Review on Ethereum by erdi yılmaz
A New Era with Ethereum
Ethereum is a decentralized computing project founded by Charles Hoskinson and Vitalik Buterin and their teammates. Ethereum is the broader version of Ledger technology that is decentralized.
Ethereum is designed as a project with different application development features than Bitcoin. Dapps are research and development platforms in the cryptocurrency world. Buterin states that Ethereum is trading security to be versatile.
Although it is inspired by Bitcoin during the development phase, it has many different aspects. The most important feature that sets it apart in Bitcoin is that it has a consensus mechanism algorithm that gives less advantages to ASICs.
Bitcoin's block times are 10 minutes, while in Ethereum these times are between 10 and 15 seconds. An unfortunate incident occurred for Ethereum in 2016. $ 50 million worth of Ether was stolen due to a smart contract error. As a result, the Ethereum blockchain, Ethereum and Ethereum Classic hard fork were created.
Ethereum is inspired by Bitcoin. Ethereum has inspired other projects as well. EOS and Tron are two of them. The biggest feature of Ethereum is that it is the goal of creating a foundation for decentralized applications. In this way, crypto-based applications have legitimized digital assets around the world. This has accelerated the adoption of digital assets by humans.
Pros
- Bringing innovative solutions to the world of cryptocurrencies
- Getting people to adopt digital assets
Cons
- transaction fees are too high
