Tuesday, June 19, 2018

Ethereum: A Beginner’s Guide

If you have some basic understanding of blockchain technology, it’s possible to know how Ethereum works without going too technical. Blockchain technology, for starters, is most commonly linked with Bitcoin, yet it has many other applications – in fact by the hundreds – that extend beyond digital currencies.

Given the evolution of technology and relevant skills, it’s now possible to develop previously unimaginable apps and have the tools to maintain them. Ethereum is key: it’s an open software platform based on blockchain, enabling developers to build as well as deploy decentralized apps.

Image source: CoinCentral.com      

Note that this distributed public blockchain network should be clearly distinguished from Bitcoin. Bitcoin provides a peer-to-peer electronic cash system enabling online Bitcoin payments, while Ethereum is focused on running the development code of any decentralized app.

Ethereum’s goal is to be a “world computer” that decentralizes and even somehow democratizes the existing client-server model. With it, servers as well as the cloud are replaced by thousands of “nodes” that are run by volunteers from around the world. The goal: to make the functionality accessible to people from across the globe and allow them to participate in offering services on top of the infrastructure.

Image source: Express.co.uk

Ethereum is foreseen to return control of data in relevant types of services to its rightful owner and the creative rights to its author. While sometimes met with skepticism in terms of security or scalability, it demonstrates how we can push the boundaries in using today’s available technologies.

Ormeus Coin by Ormeus Global is built on Ethereum. The new digital money system is supported by a fully-audited $250 million industrial crypto mining operation. Its revenue from the mining farm is cryptographically linked to the Ormeus Reserve Vault—ORV—by proof of asset technology and self-executing Ethereum blockchain smart contracts that are ERC20 compliant. Learn more about cryptocurrency on this page.