Ethereum Application is an open software platform based on Blockchain technology that provides development of Smart Contracts and Distributed Applications. The fun fact being, such applications can be run without any downtime and is assured to be fraud free via Smart Contracts Audits. Thousands of different applications are developing on this platform.
It is also a distributed ledger like bitcoin but the most important distinctions of Bitcoin and Ethereum is that both significantly vary in terms of purpose and capability such as :
- The Bitcoin Blockchain focuses on tracking the ownership of digital currency
- The Ethereum Blockchain focuses on running the programming code of any decentralised application.
Smart Contracts And Decentralized Apps (Dapps)
Ethereum is used to build smart contract. The core purpose behind Ethereum is decentralization. As they do not run on any one server , they execute on the blockchain apps development technology that is distributed across the globe. Ethereum performs through a transparent system i.e. every computer on the network comes to an agreement about the transaction before it is getting any approval.
Ethereum application development smart contracts make it possible to create as well as manage assets – privately, securely and at an economic cost. It’s one of the most exciting and booming value-added feature in automation.
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