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Ethereum 101

Posted on February 22nd, 2018 by Taylor Rascia

You may have heard of Ethereum, a distributed public blockchain network. But on the off chance that you have no idea what we’re talking about, let us break it down for you. If you’re looking to buy Ethereum in Miami or beyond, RockItCoin can be of service.

Although Ethereum is related to Bitcoin, the two differ significantly in terms of purpose and capability. Bitcoin is one specific application of blockchain technology. It’s a peer-to-peer electronic cash system in which Bitcoin payments are exchanged. But in the Ethereum blockchain, the focus is on running the programmatic code of any decentralized application.

If you’re still saying “huh?,” stick with us. Instead of mining for bitcoin, Ethereum miners work to earn Ether, a crypto-token that fuels the network. So yes, Ether is a tradeable cryptocurrency. But application developers also use Ether to pay for transaction fees and services on the Ethereum network.


Or the Ethereum Virtual Machine, is Ethereum’s core innovation. It’s a Turing-complete software that allows anyone to run any programming regardless of programming language. What exactly does this mean? Instead of building an original blockchain for each new application, potentially thousands of different applications can be built on one application.

For What Can Ethereum Be Used?

Ethereum can be used to build and deploy decentralized applications (think banks providing loans to intermediary services like title registries and voting systems). It can also be used to build Decentralized Autonomous Organizations (DAO), which are completely autonomous, decentralized organizations with no single leader.

Benefits of Ethereum Decentralized Platforms

Decentralized platforms are untouchable to third parties, so no changes will be made to the data. Apps are configured around a consensus principle which essentially makes them corruption-proof. They’re also secure because there’s no central point of failure. Finally, there’s no downtime because apps can’t ever be switched off.

The best part? You can now buy and sell Ethereum via our machines! If you want to buy Ethereum in Miami or beyond, visit your nearest RockItCoin location today to get started.

Source: Block Geeks