What is Ethereum (ETH)
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Offline saulgoodman  
#1 Posted : Tuesday, November 9, 2021 7:48:14 AM(UTC)

Rank: Newbie

Joined: 11/6/2021(UTC)
Posts: 2

NOTE: I don't know English very well so I used a translation. Some sentences can be nonsense

What is Ethereum (ETH)?

Ethereum is a system first introduced at the North American Bitcoin Conference by Ethereum founder Vitalik Buterin. Although it is generally seen as an altcoin, Ethereum is an innovative system that aims to develop blockchain technology and use it in more areas.

Ethereum in short is a Crypto Operating System that takes the cryptocurrency Ether (ETH) as its power source. The aim is to enable users to create new software on the blockchain system that Bitcoin is connected to. Thanks to this freedom that Ethereum provides to users, it allows to issue many altcoins.

The purpose of the Ethereum system is to prevent the storage of information such as personal data by third parties and their use for different purposes. Today, almost all the transactions we make on the internet (shopping, banking transactions, our use of social media, our internet history, etc.) are recorded in data banks as data. For what purposes this information will be used is a complete unknown.

With the Ethereum system, these transactions are stored on many different devices in a completely scattered and anonymous way. Thus, access to this information becomes impossible and turns the entire internet into a decentralized platform.

In order to produce software that will be included in this decentralized system, Ehereum aims to use the Ether cryptocurrency as a fuel in one way.

Can It Compete With Bitcoin?
Ethereum is currently the second-largest cryptocurrency after Bitcoin. The fact that its value has increased in a short time and is more innovative than the Bitcoin blockchain has brought to mind the question that Ethereum can be a competitor to Bitcoin. However, Vitalik Buterin, the founder of Ethereum, has this to say about it:

“If we are comparing cryptocurrencies with the valuable resources in the world and we consider Bitcoin as GOLD and Litecoin as SILVER, then Ethereum is OIL. because the technology underlying Ethereum will be the energy source in the world's internet system. Just as oil is used in many sectors and technologies in the world, the same is true for Ethereum technology. That's why we refer to Ether as 'crypto fuel'. The energy needed by the Ethereum platform will be provided with Ether (ETH).

As it can be understood from Buterin's statement, Ethereum does not have a goal of competing with Bitcoin. We also see that the entire Ethereum founding team has been among the blockchain and Bitcoin developers since the first days of Bitcoin.

What are the Differences Between Ethereum and Bitcoin?
• While the transactions you can do with the Bitcoin system are certain, you can produce new systems and new altcoins with very different software with the Ethereum system.
• The Ethereum system is a more innovative system than the Bitcoin blockchain system.
• In Bitcoin mining, you earn according to your processor power, while in Ethereum mining, a balance is observed between the producers.
• It takes 10 minutes for a block to form in the Bitcoin system. In the Ethereum system, the confirmation time is much shorter, since the formation time of a block is 15 seconds.

Ethereum Madencilği Nasıl Yapılır?
Although Ethereum production seems to be the same method as Bitcoin production, Ethereum production provides some advantages due to some minor differences.

For Ethereum production, you must first create an Ethereum wallet. After installing the necessary programs, you can start production. You can produce individually as well as in a pool. Being included in the pool will increase your production.

You don't need high processor devices for Ethereum production. Production is done through the graphics card (GPU).

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