Beginner’s Guide to Ethereum

by | Oct 22, 2018 | Finance

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Are you familiar with Ethereum? If not, it is a cryptocurrency, similar to the well-known Bitcoin. If you look at the website for Ethereum, it is defined as “a decentralized platform that runs smart contracts.” We’ll look at what that means and how it differs from Bitcoin in this article. After reading this, you will be well on your way to using ATMs to buy or sell Ethereum in Atlanta.

The Basics of Ethereum

Ethereum is based on the blockchain and is a decentralized platform that allows decentralized applications to be built and deployed. One of the biggest appeals of Ethereum is that any developed can build their own smart contracts. The cryptocurrency that comes from Ethereum is known as ether. Ether is used for two things:

   * To pay out smart contracts that meet their stated conditions.

   * To compensate full mining nodes which are used to power the network.

What is a Smart Contract?

Basically, this means that there is a computer code that does the exchange of Ethereum between two people. But rather than transferring manually, as with Bitcoin, the contract executes when a set of conditions are met. The contracts run on the blockchain, which means they will run exactly as they are programmed to without the need for a third-party, downtime, or any sort of censorship. Rather than having limited code available, Ethereum lets developers build any operations that they would like which leaves innovation completely open.

Some of the most commonly used decentralized apps on the Ethereum network include:

   * Token Systems

   * Prediction Markets

   * Financial Derivatives

   * Cloud Computing

   * File Storage

   * Data Feeds

   * Banking

   * Insurance

   * Centralized Autonomous Organizations

Ethereum Virtual Machine

With block chain applications such as Bitcoin, users only have a few options to choose from. With Bitcoin, it was built specifically and only to operate as a type of cryptocurrency. Ethereum allows any operations to run, which makes it much different from the basic cryptocurrency alternative. Each Ethereum node runs the Ethereum Virtual Machine, which allows for the built applications to be decentralized without the need to build a totally new block chain.

Buying Ethereum in Atlanta

If you are interested in the perks and benefits of Ethereum and wish to invest in ether, there are a number of ways to do so. One of the most convenient is by visiting a cryptocurrency ATM from RockItCoin. To find locations near you, all you need to do is visit our website.

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