Ethereum, you would have heard about it by now. If not, then I guess you have been out of touch with the cryptocurrency industry for a while or you are really new to it. Well, don’t worry we will get you up to speed in this article.
What is Ethereum?
It is a relatively new cryptocurrency that is making waves in the cryptocurrency ecosystem. Unlike bitcoin, it is designed to be a smart contract platform based on the blockchain technology.
The crypto tokens on this platform are called ether. Ether is designed to be used for making payments for hosting and accessing applications on the Ethereum blockchain.
What are Smart Contracts?
Smart contracts are programmable blockchain-based applications/transactions. These smart contracts can be programmed to execute the transactions automatically once the preprogrammed conditions are met. These smart contracts can be used for a wide range of applications including trade settlements, smart crypto-will and more.
If you know about bitcoin already, then mining is not a new concept for you. Otherwise, Mining is a process where people who are part of the Ethereum network contribute their processing power to maintain the network. Being a vast, decentralized network, there will be thousands of miners who contribute the processing