Who is Vitalik buterin?
Vitalik Buterin is a Russian born Canadian crypto currency researcher And programmer who invented Ethereum in 2013 and went live in 2015.
In 2 words explain Ethereum?
Ethereum is a distributed public blockchain network that runs and programs decentralized application. More simply, it is a platform for sharing information across the globe that cannot be manipulated or altered.
What is a peer-to-peer service?
Simply put a peer-to-peer (P2P) service is a decentralized platform where 2 people: a buyer and a seller come together to interact together without a third party. (eg. Google, banks or intermediary)
Is Ethereum secure?
Ethereum lets you have 100% control of the money in your digital wallet. It is the cryptocurrency that the nodes of the ether network use. Ethereum is the cryptocurrency of the ethereum blockchain and the software that you run on your computer to function. The currency is the transaction unit in which the ethereum network runs. That is the only transaction method the network supports. Ether is the medium of exchange for ethereum network users.
Your digital wallet is your proof of ownership. And your internet money is secured by cryptography. So your money, your wallet and your Ethereum transactions are all protected. You can send Ethereum without using banks or third parties securely to anyone to anywhere at anytime.
Can you send Ethereum like Bitcoin?
You can send ethereum like bitcoin. While Bitcoin goal is to decentralize money, ethereum lets you decentralize: the way we build businesses, send and receive money, own a house(a deed or contract). So therefore, look at ethereum as a plot of property and think of the buildings, parking lots, houses, dining restaurants and disneyland are the decentralized applications on the ethereum network.
Is Ethereum a platform or is it software?
The programmers use Ethereum the platform to build applications. Ethereum is a huge network of computers owned by individuals and these computers talk to each other.
What is the difference between Bitcoin and Ethereum?
Ether is the next generation of money. There is more security, transparency and efficiency in Ethereum. If you use bitcoin, Ethereum will be better because it has a “bank”. In bitcoin you have a public ledger, where you can see who owns what and how much. Bitcoin, Ethereum. and others use a “ledger” to “set things right”. The public ledger is like a court of law, where everyone has the right to ask questions, appear, make submissions, cross-examine and have a fair trial. Both Bitcoin and Ethereum.
How is Ethereum Changing how the internet works?
Between 1999-2006, My livelihood depended on my search engines ranking in Google, Bing, Yahoo and other search engines. Vitalik Buterin has changed all that the internet can work without Google, Bing or any third parties. For the first time online computer systems can run without Google. Google is a centralized. Ethereum instead allows software applications run on a network of private computers individually owned by private citizens. This is called a decentralized system. Computers and cloud servers are replaced with large decentralized network of many tiny computers that are run by volunteers from all over the globe. Anyone who has the talent to program using blockchain can create and run decentralized applications. They don’t need permission from Google or any third parties.
How does Ethereum set things right?
Ethereum also has the advantage that it “sets things right” without having to build a big walled garden of computers to protect your money. The walled garden approach is like an army that is fighting a war, the army has the advantage of a walled garden, however the walls are like the army rank and file. You cannot see the ranks, you cannot see the combat. Also you cannot know what battle plans are used by each side. No, in the battle of Ethereum, you must be a soldier, you must be a scout, see your enemy and attack them. Not join them.
What is the difference between Ether and Ethereum?
You can use Ether as a digital currency in financial transactions, as an property or asset or as a store of value.
Ethereum is not the digital currency rather it is the blockchain network on which Ether is held and exchanged. As mentioned above, however, this network offers a variety of other functions outside of ETH.
“These can be simple movements of funds, but they may also be complex transactions that do anything from exchanging assets to taking out loans to acquiring a piece of digital art,” says Boaz Avital, head of product at Anchorage. The transactions are processed and stored on the Ethereum network.
What is the Ethereum network?
The Ethereum network can also be used to store data and process decentralized applications. Instead than hosting software on a server owned and operated by Google or Amazon, where the one company controls the data(centralized), folks(volunteers) can host applications on the Ethereum blockchain. This gives users control over their data and they have open use of the app as there’s no central authority managing everything. Please read further to understand as this relates to smart contracts.
Why Using Ethereum It’s like you Have your own Swiss Bank account?
Ethereum is a huge network of computers owned by individuals and these computers talk to each other. Using ethereum, you can be your own swiss bank. Ethereum lets you have 100% control of the money in your digital wallet. Your digital wallet is your proof of ownership. And your internet money is secured by cryptography. So your money, your wallet and your ethereum transactions are all protected. You can send ethereum without using banks or third parties securely to anyone to anywhere at anytime. Ethereum is not controlled by a bank or a state. It is truly a “trustless” network and anyone can join.
