Ethereum Cryptocurrency: Everything that a Beginner should know
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In this world of cryptocurrency, if Bitcoin is king then Ethereum is Queen.
In the last few months Ethereum has also increased significantly and in today's time, it is one of the most promising Cryptocurrencies. In this article I will help you understand Ethereum and as a beginner you will learn everything about it that you should know.
Total how many Ethers will be produced?
Many people want to know how much bitcoins will be produced. But this is not Ethereum which will be produced or mine, but it is Ether.
Ethereum is a network that is based on blockchain technology, and Ether is a cryptocurrency that runs this network.
Ether will be issued by block mining process at constant annular linear rate. This total annual ETH which will be made in pre-sale, will be 0.3 times.
Made in Presale 60,102,216 Ether.
It's 0.3 times, 18,030,664.8
So this way about every year approx. 18 million became Ether.
Mining of Ether
Ethereum blockchain is kept safe by Ether, which is an incentive for miners.
The supply of Ether is limited to 18 million annually. In every 12-14 second, there is a new Ethereum block mine, and 5 Ether's reward is given to the computer that has mine it.
Ether can be mine from CPU and GPU mining, by mine blocks on ethereum blockchain.
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ETHEREUM-VS-BITCOIN
Bitcoin is a peer to poor electronic cash system.
Bitcoin is digital money. The blockchain of Bitcoin stores and handles all the transactions from the beginning of the network.
This posture helps in accounting and transfer of value.
But Ethereum blockchain also stores programming logic to handle accounts and transactions.
Here is a rectification:
On the 8th of May, if there is more than $ X in the account of A, then $ Y transfer will be done in the account of A from the account of A. If not, transfer $ Y to the account of B.
And when such codes are executed once, Etherem is stored forever on the blockchain. This helps in future decision-making processes.
Ethereum Bitcoin is mostly different from this, because in Ethereal you do not transfer any money only, you execute smart contracts.
There are many real world scenarios where we trust third parties, middlemen, and escrow agents to enforce the transaction. In this way they all cut their commission. In Ethereum's case, such parties become useless because technology is sensible. Some of these are Uber (which I have already explained), some freelancing platforms such as Upwork, Insurance Agents, Escrow agents, eBay, and Airbnb etc.
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