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What is Ethereum? Information about Ethereum!

by Financial Economy

Ethereum is a system first introduced at the North American Bitcoin Conference by Ethereum founder Vitalik Buterin. Although it is generally seen as a sub-coin, Ethereum is essentially an innovative system that aims to develop blockchain technology and use it in more areas. Ethereum for short is a Crypto Operating System that takes the Ether (ETH) cryptocurrency as its power source.”What is Ethereum? Information about Ethereum!” The answers to the questions are in the rest of the article.

The aim is to enable users to create new software on the blockchain system to which Bitcoin is connected. Thanks to this freedom that Ethereum provides to users, it allows the issuance of many sub-coins. 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. You can browse here for information of dogecoin.

Ethereium Bitcoin relationship

Vitalik Buterin, the founder of Ethereum, explains the relationship between ethereum and bitcoin as follows: “If we compare cryptocurrencies with valuable resources in the world and accept Bitcoin as GOLD and Litecoin as SILVER, Ethereum is PETROL. Because the technology underlying Ethereum will be the energy source in the world’s internet system. Just as oil is used in many industries and technologies in the world, the same is true for Ethereum technology. That’s why we call Ether ‘crypto fuel’. The energy needed by the Ethereum platform will be provided by Ether (ETH). ”

How is Ethereum mining done?

Mining is an important factor for the continuity and security of this system with the same Bitcoin logic. In order for Ethereum mining to be done by everyone, the system requirement is made with a graphics card (GPU), not with special production devices as in Bitcoin mining. The increase in the number of miners also causes a decrease in earnings in Ethereum mining day by day.

How is Ethereum produced?

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 or as part of a pool. Being in the pool will increase your production.

For details: https://en.wikipedia.org/wiki/Ethereum

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