How is Ethereum Used to Explain the Internet?
So what is Ethereum and how is it used to explain how the internet works? The best way to answer this question is to explain the difference between Ethereum and Ether. You may already know the difference between Ether and Ethereum, but what is the difference between Ether and the currency itself, Etherea?
Ether is the name of the currency used for the transaction on the Ethereum blockchain network. It is also known as the "ETH" in the "ether" network. One ethereum is one ETH and the "ETH" symbol can be found next to many online shopping sites.
Definition: According to Wikipedia, "a Ethereum is a cryptographic token that serves as the transfer or store of value on the Ethereum blockchain network." It is also defined as an "Ether"ether" token. This gives you a clearer picture of the definition of an Ethereum token. It is the actual token used in the Ethereum network and the value of which is derived from one or more ethers.
Explanation: An Ethereum is simply the store of value that exists on the Ethereum blockchain network. If you're not familiar with what an Ethereum actually is, then here is a breakdown of what it's all about. Basically, it is just like any other traditional store of value like gold, silver, real estate or stocks.
Definition: In Wikipedia, "a Ethereum is the unit of account and transaction currency on the Ethereum blockchain network." It is also described as "the base unit of account for the Ethereum blockchain network." The Ethereum blockchain network is similar to the bitcoin blockchain network except that there are no miners in the Ethereum network.
Explanation: Now you can clearly see the definition of an Ethereum. However, the definition does not end there. If you have any further questions about how to define what an Ethereum is orwhat an Ethereum actually is, then this is a good time to ask them.
Definition: Once you understand how Ethereum works, then you can begin to understand why it is used to explain the internet. One of the advantages of Ethereum is that it has no central authority and therefore no central point of failure. Additionally, it does not require specialized equipment in order to use the Ethereum network.
Explanation: As with all definitions, Ethereum is not the only explanation. The definition is very general, however, it is very clear as to what an Ethereum is. There are numerous definitions for it, however, the one mentioned above is the most common.
Created on Jun 02, 2020