Ethereum (ETH) is a global, decentralized platform for money and new kinds of applications. On Ethereum, you can write code that controls money, and build.
When most people hear about digital currencies or ethereum, most get scared because they don’t completely know how ethereum or these digital currencies work. While many of these digital currencies strive to accomplish different outcomes, they all have one goal — to democratize and decentralize the financial system.
How does Ethereum (ETH) Work?
Each ethereum is stored on what’s called a digital wallet on a smartphone or computer, you’ve probably already heard of these applications, like, Coinbase, Gemini, Binance (largest), HitBTC, Ledger, Trezor, Blockchain.com and more.
Every single transaction is recorded in a public list called a blockchain and can people send transactions to each other through the digital wallet. Since you can not refund Ethereum or other digital currencies, blockchain prevents people from making copies or undo-ing transactions.
How can you get Ethereum (ETH)
There are three ways you can get a hold of some Ethereum (ETH)
- Buy ethereum using real money
- Sell things and get paid in ethereum
- Mine ethereum using a powerful computer setup
It would be way easier and faster to buy ethereum or get paid in ethereum.
Ethereum (ETH)’s Creation
Vitalik Buterin is the creator of Ethereum (ETH) and is the founder of Ethereum Foundation.
The main purpose of Ethereum was to be a better version of bitcoin in which you could create smart contracts and decentralized applications (dapps) to automate and control the flow of money when certain requirements are met which is coded into the smart contract.
Ethereum can’t be inflated or printed, so Ethereum also has a stable supply.
Here’s a quick overview of how mining works which is vital to the ethereum network
Ethereum 2.0 Hype
Many of Ethereum’s problems have to do with intrinsic shortcomings around speed and scalability. Solving these problems, while maintaining decentralization of the protocol, is the core priority of Ethereum 2.0.
When people say that Ethereum is a “decentralized smart-contract platform,” they mean that the code of a smart contract is stored on every full node on the network and code has to execute across all full nodes. Ethereum’s proof-of-work consensus model means that this can take anywhere from three to eighteen minutes, depending on network congestion. As a result, deploying code on Ethereum is orders of magnitude more expensive than using a centralized service like AWS — and much, much slower.
Ethereum 2.0 is meant to help Ethereum scale, and it has two major goals:
- Introduce a proof-of-stake consensus mechanism, which will eliminate the need for expensive proof-of-work mining.
- Introduce sharding, which will improve the speed and throughput of ETH transactions.
Rather than trying to build these upgrades directly onto the main net, Ethereum 2.0 will build out a new, separate platform from the main chain that will eventually replace it in the future.
The Ethereum wiki maps out seven distinct phases for Ethereum 2.0, which will likely take several years to implement. Most of these phases are still in the research stage, without clear technical specifications. Before developers can actually build on Ethereum 2.0, the first three phases will need to be completed:
- Phase 0 — Beacon Chain: The Beacon Chain is a proof-of-stake chain that will run parallel to Ethereum’s proof-of-work chain. Initially, the Beacon Chain will be engineered for simplicity and will support neither smart contracts nor accounts.
- Phase 1 — Basic Sharding: Sharding is intended to help transactions scale by dividing the network across multiple shards, allowing the network to process many transactions concurrently.
- Phase 2 — eWASM: The eWASM is essentially a rebuilt Ethereum Virtual Machine that supports proof-of-stake and sharding. It will introduce smart contracts, accounts, and more to Ethereum 2.0.
The staged rollout of Ethereum 2.0 is intended to test each upgrade to the protocol in a safe environment without compromising security.
Ethereum (ETH) as an Enterprise solution?
As Ethereum grew, it paved way for blockchain to be used as an enterprise solution, many big businesses and banks are utilizing the power of blockchain technology. Many of these enterprises are using Ethereum
Should you buy Ethereum (ETH) in 2020?
I would definitely buy Ethereum in 2020, it looks very promising and has so much enterprise clients using it’s blockchain solutions.
Institutions are already making their move.
Ethereum is currently changing the way we use money, like how Uber changed the cab industry and like how Airbnb changed the rental industry and also like how WeWork changed the co-working industry.
There is one more revolutionary change about to occur and it’s with money. Money is now entering what I call the Cashless Digital Society and it will change our entire financial system — it’s already happening.
In this Digital Age, everything will be digital and powered by technologies you’ve never imagined. South Korea, Sweden & China has already gone cashless and this time the Cashless Digital Society is coming to America.
While Ethereum will pioneer the digital society it would be smart to get in on this profitable technology before every one else.
So do you own research, educate yourself and only invest what you can afford to lose.
This is finally a chance and an exclusive opportunity for you to join the wall street insiders and profit like they do; before the market!
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