Bitcoin, Ethereum, and Ripple are currencies with technologies that have been evolving and changing over the past decade. Bitcoin was created in 2009, while Ethereum was released in 2015. Recently, Ethereum has captured a lot of attention due to its ability to perform smart contracts coded within its blockchain technology.
A smart contract is an agreement between two or more parties that only runs one time once certain conditions are met. A smart contract is an autonomous software that can be deployed on a blockchain network, and that automatically executes once certain conditions are met. Contracts are self-enforcing, leaving it up to the parties involved to agree on the rules for transaction execution explicitly.
A DApp is an app that runs on the Ethereum network, but any single entity or computer does not control it. Therefore, it can be accessed from anywhere if you have an Ethereum node open. Let's quickly look at the features and why Ethereum trade at such high value.
Friendly To Developers
Ethereum is a very friendly platform for developers. It's easy to develop decentralized apps, as there are already many dapps on the network. You only need to download the source code and start building your dapp immediately. The best thing about Ethereum is that you don't need any special programming skills. Everyone can use it.
Open Source Code
Ethereum is an open-source platform which means that anyone can review the code. This helps prevent malicious bugs from being introduced into the system and keeps it secure. You might think you can't change anything after you've spent money on developing the Dapp, but things are different on Ethereum. For example, things you post can be checked and changed by anyone who needs to update them. The great thing about it is that even if you fail to follow through with your changes, others will remember you and extend your changes to their own.
Scalability
Ethereum is very scalable. You don't need to worry about being able to process millions of transactions per second. Ethereum can process 15 transactions in one second. Imagine what that means for your applications. It means that you can scale them up without the requirement of expensive hardware or the transaction fees which you might end up paying with traditional payment systems.
Conclusion
Ethereum is an open software platform based on blockchain technology which enables developers to build and deploy decentralized applications. Ethereum makes it really easy to create your own digital currency or build a decentralized company from scratch so that even if someone wants to steal your data, they can't because it's not all stored in one place.
Ethereum is a new cryptocurrency and blockchain platform that was created by Vitalik Buterin in late 2013 with the intent of building an alternative to current payment methods such as banking systems or PayPal.
Ethereum runs on principles similar to Bitcoin, but it differs in some key ways, such as by supporting Turing-complete scripts, which allows for the creation of any executable code within the Ethereum Virtual Machine.
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