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Everything you need to know about the Ethereum Blockchain

mariawilsonFeb 9, 2018, 6:18:32 PM

The nCash, a cryptocurrency used for transactions across the Nucleus Vision ecosystem is based on the Ethereum blockchain. Today, we want to make you understand the meaning of Ethereum blockchain and how it works. Until very recently, it has been difficult to build blockchain applications due to the required complex mathematics, background in coding, cryptography and significant resources. Now there are unimagined applications for electronic digitally recorded property assets that provide tools to build decentralized applications, and Ethereum is making it happen.

What is Ethereum?

Ethereum is simply an open software platform that is based on blockchain technology and enables developers to build and deploy decentralized applications. Ethereum is a distributed public blockchain network just like bitcoin. There are many differences between bitcoin and Ethereum, but the main difference is that they differ substantially in purpose and capability.

There is only one particular application of blockchain technology offered by bitcoin. It also offers peer to peer electronic cash system that makes it a capable for online transactions. Bitcoin blockchain helps to track ownership of digital currency while Ethereum blockchain majorly focuses on running the programming code of any decentralized application.

In the Ethereum blockchain, miners work to earn Ether. Application developers also use Ether to pay for transactions and services on the network.

The Ethereum Virtual Machine

Blockchain applications were designed to do a very limited set of operations before the creation of Ethereum. Other cryptocurrencies such as bitcoin were developed explosively to operate as peer to digital peer currencies. There was a problem and developers had two options; either to expand the functions offered by bitcoin or to develop a new blockchain application and a new platform as well. This was when Ethereum creator developed the virtual machine.

This is a Turing complete software that runs on Ethereum network and enables anyone to run any program given enough time and memory regardless of the programming language. The virtual machine simplifies the process of creating blockchain applications and also makes it efficient than ever before. Now developers will not have to build an entirely original blockchain for each new application because Ethereum makes it possible to make thousands of different applications on one platform.

Benefits of Ethereum

• There can be no corruption because applications are based on a network formed around the principle of consensus.

• Data cannot be changed by a third party

• It is secure because it doesn’t have a central point of failure and it is secured with cryptography and applications cannot be hacked.

• Apps can never go down, and they can never be switched off.

Ethereum is used by developers to build and deploy decentralized applications. nCash, for example, is a decentralized application. Decentralized applications are made up of code that runs on a blockchain network, and they are not controlled by any central entity or any individual.

Ethereum can help to decentralize and centralized services such as loans provided by banks and other intermediary services such as voting systems and regulatory compliance. 

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