As we can see in the growing popularity of blockchain based cryptocurrencies, technology is advancing at a rapid pace. The blockchain is the underlying technology for the cryptocurrencies, allowing it to execute various use cases for recording transactions securely in a ledger. These cryptocurrencies are either predominantly based on Bitcoin’s or Ethereum’s blockchain with a few exceptions such as Ripple and Namecoin. For quite some time now Bitcoin has been the leading currency in the market, being founded earlier than Ethereum. However, Ethereum started to increase market share as new cryptocurrencies started to use its language to create a customized transaction solution.
What is Ethereum?
When Ethereum’s platform originally went live it was perceived as an enhancement of the current cryptocurrency platform. It offered advanced features such as on-blockchain escrow, withdrawal limits, financial contracts, gambling markets and the like via a highly generalized programming language called Turing. The mind-boggling technology of Ethereum is that it does not have to support each individual application that is using their platform. Ethereum’s capabilities are far more than being a means of exchange between two parties. It is able to provide decentralized systems for file storage, computation, prediction markets and various other concepts.
These concepts, which provide use cases via peer-to-peer protocols, browser basednow have an economic layer added to them. The Potential for Simplicity… Blockchain, cryptography, and cryptocurrencies are the outcomes of the advancement of technology. Fragmented legacy solutions and platforms dominated the technology market. The need for an efficient technology alternative emerged in the form of blockchain which is the underlying platform enabling Ethereum and about 800 other cryptocurrencies. Ethereum is not a close-ended platform serving a single purpose, it is open-ended and allows to create protocols for an array of applications.
The complexity of blockchain related technologies will be able to drive value to consumers by its simplicity. Ethereum is able to provide the platform to create the simplicity in applications. This can be seen with browser-based applications that allow you to plug into Ethereum’s network, Mist and MetaMask.
Mist
Mist is a browser that you are able to download which allows you to hold an ether in a virtual wallet, trade ether and write, manage, deploy, and use smart contracts. It offers a view of the overall Ethereum blockchain and allows you to interact with DAOs (decentralized autonomous organization) and run or manage blockchain-specific DAPPS (decentralized applications).
MetaMask
MetaMask is a browser extension that is currently based off of Chrome, but will have availability for other browsers such as Mozilla and beyond. Similar to Mist, you are able to manage your Ether and visit the distributed web of Ethereum based DAPPS. MetaMask provides the capability to run or develop fully functioning DAPPS off of your Chrome browser without the use of an Ethereum node.
Mist, MetaMask and upcoming new browsers aim to create simple platforms for making blockchain-based applications. These applications will become more accessible to people than ever before. The value in Mist and Metamask browsers is that technical knowledge and industry experience is not required for the average user. Whether its for a beginner just entering the world of cryptocurrencies or advance users already in the industry, the Ethereum platform provides the ability to accommodate all parties interested.
Inherently, the Ethereum platform will increase the efficacy and efficiency of the computational industry globally.
Sources: https://www.theinvestorspodcast.com/bitcoin-vs-ethereum/ https://blockgeeks.com/guides/what-is-ethereum/ https://github.com/ethereum/wiki/wiki/White-Paper