Ethereum is an open-source blockchain software. Mainly known for SmarContracts by enabling users to create Distributed Applications. One of the most popular cryptocurrencies, Ethereum allows the operation of software without any downtime, deceit, observation, or interference of a third party.
On top of providing cryptocurrency services, Ethereum is a programming language based on blockchain. The unique programming language of Ethereum allows the creation of different applications.
Applications built inside the Ethereum blockchain all operate on a cryptographic token exclusive to the platform. The ether tokens enable developers to build apps and SmartContracts within the Ethereum platform.
A critical tool for working on the Ethereum platform, ether is mostly in demand by developers and programmers seeking to build their software in the Ethereum platform. Ether is so popular that a 2014 pre-sale broke records in the history of cryptocurrency.
Those who go after ether use it for the two following purposes:
1) They can use ether like any other cryptocurrency to trade, or making exchanges
2) They need ether for running your applications inside the Ethereum platform.
As Ethereum calls it, you can “codify, decentralize, secure, and trade just about anything” Using ether. With the recent collaboration of Microsoft with ConsenSys, Microsoft Azure will provide Ethereum services to connect Ethereum developers and enterprise clients in a cloud-based environment.
As of today, Ethereum is the most common cryptocurrency after Bitcoin. Transactions on the Ethereum blockchain are much faster than Bitcoin; it takes about 14 to 15 seconds to receive ether, while the fastest you can acquire your Bitcoins is in 10 minutes. In addition to swift transactions, there are more blocks on the Ethereum blockchain than on Bitcoin, allowing to finalize more transactions at a time.
There are several distinctions between Ethereum and the largest-used cryptocurrency of the world:
Bitcoin is a digital platform allowing users to send, receive, and hold bitcoins. Ethereum is a smart contract platform that permits users to use blockchain technology for creating different digital services. Creating other cryptocurrency types on its blockchain is another feature Ethereum proposes. One of the most known cryptocurrencies on the Ethereum blockchains are stablecoins, where the value of the digital currency is fixed to that of a fiat currency on a one on one basis.
Bitcoin is a cryptocurrency used for trading, while Ethereum's ability to operate apps on its blockchain is its prime aspect.
While the rate of mining new bitcoins halves every four years, mining of ether leads to new coins at a relatively stable speed.
While bitcoin defines transaction fees according to the size of the transaction, Ethereum considers other factors such as computational complexity, bandwidth use, and storage needs.
Why Prokey hardware wallet?
If you are a developer building software on the Ethereum blockchain or an ordinary stablecoin holder not willing to let go of your cryptocurrency, you would not want to lose your hard-earned money. This is why you need to purchase a Prokey hardware wallet.
Prokey is one of the few Ethereum hardware wallets supporting both Omni USDT and ERC-20, as well as 1500 more types of cryptocurrency. Keeping your seeds offline, the Prokey Ethereum wallet minimizes the risks of a cyberattack.
You might be wondering why you would need a hardware Ethereum wallet for keeping your cryptocurrency, the answer is very clear! The Prokey Ethereum wallet provides superior virtual security and physical security, eliminates the need for any external wallet, and is super easy to use.