
ERC-20 is just a standard token used for ethereum token smart contracts that were developed in 2015.
- It only establishes a common list of rules that ethereum token has to implement.
- It is advantageous because ERC-20 token tracker can search, discover and track all contracts that conform to the ERC-20 token Standard.Please leave us a comment below, on what you need to understand or learn!!!