Ethereum is a powerful, decentralized, open-source blockchain-based distributed computing platform featuring smart contracts. Ether is the cryptocurrency generated on the platform Ethereum as a reward to the miners.
Ethereum needs many elements, and the first element is the network of computers to process the transactions and to keep the shared database updated on a timely basis. The second element is the software that allows the developers to run ‘Smart Contracts’ on Ethereum blockchain with the help of programming language called ‘Solidity.’ One of the most significant features of this platform is that by leveraging hardware and software of the platform, the applications developed are decentralized, unstoppable, and lack the point of failure.
The hardware of Ethereum includes a network of computers that execute transactions and keep them in a shared ledger, which allows them to create a distributed database keeping a record of all the information shared in the network. Each computer network is called ‘Node,’ which validates the transactions and converts them into blocks, which is then broadcasted to the entire Ethereum network. Transactions on the platform contain both value and information. Value is expressed in Ether, and the information code can pass data to trigger the actions. Ethereum allows any type of transaction, whether in any form or shape. It includes any asset that you can think of. Ethereum works on a new programming language named ‘Solidity.’ The programs thus created are publicly available, and anyone can check what the programs can execute.