Ethereum, A notable reform in Blockchain Technology

Money, An essential aspect of our life for every human on this planet. Depending on our nationality we referred it as rupees, dollars, dirham and so on, calling it as our national currencies. In 2009, there was some new currency, people call it as ‘Bitcoin’. Which country did it belong? Later it was realized that it not belonged to a country but a technology called ‘Blockchain’ and was referred as cryptocurrency. With Bitcoin coming up, Blockchain also became a part of interest for IT professionals. Blockchain was well known for cryptocurrency until 2013, Vitalik Buterin a cryptocurrency researcher came up with idea of ‘ETHEREUM’.

Currency for Ethereum was known as Ether. If Ethereum is acting as a currency then what makes it unique? Well there is a section of code where we can run various applications, that section was called as Smart Contract. These contracts were capable of running banking transactions, having medical records, running games, and many more. These makes Ethereum different from Bitcoin. To make it more simple, Bitcoin is based on ‘plus and minus’ principle and on other hand Ethereum is ‘plus, minus and deploy’ based.

Unlike Bitcoin, Ethereum relies on two main parts, one is transaction and other is deployment of contract. Code onto the contract is executed by EVM(Ethereum virtual machine).Solidity, Vyper are some of the programming languages used in Ethereum. For deployment of contract into the network one must pay the transaction fees. Transaction process is done by connecting our contract to the wallet(eg. Metamask). Are these kind of wallets necessary or there is any other way to do it? Yes these wallets are necessary. Our Internet browser don’t know what is blockchain network so there should be some translation or a kind of interface which could make this communication possible and that is what these wallets intend.

Where Blockchain was only known for cryptocurrency, Ethereum changed its identity and is used in various applications. Ethereum is the reason behind why Blockchain is what it is today. Therefore I say “If Blockchain is the revolution in technology, Ethereum is the reform which made it possible.”