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Today’s Lesson: Ethereum - Level: Beginner
In 2021, Apple’s App Store generated $85.1 billion and Google’s Play Store generated $47.9 billion respectively. Together these two platforms have 4.83 million apps available for download and more coming launching daily.
These ecosystems have reshaped the economy, consumer behavior, and fueled the mobile revolution. However, with the evolution of blockchain technology, these platforms are primed for disruption by their decentralized blockchain counterparts.
Now, do not take what we just shared here as investment advice and sell all of your possessions to buy Ether, thinking you’ll be a millionaire tomorrow. No, we do not think that the App or Play Store is going away anytime soon. Apple and Google have a duopoly on mobile phone operating software that they will not let go off lightly… We simply want to show you the future potential that decentralized blockchains have.
In this lesson, we will focus on the market leader Ethereum.
What Is Ethereum?
Ethereum is an open-source blockchain platform that allows developers to build, launch, store, and manage decentralized applications. Essentially, Ethereum is Amazon Web Services and app stores combined. However, the difference is that anyone can use it, build on it, copy its code to use for private purposes, and own a piece of it.
Over the last 7 years, Ethereum has grown to become a household name. Today, the platform has over 3000 dApps, approximately 500,000 daily active addresses, and over 1,000,000 daily network transactions. While this is impressive; when compared to the App Store or the Play Store there’s significantly more room to grow.
The history of Ethereum is very interesting and full of drama. You can learn more in this short video by The One Percent Club.
How Does Ethereum Work?
Ethereum is software that exists on thousands of computers (i.e. nodes) around the world creating one decentralized computer known as the Ethereum Virtual Machine (EVM). Like Bitcoin, nodes operate as miners to validate network interactions; generally known as transactions, and are rewarded for their work as validators.
The Ethereum Virtual Machine (EVM):
Allow developers or you to create smart contracts that can be used to build, launch, store, and manage dApps.
Provides security to the entire network.
EVM stores and maintain a decentralized ledger of all Ethereum accounts.
Lastly, EVM is powered by Ether (ETH)
Here’s a simple explanation of EVM in less than 4 minutes by Fin Tech With Jacob
What is Ether (ETH)?
Ethereum is the blockchain network, EVM is the computer created by the network, and Ether is the fuel that powers it.
Ether (also known as ETH) serves as Ethereum’s native utility token facilitating network operations. ETH is used by users of the network for gas payments to execute transactions.
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