Where would we all be without the latest technology to help us get the most from life? Whether it is using social media platforms to catch up with friends or e-mail at work, there is no doubting how vital it is to us all now.
The financial world has also been heavily impacted by technology lately and cryptocurrencies are a prime example. Since the first cryptocurrency was launched in 2009, this form of digital cash has grown immensely in popularity. Although Bitcoin might still be the best-known crypto coin, it now has a serious rival for top spot in Ethereum.
But what is Ethereum and what is the technology behind it?
What is Ethereum and what can it be used for?
In simple terms, Ethereum itself is a decentralized software platform which operates on a worldwide basis. Most crypto fans though will know it for the cryptocurrency that is native to it, called Ether (ETH).
But what can you use Ethereum for in particular? The iGaming scene is fast becoming crypto savvy, and this means there are now some exciting Ethereum online casinos in 2022 to try out. These are internet-based casinos which allow players to game with Ether as their currency of choice, rather than standard fiat currencies. With the security, low fees and privacy that Ethereum offers as a currency choice, expect to see more people gaming with it soon.
What else could you use Ethereum for?
Using Ether to play casino games is only one way this popular coin can be used in real life. For many companies in the business world, the main use for Ethereum is the creation of smart online contracts. It also helps companies create secured digital tech online. In addition, Ethereum can also be used to pay for work done on the blockchain. It has quickly become the choice of developers and companies who create cutting-edge blockchain platforms and services to change the world we live in.
In addition to online casino play, many expect to see Ethereum show up more in video gaming as time moves on. Its use as a method of securing online payments and items housed in a digital world is ideal for this kind of situation. The tech behind Ethereum makes it the ideal choice for game developers who are looking to make in-game purchases for NFTs and digital items available in a safe, convenient way.
What is the technology behind Ethereum?
Keeping up with the latest news in technology is crucial and this is certainly true when it comes to digital cash. But what is the story with Ethereum and the tech behind it?
Launched in 2015 by Vitalik Buterin and Joe Lubin, the main tech behind Ethereum is blockchain. This should be no surprise to keen crypto fans because this is the tech which underpins almost all digital coins.
Blockchain is basically as it sounds – a very long chain of digital blocks which has a new block created every time the network is updated or a block of transactions are verified. This blockchain is a publicly available network which is visible to anyone. Ethereum also uses proof of stake protocol tech to enable users to validate network updates and be rewarded in Ether if they are the first to do so. As a result, this technology makes Ethereum super-secure and explains why it can be used for things such as smart contracts.
How does blockchain tech work for Ethereum?
When it comes to the purchase of online items and NFTs, the key point for Ethereum is not just this super-secure blockchain technology. This coin also uses encrypted data which stores a user’s crypto wallet address to establish ownership.
When an item or token is traded or sold, this is recorded on Ethereum’s public ledger online and verified by the network. In this way, Ethereum remains secure and almost impossible to tamper with. The key thing for security is that the blockchain which powers Ethereum cannot be changed without the consensus of the whole network first. This makes it very hard to tamper with or manipulate without everyone knowing.
What is the future for Ethereum?
It is generally accepted that Ethereum is now the world’s second most popular cryptocurrency – with only Bitcoin being ahead of it in the public’s affections. The future therefore looks bright for this coin and should see it not only maintain this position but also make a real challenge for top spot.
With its range of uses in the real world and how key it could be in the business/finance sector moving forward, there is no doubt that this coin is one to watch. It is also undoubtedly backed by some of the most sophisticated and high-end tech around.