What is Ethereum?
Launched in 2015, Ethereum is an open software platform based on Blockchain technology that facilitates development of Smart Contracts and Distributed Applications (ĐApps). Interestingly, such applications can be run without any downtime and is assured to be fraud free via Smart Contracts Audits. Thousands of different applications are developed on this platform.
What is Ether?
The applications of Ethereum run on its platform-specific cryptographic token called Ether. Miners in the Ethereum Blockchain work to earn Ether that fuels the network. Ether is one of the most popular cryptocurrencies associated with smart contracts. Apart from being used as a tradeable cryptocurrency, Ether is also used by application developers to pay for transaction fees and services on the Ethereum network. In short, Ether acts as a token which can be used to codify, decentralize, secure and trade.
Ethereum = the Ethereum network
Ether = the token of Ethereum
Is Ethereum similar to Bitcoin?
Ethereum is also a distributed public Blockchain network like Bitcoin. One of the most important distinctions of Bitcoin and Ethereum is that both significantly vary in terms of purpose and capability.
To put it in a very simple understanding;
- The Bitcoin Blockchain focuses on tracking the ownership of digital currency
- The Ethereum Blockchain focuses on running the programming code of any decentralized application
Ethereum platform is used to create several applications across a wide range of services and industries that include financial applications, semi-financial applications and non-financial applications.
How can ĐApps developed on Ethereum help you?
Decentralization is the future. If you wish to be a part of this landscape, the only way to go is to transform into a decentralized autonomous organization (DAO) – where companies can operate without hierarchical management. Only peer decision makers will have key roles. The rest of the business processes will be automated and taken care completely by the smart contracts. Key advantages of this transformation would be saving time, cost and running a trusted business without any third party intervention and provide greater value to the end user.
One simple example of how Ethereum is made to use
Back in 2015, Imogen Heap (singer, songwriter, record producer and audio engineer) leveraged Blockchain technology by utilizing Ethereum to take the modern music supply chain to a totally different level. Right from controlling Licensing options till setting distribution path, Ethereum Blockchain was used to generate absolute transparency to the whole process of music supply chain. With no third party involvement, the technology enabled a decentralized approach. This is just a glimpse. There are nearly 870 ĐApps built on Ethereum as we close the year 2017.
Role of OpenXcell
The Blockchain movement is faster these days as it provides a new level of baseline guarantees. Acclimating to this new path of cryptography advancement is a bit challenging. If you are divining how this ecosystem will develop in the future days and how you can fit into this ecosystem, all you have to do is just connect with us. Experts from OpenXcell will discuss with you and figure out the best fit for you. Any service that is centralized can easily be decentralized using the Ethereum platform. Our app developers can design a decentralized/distributed Blockchain app for your organization. Early adopters are sure to experience the popularity in rise.