Ethereum definition: What is Ethereum and how does it work? – Marca


It has surged in popularity in the last couple of years
The introduction of different cryptocurrencies has piqued the interest of many people in the world, particularly those who are interested in technology, and one that has really began to gain traction is Ethereum.
Ethereum is a cryptocurrency that offers ether tokens, which is similar to the bitcoins you get as part of the Bitcoin network.
Ethereum was created by Vitalik Buterin in 2015.
The goal of ether is to build and deploy applications that are decentralised, with the backend code being placed in a peer-to-peer network.
In addition, ether can be used to pay for services, such as the computational power that is required before a block can be added to the blockchain and to pay transaction fees
One of the notable advantages when it comes to Ethereum is that it is handy if you need to create and build distributed applications and smart contracts.
Ethereum has been able to grow significantly of late thanks to the ecosystem that it has, with its dApps in areas such as finance (decentralised finance, or DeFi apps), arts and collectibles (non-fungible tokens, or NFTs), gaming and technology all thriving.
As a result of these aforementioned areas, Ethereum was able to grow by as much as 510 percent in 2021, compared to a 93 percent rise for Bitcoin.
As we explain in the ‘Why is Ethereum so popular?’ section, NFTs are able to function well with Ethereum. The reason behind this is that all Ethereum products have the same backend, so all of the products can understand each other. Therefore, an NFT becomes portable.
What this means is that you are able to purchase an NFT on one product and then sell it on another without any problems.
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