What is Ethereum? (ETH) PRICE & MARKET CAP!

Ethereum is also a popular cryptocurrency like Bitcoin but has significant differences. It is an open source, decentralized and distributed blockchain network. Bitcoin can be used only as a digital currency whereas Ethereum is used as a technology to build new programs on top of that. In a nutshell, Ethereum is far advanced in terms of technology when compared with other cryptocurrencies. Ethereum was released in the year 2015. The currency of Ethereum is called Ether and is denoted by ETH.

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Pros:

1. Smart contract: This is the most significant feature of Ethereum. Smart contracts are nothing but computer programs that gets automatically executed on the blockchain technology if it satisfies the given set of criteria. Developers can create their own codes and run them in the blockchain technology using smart contracts. They can run without any fraud or interference from the third party systems.

2. Low maintenance cost: If you can integrate or sync your system to the Ethereum blockchain, you can reduce the maintenance cost as it is completely managed by the blockchain technology of Ethereum.

3. Data security: Currently, the integrity and security of your confidential data depend on the third parties as they are stored on their servers. Ethereum technology aims to provide more control over the data to the creators than the third pay systems thereby reducing the chance of hacking.

4. Faster transactions: The average time taken to get confirmation for an Ether transaction in the blockchain is close to 3 minutes. So, it is faster when compared to Bitcoins.

Cons:

1. Gas fees are more for large-scale platforms.

2. Ethereum is used more as a technology than as a currency.

3. Ether is not widely accepted by merchants and is more used for internal purposes like paying transaction fees in the Ethereum blockchain.