What is Ethereum?

Ethereum is a decentralized and open source blockchain with smart contract capability. Ether (ETH) is the native currency of this operating system. After Bitcoin, Ether is the second digital currency in terms of market cap and the most active blockchain. In addition, for the digital title to be used, it can be used to process other types of financial currencies, execute smart contracts, and store them for third-party personal applications.

The Ethereum network has been amazing over the past few years, and one of the useful uses of this network is to remove agents and create trust between users.

A brief history of Ethereum and its technology

In 2012, at the age of 17, Vitalik Buterin was introduced to Bitcoin by his father and became very interested in its technology. Vitalik started writing for Bitcoin Magazine and made suggestions for creating Bitcoin platforms. When these developments failed, he decided to create his own digital currency.

The version of Ethereum on the Internet is a version in which servers and clouds are replaced by a network of systems called nodes. Nodes store and maintain a common database called blockchain. The more nodes, the more secure the network and its data.

The information stored in the blockchain is confirmed by "consensus". This means that more than half of the nodes must agree on the correctness of the information before it enters the blockchain.

Hacking this type of system is almost impossible, as you need to control more than half of the network to force login. Even if you control more than half of the network, it will cost you so much to complete that it won't be worth it.

Advantages and disadvantages of Ethereum

Some of the most important advantages of Ethereum are:

• very safe
• Much more scalable than Bitcoin
• It has the capabilities of smart contracts and DAPs
• Strong development team

Like everything else Ethereum also has its disadvantages, the most important of which are:

• Mining costs
• High network fees
• Network complexity