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Introduction:
Ethereum is a widely recognized cryptocurrency in the trading realm. Let's delve into understanding Ethereum and explore its five key features.
Ethereum:
Ethereum is a decentralised Blockchain Platform that enables developers to create and establish Decentralised Applications (dApps). It is not controlled by central authority. This blockchain technology effects ethereum to have a secure digital ledger to create and maintain. Ethereum has a native cryptocurrency called Ether (ETH).
Let's see Top 5 Features of Ethereum
Ether:
Ether is an ethereum cryptocurrency; it is a gas used like the fuel that powers the Ethereum network. Users used to pay for the computer work needed to handle transactions or actions on the network. So, whenever you do something on Ethereum, like sending cryptocurrency or running smart contracts, you pay a bit of gas to make it all happen smoothly.
This digital currency plays a crucial role in a variety of transactions, including exchanges from (Indian Rupees), showcasing its versatility within the Ethereum ecosystem
Smart contracts:
A smart contract is like a computer program that makes it easy for two parties to exchange any asset, whether it's money, shares, property, or other digital assets.
Anyone on the Ethereum network can create these contracts. These contracts mainly include the terms and conditions agreed upon by the parties involved.
The neat thing about a smart contract is that once it's done, no one can change it, and any transaction including , is permanently recorded on top of the smart contract.
Ethereum Virtual Machine (Evm):
The EVM acts like the brain that understands the language of smart contracts, usually written in Solidity for Ethereum. Let's say person A wants to from person B. The transaction is then submitted to the EVM through a smart contract designed for buying and selling, facilitating the transfer from A to B.
To ensure the transaction's legitimacy, the Ethereum network engages the proof-of-work consensus algorithm.
Decentralized applications (dApps):
Ethereum allows the creation and launch of decentralized applications (dApps). DApps link up with smart contracts to do lots of things, like developing financial activities apps, gaming apps and more.
Decentralized applications, or DApps, are like regular apps you might use on your phone or computer, but they operate on a blockchain, which makes them decentralized and secure. Because they run on Ethereum, they can offer various services without relying on a central authority. For example, DApps can handle financial transactions, gaming experiences, voting systems, and much more, all in a transparent and tamper-proof manner. Since DApps interact with smart contracts, they execute actions automatically when certain conditions are met.
Decentralized Autonomous Organisation (DAO):
A DAO is like a group where decisions aren't made by one central authority but by specific people or a chosen group. It operates on a blockchain and follows rules programmed into a smart contract. So, DAOs use smart contracts for decision-making, kind of like a decentralized voting system for the group.
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