Ethereum follows concept of blockchain and cryptocurrency. People who do not know or who are not familiar with this, here is the article which provides all the details about ethereum.
What is ethereum?
Ethereum is a software which runs on the computer network. It will work based on the data and a small computer program with smart contracts. Without any central coordinator, it will process on the computer network.
This is the blockchain concept which extends from the bitcoin stores, replicate and validate the data transaction on the many computer hardware around the world and ethereum mining became easy to the people.
How to run ethereum?
Download the ethereum client software and run the ethereum. Like bitcoin, ethereum client will also connects based on the internet with people who are running the same software of mining ethereum. People can use ethereum client software to connect with a network of Ethereum Mining Windows, explore ethereum’s blockchain, can create smart contracts and new transactions, it runs smart contacts, mine for new blocks.
By running an ethereum virtual machine computer will become a node on the network and it behaves equally to all the nodes.
How is ethereum similar to bitcoin?
• As bitcoin, ethereum also have blockchain which contains the transaction and smart contracts data.
• Ethereum network is public and permissionless as like bitcoin. To connect the network people can easily download and write the software and also can start creating the smart contract and transactions.
• Eth mining has proof of work. Mining creates valid block to find the solution for the mathematical puzzle by spending the electricity like bitcoin.
• Ethereum called in short as ETH and it token called as ether. It is like a cryptocurrency and it can be used to trade for other cryptocurrencies like bitcoin, bitcoin also called BTC in short.