The terms Ethreum and Bitcoin are often used conjointly where Bitcoin is more popular. If you perceive a misconceived notion that Bitcoin is the only app for blockchain technology then you need some awareness. However, both these have different mechanisms and Bitcoin is just one app from plenty of blockchain apps. Building these apps is not just like other mobile apps you use these days like travel app, restaurant apps or any event app. Building and deploying blockchain apps need some serious knowledge and experience in the field of coding for sure and what comes along with is cryptography and mathematics. So where is Ethereum used in? Well, these days there are several apps in the industry which were unimaginable back in the date, like voting electronically. These apps are now being developed as they are now equipped with resources to build and deploy decentralized apps. All these are made possible with Ethereum.
Decentralized Blockchain App
What Exactly is Ethereum?
In the simplest terms, Ethereum is a world computer which would decentralize or some would carry the opinion democratize the client and server model that is existent in the present date. Basically, servers and clouds will be replaced in the near future by the Nodes managed by the volunteers from any corner of the world. Ethereum is taking the digital world on a storm and the only reason behind is it being decentralized computer across the globe.
To simplify it a bit more, just like any other blockchain technology, Ethereum is a bunch of people running a specific software on their computer for running the network. Every computer connected to this network will have to run EVM (Ethereum virtual machine). Complicated terms I just must say. It can be a bit overwhelming for the non-tech heads to understand all these at once. To make even more easy to understand, let’s just say that EVM is an operating system which knows and also executes the software which is written in programming language specifically written for Ethereum. The apps which are built by integrating EVM are denoted as smart contracts.
To get your app created with Ethereum or let’s say world computer, investing is imminent. In the cryptocurrency world, you won’t have to pay in usual dollars, you will have to pay in the cryptocurrency native to the network called ether. A smart contract is same as that of the general user. Just like users indulge in a transaction with one another, smart contracts can also do the same. Users can send and receive funds, smart contracts can share ether instead of currency.
What is A Smart Contract?
It’s like a coding mediator assisting in exchange of funds, share, property or any things having value. A smart contract will be executed automatically while running on blockchain on the fulfillment of a pre-defined condition. The possibility of any fraud, cheating, deceitful transaction, third party obstruction and every such possibility of fooling is eradicated. Blockchain entails the developers with the restricted ability of coding. On a contrary, Ethereum entails the developers with the full-stack ability which equip the developers to develop apps that haven’t been seen and used to date. A smart contract is like a physical contract having the power to execute itself on its own having the total authority to manage, perform, enforce and pay.
Pros and Cons of Ethereum Based Decentralized Apps?
- Rigid in a positive way
The third party is not under the obligation to make any kind of changes in an Ethereum decentralized app. Hence, this is rigid but in a positive manner.
- Eradication of fraud
No intrusion of the third party is the biggest reason for the elimination of the possibility of corruption, illegitimate benefit by tampering proof. Apps framed with Ethereum are free from all these errors and avail more transparency among the users.
- No breakdown
Such apps will not go down and yes it will not be switched off as well.
These apps are at its intuitive stage and perfection at the start is a bit too much to expect. The coding of this smart contract is again written by humans which means just like the other apps, there are chances of bugs. The major drawback with Ethereum decentralized apps is that if there is any vulnerability spotted in these apps, there are no possible ways to stop it except to rewrite the already executed code.
