The Ultimate ETHEREUM Guide
ETHEREUM is a digital currency and an open-source distributed computing platform developed by the non-profit organization Ethereum Foundation. As of 2021, the worldwide ETHEREUM network is being utilized by hundreds of thousands of people, making it an up-and-coming cryptocurrency.
ETHEREUM was invented in 2013 by a Russian programmer Vitalik Buterin and resulted from Ethereum’s 20 million dollars’ worth crowd sale campaign. The currency was introduced on July 30, 2015, when the blockchain mined the genesis block. The project’s goal was to invent a platform that facilitates online contractual agreements in a trustless way.
This guide will discuss what ETHEREUM is, how it works, the inventor, how to get it, and where you can use it. So, if you are interested in learning more about this cryptocurrency, we recommend that you read this guide on ETHEREUM.
WHAT IS ETHEREUM, AND HOW DOES IT WORK?
In the most basic sense, ETHEREUM is a blockchain-based distributed computing platform that can run “decentralized applications,” better known as DApps.
The ETHEREUM network runs on computers all over the world. To run decentralized apps, users seek to get a small amount of Ether coins in exchange for their services.
The ETHEREUM project was designed to work on the Ethereum Virtual Machine (EVM), a Turing complete software that runs on the Ethereum network.
Turing complete means that given enough computing power and enough time, you can run any program. Individual EVM-based cryptocurrencies are often called tokens because they are created with their particular code.
In addition to the Ethereum tokens, ETHEREUM also allows for creating new tokens with their own rules and regulations through a process called “Initial Coin Offering” (ICO). In an ICO campaign, you make a cryptocurrency and sell it to get funds for its further development.
THE MAN BEHIND ETHEREUM
The inventor of ETHEREUM is Vitalik Buterin, a Russian programmer with Canadian citizenship. He was born in 1994 and graduated from the University of Waterloo with a degree in Computer Science.
After finishing university, he got into Bitcoin programming and, together with Mihai Alisie, launched the project “Bitcoin Magazine.” Later on, Vitalik became interested in ETHEREUM and became its co-founder and the Editor in Chief of the project.
You can read more about Bitcoin here.
HOW DO YOU GET ETHEREUM?
There are two ways to get Ethers – either by mining them or buying them from someone else. First, let’s try to figure out how mining works.
As you probably know, BTC is issued through mining, which entails solving mathematical problems with computer software. ETHEREUM works the same way. The only difference is that all the transaction records are saved in a public ledger, and Ethers can be mined by anyone using their personal computers and GPUs.
Now, let’s move on to buying Ethers. There are several ways to get them:
1) Purchase Ethereum with fiat currency (USD, EUR, etc.)
Note that there is a real-time dollar price for ETHEREUM so you can see how much it changes to plan your purchase more efficiently.
2) Transfer other cryptocurrencies into ETHEREUM
Dozens of websites deal in cryptocurrency trading, and some of them support ETHEREUM.
3) Exchange another cryptocurrency for ETHEREUM
What these services do is take your BTC, for instance, and exchange it for ETHEREUM. The best part is that you don’t have to make a trade; they only need the address of your wallet.
WHERE CAN I USE ETHEREUM?
Alongside Bitcoin, ETHEREUM is one of the most used currencies in crypto casinos. The crypto casinos here at AllGambling all accept ETHEREUM as a payment option.
In addition to that, you can also use it as a regular currency for trading and shopping.
The Ethereum website has a complete list of all online stores that accept ETHEREUM as a form of payment. In addition to that, there are more than 30 cryptocurrency exchanges where you can trade Ethers for other cryptocurrencies or fiat money.
As we have seen, it’s safer to have ETHEREUM stored in a wallet rather than on an exchange. This allows you to accumulate significant amounts of the currency without worrying that they might take it away from you.