While Bitcoin has been the landmark of cryptocurrency, Ethereum too has emerged from the shadows in the last few years as a worthy competitor. Proposed by Vitalik Buterin in 2013 and launched in 2015, Ethereum has taken the application of blockchain technology to new heights. While Ethereum is a cryptocurrency, it is not the same as Bitcoin. We take you through the basics of what Ethereum is, how it works, and why it matters. If you are new to the world of cryptocurrency, then you can refer to this basic guide before moving forward with this article. Image: Flickr What is Ethereum and how is it different from Bitcoin? The first thing to know is that cryptocurrencies like Bitcoin or Ethereum are one of the many applications that are supported by blockchain technology, in the same way that email is only one of the many applications of the internet. Essentially a distributed public blockchain network that runs the programming code of decentralised applications (Dapps), Ethereum goes beyond being a cryptocurrency in terms of both purpose and ability. Bitcoin is a decentralised application that creates a P2P cash system, wherein users can transact in bitcoins. On the other hand, Ethereum allows developers to build and launch decentralised applications for any purpose of theirs, including creating their own cryptocurrencies. By distributing the processing power required to run these programmes between peers on the network, Ethereum essentially acts as a blockchain supercomputer. Moreover, due to the principle of consensus, apps on the network run exactly as programmed without any possibility of censorship, downtime, fraud, or third-party interference.
| author | avinashsingh |
|---|---|
| permlink | a-layman-s-guide-to-ethereum-how-it-works-and-why-it-matters |
| category | bitcoin |
| json_metadata | {"tags":["bitcoin","news","lastest","word","currency"],"app":"steemit/0.1","format":"markdown"} |
| created | 2017-12-10 10:42:48 |
| last_update | 2017-12-10 10:42:48 |
| depth | 0 |
| children | 2 |
| last_payout | 2017-12-17 10:42:48 |
| cashout_time | 1969-12-31 23:59:59 |
| total_payout_value | 0.000 HBD |
| curator_payout_value | 0.000 HBD |
| pending_payout_value | 0.000 HBD |
| promoted | 0.000 HBD |
| body_length | 1,678 |
| author_reputation | -49,028,219,751 |
| root_title | "A layman’s guide to Ethereum: how it works and why it matters" |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 HBD |
| percent_hbd | 10,000 |
| post_id | 22,980,477 |
| net_rshares | 2,432,829,219 |
| author_curate_reward | "" |
| voter | weight | wgt% | rshares | pct | time |
|---|---|---|---|---|---|
| cheetah | 0 | 2,432,829,219 | 0.08% |
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in: https://yourstory.com/2017/12/laymans-guide-to-ethereum/
| author | cheetah |
|---|---|
| permlink | cheetah-re-avinashsingha-layman-s-guide-to-ethereum-how-it-works-and-why-it-matters |
| category | bitcoin |
| json_metadata | "" |
| created | 2017-12-10 10:43:09 |
| last_update | 2017-12-10 10:43:09 |
| depth | 1 |
| children | 0 |
| last_payout | 2017-12-17 10:43:09 |
| cashout_time | 1969-12-31 23:59:59 |
| total_payout_value | 0.000 HBD |
| curator_payout_value | 0.000 HBD |
| pending_payout_value | 0.000 HBD |
| promoted | 0.000 HBD |
| body_length | 155 |
| author_reputation | 942,693,160,055,713 |
| root_title | "A layman’s guide to Ethereum: how it works and why it matters" |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 HBD |
| percent_hbd | 10,000 |
| post_id | 22,980,501 |
| net_rshares | 0 |
Source- https://yourstory.com/2017/12/laymans-guide-to-ethereum/ Not indicating that the content you copy/paste is not your original work could be seen as [plagiarism. ](http://www.plagiarism.org/plagiarism-101/what-is-plagiarism/) Some tips to share content and add value: - Use a few sentences from your source in “quotes.” Use HTML tags or Markdown. - Linking to your source - Include your own original thoughts and ideas on what you have shared. Repeated plagiarized posts are considered spam. Spam is discouraged by the community, and may result in action from the [cheetah bot](https://steemit.com/steemitabuse/@cheetah/cheetah-bot-explained). Creative Commons: If you are posting content under a Creative Commons license, please attribute and link according to the specific license. If you are posting content under CC0 or Public Domain please consider noting that at the end of your post. If you are actually the original author, please do reply to let us know! Thank You!
| author | steemcleaners |
|---|---|
| permlink | re-avinashsingh-a-layman-s-guide-to-ethereum-how-it-works-and-why-it-matters-20171210t142027106z |
| category | bitcoin |
| json_metadata | {"tags":["bitcoin"],"links":["https://yourstory.com/2017/12/laymans-guide-to-ethereum/","http://www.plagiarism.org/plagiarism-101/what-is-plagiarism/","https://steemit.com/steemitabuse/@cheetah/cheetah-bot-explained"],"app":"steemit/0.1"} |
| created | 2017-12-10 14:20:27 |
| last_update | 2017-12-10 14:20:27 |
| depth | 1 |
| children | 0 |
| last_payout | 2017-12-17 14:20:27 |
| cashout_time | 1969-12-31 23:59:59 |
| total_payout_value | 1.004 HBD |
| curator_payout_value | 0.144 HBD |
| pending_payout_value | 0.000 HBD |
| promoted | 0.000 HBD |
| body_length | 988 |
| author_reputation | 2,789,224,428,782,668 |
| root_title | "A layman’s guide to Ethereum: how it works and why it matters" |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 HBD |
| percent_hbd | 10,000 |
| post_id | 22,999,076 |
| net_rshares | 276,224,618,044 |
| author_curate_reward | "" |
| voter | weight | wgt% | rshares | pct | time |
|---|---|---|---|---|---|
| adm | 0 | 276,224,618,044 | 1.5% |
hiveblocks