?What is Ethereum 

Ethereum (ETH), which is often called the Queen of cryptocurrencies, is the second most popular digital currency after Bitcoin. It hosts many tokens in the digital asset space and operates as a decentralized network based on smart contracts. Moreover, Ethereum is much more powerful than Bitcoin. 

Ethereum has enabled programmers to build decentralized applications (DApps) on the blockchain, and currently, thousands of blockchain applications run on the Ethereum platform. 

Ether is a cryptocurrency used within the Ethereum network. To perform transactions, you need to use Ether tokens. Similar to how the dollar is divided into smaller units called cents, Bitcoin has smaller units like millisatoshi and Satoshi. Ether also has smaller units called Szabo, with one Ether equal to one million Szabo. 

?How did Ethereum come into existence

The idea of Ethereum was conceived by Vitalik Buterin in 2013, while he was working for Bitcoin Magazine. He believed that Bitcoin had limitations and complexities that needed to be addressed. In 2014, along with several other developers, he further refined his idea and launched it in August of the same year. The main goal of Ethereum was to overcome restrictions and fix weaknesses present in other cryptocurrencies, especially focusing on decentralization and high security. 

Some primary objectives of the Ethereum network include

• Decentralized digital currency 

• Facilitating global payments 

• Eliminating intermediaries 

• Building and deploying decentralized applications (DApps) 

Similarities between Ethereum and Bitcoin

Both Ethereum and Bitcoin operate in a decentralized manner without the need for intermediaries. They are both highly secure and virtually unhackable. Each has its own blockchain for storing data. Both are mined and based on proof-of-work consensus. They are public, permissionless, and accessible to everyone. 

Differences from Bitcoin

Despite their main similarities, there are notable differences. The key difference is Ethereum’s higher transaction speed, completing transactions in about 14 seconds. Ethereum also supports smart contracts that can be executed easily, whereas Bitcoin’s scripting language is more primitive, complex, and difficult to use. Additionally, Ethereum has an unlimited supply, meaning there are no caps on its total issuance. 

Uses of Ethereu 

Due to its advanced features, Ethereum is highly significant. Some of its applications include: 

• Decentralized finance (DeFi) services 

• Ethereum Virtual Machine (EVM) 

• Non-fungible tokens (NFTs) 

• Decentralized Autonomous Organizations (DAOs) 

Advantages and Disadvantages of Ethereum: 

Ethereum has many features that attract users to this popular and versatile network. It is continuously evolving and improving, and is considered a key component of the blockchain ecosystem. 

Advantages: 

• Entry point for numerous businesses 

• High transaction speed 

• Strong security 

• Rapid blockchain development 

• Decentralization and privacy preservation 

Disadvantages: 

• Scalability issues 

• Complex programming language 

• High transaction fees 

Ethereum Wallet: 

An Ethereum wallet is a tool that allows users to store, send, and receive Ether and tokens based on Ethereum. 

Security tips for using an Ethereum wallet: 

• Always use strong passwords. 

• Never share your private keys with anyone. 

• Use hardware wallets for large amounts of cryptocurrency. 

How to buy and sell Ethereum: 

Ethereum is the largest cryptocurrency by market value. Due to market volatility and supply fluctuations, its price can vary significantly over short periods. 

To buy or sell Ethereum, you must use cryptocurrency exchanges. Because of international trade restrictions, it’s advisable to use local Iranian exchanges when possible. The Arya Currency Group can assist you in gaining the best experience in this regard.