What Makes Ethereum a Unique Cryptocurrency?
Ethereum is a public open source decentralized blockchain-based computing and operating system platform that features smart contracts. It was developed and launched in 2015 by Vitalik Buterin. Since its launch in 2015, Ethereum has become one of the largest cryptocurrencies in the world in terms of total market capital value.
There are certain unique features of this cryptocurrency that sets it apart from the others. Some of them are:
Ethereum Virtual Machine
Prior to the development and launch of the Ethereum platform in July 2015, cryptocurrency blockchains were designed in such a manner that they carry out limited functions. Ethereum developed its own machine called; Ethereum Virtual Machine (EVM). It is a software that runs on the Ethereum network. The creation of this machine is one of the unique features of Ethereum. EVM supports the creation of new applications on one blockchain. With the help of this machine, developers can create hundreds of applications of the blockchain. The creation of this machine solves the problem of creating a new blockchain for every new application that is created.
Elimination of a Centralized System
This is another unique feature of Ethereum. While most cryptocurrencies seek to focus on the exchange, transfer, buying and selling of tokens or digital assets, Ethereum seeks to eliminate the centralized structure. Ethereum has developed machines and technologies that seek to make centralized structures decentralized. Doing this means that all authority and hierarchical structures that are found in organizations will be eliminated. It is done by using programming codes that are written on the EVM smart contracts.
Identity Management Systems
This is one of the many unique features of Ethereum. Ethereum as a platform has launched an identity management system that helps individuals to be in full control of their personal data. There are so many applications and websites that personal identities are created on. Most times, it becomes difficult to manage the information, Ethereum solves this problem by creating the management system. This system gives you full control of all relevant data, and also eliminates all centralized servers, making it impossible for people to get access to your private information.
This is another great feature that sets the Ethereum platform apart from other cryptocurrencies. Immutability in the common sense means, that the value of a memory cannot be altered after it has been set. This means that no third party or intermediary can either change or see already existing data on the network.
All decentralized applications that are created on the Ethereum Virtual Machine are created based on general consensus. This general consensus makes the Ethereum platform corruption and tamper-free.
All transactions that are carried out on the platform are charged as low as $0.33. This is one of the lowest fee charged by any cryptocurrency platform in the world.
Since its development and launch, Ethereum has proven to be a force to reckon with. In less than four years, it has become the second largest cryptocurrency with a total market capital value of over $78 billion.
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