What is Ethereum?
Ethereum is a platform based on blockchain technology and the coin, that supports this platform. Ethereum's network is similar to Bitcoin’s; it uses the model of Bitcoin protocol and blockchain design but transforms the system to support applications beyond money.
Ethereum coin (ETH) is a cryptocurrency generated by the Ethereum software platform. Ether is widely used for two primary purposes. First, it can be traded on exchanges and operate like any other cryptocurrency. Second, it is used to run applications inside of the Ethereum network. This use-case is possible thanks to customizable transactions known as smart contracts.
Who Invented Ethereum?
Ethereum has first arrived on the public agenda after its announcement in early 2014 by Vitalik Buterin. Ethereum platform went live on July 30th, 2015, to become the pioneer for blockchain-based smart contracts.
Currently, Ethereum is the second-largest cryptocurrency project, according to Coinmarketcap. Becoming second-most-valuable crypto next to Bitcoin, his brainchild made Vitalik one the most well-known person in the crypto-world.
What is the Difference Between Ethereum and Bitcoin?
Unlike Bitcoin, which was invented to act as an alternative to fiat money, Ethereum coin was initially drafted as the “Fuel” of the network, to monetize the working of Ethereum to enable developers to build and run own applications. In a nutshell: Ethereum is great for innovation.
Ethereum’s potential to impact projects and processes across all industries is mindblowing. It’s by no means a perfect technology yet, as blockchain technology is still in its early years. However, providing more uses than Bitcoin does, Ethereum opens the door for further technological breakthroughs.
How To Buy Ethereum?
You can buy ETH on exchange services that accept fiat currencies. For instance, on CoinLoan Crypto Exchange. Exchanges connect you to online marketplaces, where you can exchange traditional currencies for digital ones.
To buy your coins, you should first sign up for a digital wallet, then you can use traditional payment methods such as a bank card or a bank transfer to buy Ether on the marketplace. Ethereum will be transferred to your Ethereum wallet.
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