Ethereum blockchain is the workhorse of the cryptocurrency stables. Although Bitcoin might be the show pony, Etherum and its blockchain work. Ethereum’s public blockchain network runs programs on the backbone of its decentralized backbone. The Ethereum blockchain is a decentralized distributed ledger. It’s perfectly replicated across clients, nodes, countries, and institutions. There is no central administrator. There is no off switch, unlike a distributed database.
The Ethereum Blockchain
A blockchain allows people and computers who have never met to trust each other. Plus, a digital ledger allows everyone involved to openly witness transactions and that leads to reliable checks and balances. The Ethereum blockchain is so verifiable that it could make election fraud impossible. In fact, every single Ethereum node keeps a perfect copy of the entire blockchain. Committing fraud on one block on one node won’t proliferate across the entire network, preventing shenanigans. Each node on its own might be vulnerable to change but the way the Ethereum blockchain was designed, redundancies keep the blockchain genuine and legitimate. The Ethereum blockchain is popularly known as a world computer. An Ethereum program requires a network of thousands of computers.
Ethereum Blockchain Cryptography
All cryptocurrencies utilize unbreakable cryptography and redundancies to ensure that all the data on the blockchain is immutable. Ethereum was designed to do much more than simply allow coders to mind digital coins. It was also designed to run global secure applications such as decentralized autonomous organizations (DAOs). Decentralized online companies have no single leader. DAOs are owned by anyone who purchases issued tokens. Tokens don’t give their owners equity or ownership but voting rights. The thing that makes Ethereum so reliable is that there’s a copy of every transaction in every node in the network.
Furthermore, Ethereum can run more than businesses and cryptocurrencies. Games can run off Ethereum as well. For example, CryptoKitties is a blockchain game where you can breed, purchase, collect, and sell cats. CryptoKitties was so popular that it really slowed down the responsiveness of the blockchain. The ERC-721 token is an Etherum standard used for tracking digital assets.
Ethereum Makes Ether
Moving on, Ethereum isn’t only its powerful and secure blockchain. The byproduct of Etherum is the Ether (ETH) cryptocurrency. The Ether is the second most popular and respected cryptocoin behind Bitcoin. In fact, the vast majority of all crypto-exchanges buy, sell, and trade ETH. Using the blockchain requires payment as it’s a pay-to-play service. The blockchain runs on Ether which pays for the transactions and computational services.
Moreover, founder Vitalik Buterin was extremely lucky when he developed Ethereum. It has proven to be extremely stable and useable. The Virtual Machine and the Solidity programming language allows programmers to develop smart contracts (a self-executing contract between buyer and seller).
In closing, the Ethereum Blockchain is a worldwide secure operating system where you can mine Ether and also run national elections, games, and businesses. Future elections in the United States and around the world could be aided by associating voting transactions with the blockchain.