From Internet of Information to Internet of Value- Ethereum Platform has Shifted the Way Internet is Use

0
78

It all started with ‘Internet of information’ where users can instantly view, exchange and communicate information but, now it’s come up to ‘Internet of value’ where users can exchange immediate value without any intermediaries. We have witnessed a fundamental change from an Internet of information to the Internet of value! It’s all happening due to the introduction of decentralized applications. Undeniably, there has been a great shift in the way we use the Internet now, and that is because of the Ethereum platform. Before we start a further discussion, let us understand a few important terms.

Ether

Ether is the currency used by the smart contracts in decentralized applications to exchange money. It is important to understand that whenever people buy Ether or say Ethereum currency, they are not buying the currency itself, but buying the key to unlock these coins in the blockchain. People need to keep these keys safe with them because if they lose these keys, they lose access to the coin on the blockchain and it’s locked forever.

Smart contract

It is just a phrase used to describe a computer code that can facilitate the exchange of money, content, property, shares, or anything of value. It serves as a self-operating computer program that automatically executes when specific conditions are met.

Ethereum price chart

It’s a detailed chart or an index that provides the latest eth price in US dollars using an average from the world’s leading exchanges. People can have access to eth chart online to keep an update of prices and exchanges.

Ethereum, a platform where decentralized applications (also known as dapps in short) can be made using smart contracts. These are automated tasks that enable decentralized applications to do things like asking information, send money, and so on.

No More Confusion Between BTC and ETC [Bitcoin and Ether]

There is a different between Bitcoin and Ether. A little confusion is found among people for these two terms. Let us make it very much clear, once and for all. Bitcoin is just a currency which offers a single application of blockchain technology, whereas Ether is the currency that is used in the entire network of decentralized applications, giving it more utility.

Some Quick Points About Ethereum Platform

  • An open software platform based on blockchain technology, a distributed public blockchain network
  • Enables developers to build and deploy decentralized applications
  • Instead of mining for bitcoin, miners work to earn Ethereum currency, a type of crypto token that fuels the network
  • Application developers used Ether to pay for transaction fees and services on the Ethereum network

LEAVE A REPLY

Please enter your comment!
Please enter your name here