🎓 What is Ethereum and its characteristics? – Bit2Me Academy in English
🎓 Ethereum is one of the most important blockchains in the cryptocurrency world and responsible for many of the revolutionary technologies that seek to transform the world as we know it.
What is Ethereum?
The Ethereum cryptocurrency is one of the largest cryptocurrency projects in the cryptocurrency industry. Ethereum itself is a digital platform that is based on blockchain technology. Its goal is to become a blockchain capable of running decentralized applications.
To achieve this, this project has a blockchain and a cryptocurrency with unique features. These include the ability to use and create smart contracts and new tokens. Both are powerful functionalities, which allow it to stand as one of the most complete and powerful blockchain in the cryptomobile world.
The network’s currency is called Ether (ETH), and like Bitcoin (BTC), Ether is characterized as a cryptocurrency that can be used as a peer-to-peer payment method. Another similarity with Bitcoin and other cryptocurrencies is that it is not controlled by any government or regulatory body. Its development is marked by the Ethereum Foundation, its Core Team and the community that supports and supports it. Another important point, is that it uses the Proof-of-Work (PoW) consensus protocol, using the Ethash algorithm. Although this may change in the short term with the release of Ethereum 2.0 and the leap to being a cryptocurrency using the Proof-of-Stake (PoS) protocol.
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