What is Ethereum?
Ethereum is the market’s leading altcoin,
first introduced at the Bitcoin conference in North America. Presented by the
founder Vitalik Buterin, Ethereum was of great interest and it became even more
attractive day by day. At first glance, it seems to be an ordinary altcoin, but
it has different features than other altcoins. Thanks to these features, the
cryptocurrency community, which sees Bitcoin as gold, has defined Ethereum as
the oil of cryptocurrencies. Let’s examine the features of Ethereum that
distinguish it from other cryptocurrencies.
Ethereum blockchain ERC-20, which was
created like Bitcoin’s blockchain, has many innovations. It uses its own
special software language. The main purpose of the operating system is to
enable the development of decentralized software on its own system. With this
system, it is possible to create several altcoins on a single blockchain with
help of the smart contracts. Most people see ETH as Ethereum Vol 2 or they
associate Ethereum with oil, like the Bitcoin-gold association.
Ethereum or Bitcoin?
The most frequently compared crypto coins
in the cryptocurrency community are, of course, Bitcoin and Ethereum. The
founder of Ethereum, Vitalik Buterin thinks that this pair should not be
compared. He made the following statement on this subject:
“If we compare crypto coins with the
resources in the world and see Bitcoin as gold and Litecoin as silver, Ethereum
is the oil. Because, Ethereum will be the energy source in the internet for the
technology world. The same applies to Ethereum technology, as oil is used for
many industries and technologies in the world. For this reason, we call Ether
‘crypto fuel’. The energy required by the Ethereum platform will be provided by
Ether (ETH). “
Vitalik never makes a comparison as it is
clearly seen in his statement. On the contrary, he makes the gold analogy for
Bitcoin, and compares Ethereum to oil.
Who is Vitalik Buterin?
In 2011, he was introduced to the Bitcoin world
and left university education. He is an idealist who has been involved in the
activities of the crypto communities and has played a key role in most studies.
Vitalik Buterin set out with a team of four
people at first, and then had a staff of 32 people within 2 months. Vitalik
Buterin, working with so many people before launch, stands out as an
entrepreneur who gains people’s confidence in his business. The names in the
team are not to be taken for granted, as Charles Hoskinson, Anthony Diorio,
Gavin Wood were three of them.
How is Ethereum Mining done?
The ERC-20 system works with reward system
to work seven days and twenty-four hours. It uses the miners who support the
operation of the system to win the prize. ETH mining is done with GPUs. It does
not require special mining equipment like in BTC mining.
The increase in the number of miners and
the steady decline in the mining prize reduce the profits from ETH mining day
Where to Buy ETH
Ethereum can be obtained safely from stock
exchanges such as Binance and Bitfinex. In addition, it is possible to buy it
with cash from Cointral branches.