If the vast world of cryptocurrency catches your attention, surely you have heard of Ether, this virtual currency project has achieved great popularity and security, even several recognized banks in the world have shown their interest in this currency, some of these, are the French bank BNP Paribas, a world-class bank such as the UBS bank formerly known as union of Swiss banks and Barclays a bank based in London.
Project Ethereum was developed in late 2013 and was first introduced in 2014, a year later it was further developed at the programming level until it was executed in 2015 and its founders were Vitalik Butterin and Gavin Wood.
It should be noted that Ethereum is a platform for decentralized applications, that is, no one can control this system, since it works as a wide network. This works with a smart contract system, for example, buy-sell contract and the trading currency is Ether, that is, Ether is the cryptocurrency of the Ethereum platform.
Differences from bitcoin.
Although both currencies have relatively little in common there are some differences, the two cryptocurrencies work with blockchain technology to operate, to generate each new bitcoin and ether, it must be mined by the well-known miners, these are people who are dedicated to maintaining the functioning of the network distributed around the world.
However, there are some protocol differences between these currencies, on the one hand, the bitcoin protocol is programmed to have a limit of only 21 million bitcoins in your system, while for the Ether protocol it only manages an annual mining limit, that is to say that theoretically it can be mined infinitely.
A transaction on Ether is confided in about 15 seconds, while on bitcoin it usually takes about 10 minutes.
Ether, on the other hand, is the ethic algorithm, while bitcoin uses the Sha-256 algorithm.
As one of the main advantages of Ethereum is that you do not need intermediaries to make transactions or make contracts and trade with Ether.
In addition, it works as an entrepreneurship platform for those people or companies that have projects, but that require financing, because this platform allows them to expose said project to raise funds, without as many requirements or paperwork as in a bank, where such processes are slow and expensive.
It works with smart and decentralized contracts, or which allows almost any transaction to be fast and secure, since the records are backed up in the hive system, avoiding internal management.
Monetary transactions are executed automatically when the agreed agreements are fulfilled.
- It’s a very young project.
- There are many similar projects in this field
- It has high volatility and inflation because it has no limits on mining
Worth investing in Ethereum.
Investing in the cryptocurrency ether, can be very interesting since this is linked to the Ethereum platform, which is growing and could revolutionize various sectors of the industry, one of them are finance with its decentralized financial operational systems.
That is why many people have decided to invest in this cryptocurrency called ether and for the benefits of the etherium platform, increasing the power influence of their economy.