• HOME
Log In
May 28, 2022
  • Home
  • Contact Us

User Panel Banner
Log In

  • Home
  • Business
  • Finance
  • Branding
  • Sales
  • Marketing
HomeBusinessESSENTIAL THINGS TO KNOW ABOUT THE ETHEREUM NETWOR...

ESSENTIAL THINGS TO KNOW ABOUT THE ETHEREUM NETWORK

  • January 19, 2022
  • 0 comments
  • Tereso sobo
  • Posted in Business
  • 0
0
SHARES
FacebookTwitterGooglePinterest
RedditTumblr

Vitalik Buterin, who was a software developer who worked with the bitcoin network, came up with the idea for the Ethereum network in 2013. He aimed for it to offer users more functionality when compared to bitcoin. 

The ICO for the Ethereum network ran in July and August 2014. After just a year, on July 30, 2015, the network went live.

Open and Decentralized

Just like the OG bitcoin, Ethereum network is based on the blockchain technology and is open and decentralized, meaning that there is no single entity that processes transaction or makes decisions about what happens on the network. The network was developed by the Swiss organization called Ethereum Switzerland GmbH and a Swill non-profit called the Ethereum Foundation. 

The Network can Execute Smart Contracts

One of the biggest differences between the Ethereum network and other blockchain-based networks is Ethereum’s ability to run and execute smart contracts. 

Smart contracts are a way of using a cryptocurrency to create agreements between parties on blockchain networks. Smart contracts do not add capabilities to regular contracts. Rather, they enable parties to create contracts in a way that does not require a lot of use or presence of a third party.

The Process

This means that two or more parties involved in the transaction do not know each other or do not trust each other to create a contract on the Ethereum network and the network will execute the contract as created, in a way that does not provide either party with a chance to deceive the other party. 
When the parties enter the agreement on a blockchain network, the network will execute the agreement regardless of how the parties feel about it after entering into it. 

In the past …

Previously, many of the contracts that people and organizations needed to make needed to have certain supervision of a judge or a lawyer. This usually consumes much time, as well as expensive and complicated regardless of what takes place in the private or public sector. 

Tereso sobo
Tereso sobo

Related Posts

0 comments
Business

Boost Your Brand With Kombucha Bottle Design

0 comments
Business

Daylio Journal

0 comments
Business

Rumble – Video streaming app for TV

Trusted and Good Recruitment Agency

What Defines a Trusted and Good Recruitment Agency

  • January 15, 2022
  • 0 comments

How Using Printing Pads with Custom Printed Boxes ...

  • January 21, 2022
  • 0 comments

Share this

0
SHARES
FacebookTwitterGooglePinterest
RedditTumblr

Related Posts

0 comments
Business

Boost Your Brand With Kombucha Bottle Design

0 comments
Business

Daylio Journal

0 comments
Business

Rumble – Video streaming app for TV

0 comments
Business

Should Nan Inc Owner Nan Chul Shin Really Between The Conflicts?

Do not miss

0 comments
Business

Boost Your Brand With Kombucha Bottle Design

gallery+10 Items

TOP POSTS

0 comments
Business

Boost Your Brand With Kombucha Bottle Design

  • May 23, 2022
  • 0
  • 7

Daylio Journal

  • May 17, 2022
  • 0
  • 10

Rumble – Video streaming app for TV

  • May 14, 2022
  • 0
  • 8

What are cryptocurrency ETFs in Singapore?

  • May 8, 2022
  • 0
  • 7
gallery+10 Items
The key to victory is discipline, and that means a well made bed. You will practice until you can make your bed in your sleep.

REcent post

Business

Daylio Journal

  • May 17, 2022
  • 10

HOT POSTS

1

Do You Have Your Californ...

  • January 18, 2020
  • 0
  • 32
2

Mistakes to Avoid in Affi...

  • December 21, 2019
  • 0
  • 23
3

Do you need a professiona...

  • January 23, 2020
  • 0
  • 25
Copyright © 2019 officeosetup.com Disable responsivity