Ethereum is a platform used for sharing information that cannot be manipulated or changed easily. Created in 2015 by Vitalik Buterin, this crypto currency which is presently the second most popular digital currency globally, after Bitcoin has continued to gain popularity with each passing day, due to its flexibility and open source usage.
Ether on the other hand is the unit of currency in Ethereum. Ether is the digital fuel for the automated smart contracts of the Ethereum network. For example, when you make transactions, you are actually sending Ether, not Ethereum. This fuel is known as crypto fuel in the crypto currency market. Everything done on the Ethereum Blockchain must be paid for in Ether (ETH). It is quite different from Bitcoin which is a crypto currency used as a means of exchange, as it is solely used as fuel for EVM. Without Ether, the Ethereum network cannot function. Bitcoin is explicitly a digital form of money and payment system, whereas ether is a means of buying services within the Ethereum network.
How is Ethereum Stored?
Lots of crypto currency traders, especially those who are new to the world of crypto currency market may be wondering about how to store Ethereum. Technically speaking, it is absolutely impossible for Ether to leave the Ethereum Blockchain, so it isn’t physically stored anywhere. If you want to use Ethereum, you need to have an Ethereum address or wallet available for that purpose.
Normally, your Ethereum wallet does not store Ether, but it contains codes needed to access it. These codes which are so complex and cannot be easily read except by programmers are commonly referred to as private keys. These keys are so important that any misplacement of your private key can mean lose of access to your wallet.
Looking ahead to the future, Ethereum may be used to securely transfer money to your bank or to send documents to your insurance company. Today, these processes require multiple steps for verification and authentication, but Ethereum makes verification a one-step process because the information is not only immutable, but incorruptible in the first place.
Investors are still optimistic about the future of both Ethereum and Ether, The advantage that Ethereum has is the fact that it an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract(scripting) functionality. Unlike Bitcoin, it is not just a crypto currency but it is a blockchain application that supports various other activities along with trading in its digital currency. It will always rise in value over time as the ever changing world of crypto currency market.
Ethereum no doubt is going to be a very popular blockchain platform in the near future in order to create a safe, secure decentralized and cost-effective way of the network. As long as its relevance is maintained, Ether will also keep soaring in popularity. Its multi functionality cannot be unrivalled, as it keeps find usefulness in various areas.
- Help us to do eliminate the bridge between the third party and user for the financial transaction which increases more security and improved speed.
- Decentralization, which largely removes third-party interruptions in the transaction process. This particular application cuts across several fields like energy, banking, Telecommunication.
- Transparency, Efficiency and accountability increases in the day to day activities.