The significant use case of #Blockchain came up in the name of #Ethereum by a Russian-Canadian computer scientist and blockchain pioneer #VitalikButerin we will cover this great personality in our future articles! Now first cover the understanding of how ETHEREUM was an advancement from bitcoin!
Ethereum is a decentralized platform that enables developers to build decentralized applications (dApps) (WILL COVER IN FUTURE ARTICLES) and execute smart contracts(WILL COVER IN FUTURE ARTICLES).
Ethereum uses a blockchain, which is a distributed ledger that records and verifies transactions. The blockchain consists of a network of computers (nodes) that validate and store transactions, ensuring that they are secure, transparent, and tamper-proof.
The core technology that underlies Ethereum is the #EthereumVirtualMachine (EVM). The EVM is a virtual machine that runs on the Ethereum blockchain and executes smart contracts. Smart contracts are self-executing contracts that can automate the negotiation, execution, and enforcement of agreements between parties.
In addition to the EVM, Ethereum uses a consensus mechanism called #proof-of-stake (PoS) to validate transactions and add new blocks to the blockchain. PoS is a more energy-efficient alternative to the proof-of-work (PoW) mechanism used by Bitcoin, as it doesn't require miners to solve complex mathematical puzzles to validate transactions.
Ethereum also uses its own programming language called Solidity, which is used to write smart contracts that can be executed on the EVM. Solidity is similar to JavaScript and is designed to be easy to learn and use.
Overall, Ethereum's technical infrastructure is designed to provide a decentralized platform for building and running decentralized applications and smart contracts, with a focus on security, scalability, and efficiency. Its combination of the EVM, PoS consensus mechanism, and Solidity programming language make it a powerful platform for developers looking to build decentralized applications and automate complex business processes.
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