What is a Ethereum virtual machine?
As mentioned earlier, in 2015 Ethereum was not the only open platform to use Ethereum. You could also use Ethereum on a personal virtual machine. This is a machine that you use at home or on your home network, that is it has no connection to the internet. This is a computer that acts as a gateway to the Ethereum network. You use your personal virtual machine to download the ethereum client. The client allows you to create digital wallets and allows you to send ethereum.
What is Metamask?
Metamask is a software cryptocurrency wallet utilized to interact with the Ethereum blockchain. In 2016, a blockchain software company called ConsenSys launched Metamask, a software for online Ethereum purchases. Metamask lets users store and manage Ethereum wallet account keys, broadcast transactions, send and receive Ethereum-based cryptocurrencies and tokens. Metamask lets you and I securely connect to decentralized applications. Only since 2019, MetaMask had only been available as a desktop extension on both the Chrome, Vivaldi, Opera and Firefox. In Sept 2020, people could use the Metamask mobile app on Android and Apple platform. Remember we said even now you are using Google or Bing search engine to look up product reviews, you go to a website and your cookie browser session is tracked, someone sets a cookie. So for some people they are scared of having their identity, credit card number, pin from being hacked by a computer hacker or even from a large corporation. People will download apps and they think they are free but they come at a cost. The consumer has to navigate a series of ads and her identity compromised. Social media sites track your every emotion and serve ads back to you to manipulate you into buying stuff you think you wanted.
Metamask for dummies?
I am not calling you a dummy. What I specialize in is I take complicated lingo and put it in simple terms that even a baby can understand. There will be judgemental people out there, but I welcome people who have PSTD, Attention deficit disorder ADD, MENTALLY challenged, hearing impaired.
Do you still need an Ethereum wallet if you download Metamask?
No, you would just download the Metamask Chrome or firefox extension.
Is Metamask The New Internet Powered By Ethereum Blockchain?
Yes, this is a revolutionary new Internet letting you connect to each other. To access the internet without the threat of hackers stealing: your ethereum, your seed password and your identity. It is impossible for anyone to hack into Metamask to steal your identity.
Is your Ethereum Safe on Metamask?
This software will allow the buyer to spend Ethereum without having to download the cryptocurrency wallet or without using a cold storage wallet like Trezor or Nano ledger. You don’t run the risk of losing your Ethereum, even if the computer that is running the Ethereum software crashes or is hacked. All the transactions are done over the internet. You just need to log in your Metamask account on your Chrome or Firefox of your mobile device with your username and password and you can buy Ethereum with your credit or debit card. This software will allow the seller to accept Ethereum for his digital goods without the need of doing all the data entry or any other complex coding work.
What is an Ethereum Decentralized Applications (dApps)?
A dapp is code running in the background on a decentralized peer-to-peer network CARRIED out in a a virtual environment known as Ethereum Virtual Machine, remember we explained earlier what a Ethereum Virtual Machine above? This way if the smart contract, A dapp has its backend code running on a decentralized peer-to-peer network. Isolated, which means they are carried out in a virtual environment known as Ethereum Virtual Machine so that if the smart contract appears to have a bug, it won’t hinder the normal functioning of the blockchain network. While most dApps are built with Ethereum, all dApps are built using blockchain technology. DApps depends on blockchains technology to deal with data through distributed networks and carry out transactions with smart contracts. Just like Ethereum dApp computer programmers create applications to function on specific blockchain networks, mobile developers build applications for mobile and desktop devices.
What Are smart contracts?
An example of a smart contract is you have a dairy farmer full of dairy cows, a ice cream processing plan then you have, the trucker and the ice cream parlor. We can use a smart contract on the blockchain to make sure the process is carried out exactly how they want it to. We want to establish a smart contract for accountability to make sure the ice cream is delivered to the ice cream parlor at the right temperature.
Are Dapps only built on top of Ethereum blockchain?
There are other dApps that have used the Ethereum blockchain, to provide a decentralized application. These dApps are not like an application, but like websites. There are a lot of dApps that can be built on top of the Ethereum blockchain, and this is the reason why Ethereum has become the platform of choice for blockchain based applications. There are a lot of dApps in the pipeline that will be built on top of the Ethereum blockchain, there are dApps which will be built by using the dApp as a base, and some dApps which is being designed by the dApp developers themselves. Ethereum lets you run smart contracts and decentralized application to be assembled and run without any downtime, fraudulant actions, control or conflict from a third party. Ethereum comes complete with its own programming language which runs on a blockchain, allowing developers to build and run distributed applications