Description
Cryptocurrency – Ethereum T-Shirt
A cryptocurrency is a medium of exchange that is digital, encrypted and decentralized.
Unlike the U.S. Dollar or the Euro, there is no central authority like a bank or government that manages and maintains the value of a cryptocurrency or steps in if something goes wrong.
Instead, these tasks are broadly distributed among a cryptocurrency’s users via the internet through a peer-to-peer system.
Cryptocurrency is a digital or virtual currency that is designed to be secure and, in many cases, anonymous.
Technicality
It uses cryptography, which makes it nearly impossible to counterfeit or double-spend. Cryptography is the process of converting legible information into an almost uncrackable code, to track purchases and transfers.
The transactions are verified and recorded in a form of a program called a blockchain.
Blockchain is a technology that is a distributed ledger ( like a register) enforced by a disparate network of computers.
Mining is the process that creates units of cryptocurrency. It involves using computer power to solve complicated maths problems that generate coins. Users can also buy the currencies from brokers and then store and spend them using cryptographic wallets.
Ethereum
Ethereum is a blockchain-based software platform that can be used for sending and receiving value globally via its native cryptocurrency, ether, without any third-party interference.
Ether (ETH) is the main token of the Ethereum blockchain and acts as the primary “fuel” that powers all activity on it.
First proposed in 2013 by Russian-Canadian programmer Vitalik Buterin, Ethereum was designed to expand the utility of cryptocurrencies by allowing developers to create their special applications. Unlike traditional apps, these Ethereum-based applications, called “decentralized applications”, are self-executing thanks to the use of smart contracts.
Smart contracts are code-based programs that are stored on the Ethereum blockchain and automatically carry out certain functions when predetermined conditions are met.
How Ethereum works
Like Bitcoin, Ethereum has its blockchain where a global network of over 2.4 million computers known as “nodes” maintains a record of transactions. Anyone can run an Ethereum node and participate in validating the network provided they have the right hardware, knowledge and time to commit to it.
The Ethereum blockchain relies on miners to discover new blocks.
However, unlike Bitcoin, Ethereum full nodes also need to keep track of the “state” – or the current information – of all of these applications, including each user’s balance, all the smart contract code, where it’s all stored, and any changes that are made. This means running an Ethereum node requires significantly more storage and is expensive to run compared to a bitcoin node.
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