Ethereum is not a cryptocurrency contrary to popular belief. It is the name given to a digital platform (network) that allows people to create a set of decentralized applications. What is used to build and run applications on this platform is called "Ether" and is abbreviated as "ETH" especially in trading. Below, we have tried to answer the most frequently asked questions about Ethereum for you.

So what does this platform "Ethereum" do ?

Ethereum allows applications called "dapps" created by people using its programming language "Solidity" to be run and distributed to other networks without any interruption, fraud, control or interference from a third party. It does this with blockchain technology. Transaction records are stored with this technology.

What is Dapps (Decentralized application) ?

Dapps are open source software (applications) that use blockchain technology. Unlike traditional apps, they don't need an agent to work. Thus, it minimizes your security concerns in an application containing your private information.

Golem, EtherTweet (what could be called an uncensored tweeter), Etheroll (online casino) are examples of well-known Dapps apps.

What is ether ?

It is the name given to the tokens (coins) used to create and run applications on the Ethereum network. As we mentioned earlier, Ethereum itself is not actually a cryptocurrency. What people see, buy and sell on various platforms is actually "Ether" (ETH).

So "Ether" basically does two things. It is traded as a digital currency on exchanges in the same way as other cryptocurrencies or used on the Ethereum network.

What are the differences between Ethereum and Bitcoin ?

In Bitcoin, the cost of transactions is equal to each other. On Ethereum, on the other hand, the costs of transactions depend on bandwidth usage, storage requirements, and complexity.

Bitcoin is an electronic cash system that enables online payments. Ethereum, on the other hand, tracks ownership of the digital currency ether, but also enables a set of decentralized applications (dapps) created on the network to run.

What is Ethereum Mining ?

The currency (Bitcoin or Ether) of both Bitcoin and Ethereum is created through a process called "mining". Nodes on a blockchain are verified by "miners" and are rewarded with "ether". The process done in Etherium mining is called Pow (Proof-of-Work).

What is Ethereum Storage ?

Ether cannot leave the Ethereum system, that is, the blockchain. Therefore, it cannot be physically stored anywhere. If you want to use Ethereum, you need a "wallet". Your Ethereum wallet does not contain any Ether. It contains the codes needed to access it. These codes are called private keys. If you lose your private keys, you lose your Ether. That's why choosing a good wallet is so important.