What is etherium? It’s a new currency in the world, worth about US $12.5 billion at present. But what is etherium and what is its function in the wider context of things? How is it different from other currencies? How is it different from other blockchains? All these are good questions that we will answer here.
First, let us understand what is ethereum. Since April of 2021, the ether network has seen significant progress. It has experienced a drastic increase in transaction traffic, which peaked at about four trillion dollars per week. The network achieved its success after a hard fought battle between developers and high profile investors. The investors, led by institutional investors such as Warren Buffet and George Soros, invested a total of about $75 million into three different startups that are working on ethereum protocol.
The reason why ethereum became so successful is because it has the ability to provide a superior solution to some of the problems regarding decentralized finance. This is because the smart contracts that make up the backbone of this protocol enable any person to participate in the buying and selling of their own tokens. With these smart contracts, anyone can ensure that their investment in the project they have funded will be completely secure.
What is meant by this is that ethereum makes use of its own programming language called Solidity to allow its users to write smart contracts, which in turn will allow them to specify the parameters of those contracts. With these variables, people will be able to specify which transactions are valid and which are invalid. Through this method, ethereum is able to define a set of rules by which all transactions are processed accordingly.
Through the use of EVM, or the Enterprise Virtual Manufacturing Meta-token, the integrity of all the transactions being processed on the ethereum network is ensured. The EVM that is used on the ethereum platform is called Metropolis. The reason why this EVM was chosen to be used as the backbone of ethereum’s decentralized finance comes from how it is designed to provide a digital cash currency for each e Verge token that is issued. Through this method of issuing tokens, investors will be able to make sure that their investments in the project they have funded will be secure.
With the use of the ethereum protocol, the Verge works with the help of a special digital asset called EIP, or the Enterprise Integration Protocol. This is used as the payment scheme for any transactions on the e Verge network. One of the benefits of using the ethereum decentralized finance platform through the use of eIP is that it will be very difficult for anyone to counterfeit the value of the tokens that are being issued.
In order for investors to be able to properly monitor the progress of their transactions per second, they need to be able to interact with the ethereum network. Since this can only be done with the help of e Verge, the team responsible for building and maintaining the ethereum platform developed an identity application that users will be able to access to interact with the e Verge network. The use of Vitalikis Simas and eToro’s Solidity library, together with the EVM mentioned earlier, makes it so that it will be very easy to process transactions per second when these are needed.
The biggest attraction of ethereum, both for individuals looking to launch a new project and large institutions wishing to expand their current offerings, is how easy it is for people to get into the project. Because the ledger is based on the Proof of Stake model, it is very resistant to manipulation and the proof of work system that go into producing the ledger also acts as a safeguard. All of these factors make the future of the e Verge project very bright.