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Ethereum is a decentralized network created to run decentralized applications and monopolize third parties from the computer network. With the price of ETH ever reaching nearly 1400 USD, more and more people have the need to invest in this cryptocurrency.
1. What is Ethereum?
Ethereum is a decentralized, open source, public technology platform based on Blockchain technology. Instead of using a large server system like Google (a centralized system), Ethereum allows application software to run on a network of personal computers (a decentralized system).
Carriers and servers are replaced by a vast decentralized network of small PCs volunteered by users around the world.
The big idea behind this project is that anyone can use the new decentralized network to create and operate decentralized applications. There is no need to ask for permission or register with another third party because there are essentially no other intermediaries.
2. History of Ethereum
The current mode of centralized operation is quite convenient, but there are two large downsides. First, the operating costs of these systems are often high, often directly charged to the users themselves. Second, personal information on systems is highly likely to be hacked. MEach server (along with a series of valuable information of customers) is always a good prey for hackers.
In 2013, programmer Vitalik Buterin and some members invented a new platform called Ethereum to revolutionize the operation of the current internet system.
Ethereum is revolutionary, and the most obvious manifestation is that the price of ETH was blown up to the sky, because, for the first time, this technology allowed online computer systems to operate without a third party. three (Server). Eliminating the middleman, the cost of operating a computer network will become cheaper and more difficult to attack.
In addition, personal information will also be more secure because companies will no longer store it on servers.
In July 2015, Ethereum is in beta and give a new face to the system when it works on technology Smart Contract.
3. Cryptocurrency Ethereum
In the Ethereum system, all payments are made in the cryptocurrency Ether.
One transaction at a time Smart ContractETH is the electronic currency in that transaction. Unlike fiat currencies like the US dollar, euros, 100% Ether is a digital currency. Therefore, this coin can be stored directly in the Smart Contract code. This simplifies sending and receiving money on the platform.
In addition, ETH also paid to volunteers who help run this decentralized system with their own computers.
Finally the Ethereum coin also functions to enhance the security of the Ethereum platform. Decentralized applications have to pay an Ether fee each time they run the application and use the network. In this way, the network prevents individuals from creating malicious applications that were designed to run multiple times and slow down the system.
As of the time of writing, ETH price has hit a historic high of nearly 1400 USD / 1 ETH, with a record capitalization of 135 billion USD.
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4. Where to buy and sell ETH?
Ethereum is the second largest coin in the crypto market, so ETH is supported on most major exchanges like Binance, Huobi, Coinbase, Kraken, Gemini, Bittrex, Poloniex, Bithumb,….
In Vietnam, you can easily buy, sell and transact ETH from websites like Remitano. Santienao or through OTC exchanges.
5. Where to store Ethereum?
MyEtherWallet is one of the most prominent ETH token storage wallets in particular and ERC-20 tokens in general.
In addition, there are also cold wallets such as Ledger Nano S, Trezor which are also reliable storage places for Ethereum cryptocurrencies.
With a fairly detailed article on what Ethereum is? CHK hopes to help you learn to have a better overview of this electronic currency.
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