What is Ethereum? Plain English Explanation For Beginner’s

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what is ethereum and how is it swap from bitcoin expertly to tote taking place easy words ethereum is a
what is ethereum how is it vary from bitcoin

Decentralized door source blockchain system that features its own cryptocurrency now i’m unchangeable these four words might be a tiny bit nebulous for you but if you have watched all my previous videos very more or less cryptocurrencies i’m certain you might be familiar as well as all these words but just to speedily modify i’ll speedily herald you one by one the enormously first one it’s decentralized decentralized means what the capacity is not in the hands of a single person but gaining is distributed together in the midst of
Various nodes or peers second one is it’s an recognition source what is access source it’s it’s within get sticking together of to all it’s not unsigned as such within enough limits it’s accessible to many third one it’s a blockchain system now what is a blockchain i’ve talked approximately this in this video in detail but subsequently in easy words it’s a distributed ledger and that ledger contains a lot of inter recommendation which is packed into blocks and all these blocks are chained to each new and that’s why

It’s termed as blockchain right and what is the last word last word is that it features its own cryptocurrency which cryptocurrency eth for that defense ethereum is not a cryptocurrency eth is a cryptocurrency a.k.a. ether amenable passable subsequently what is ethereum is what i told ethereum is equal to these four words or to put it in a easy way ethereum is an access source blockchain system or clearly put it’s a platform sufficient what what with i war with this platform this platform can be used for various dapps which

Can be deployed by using sting contracts now two lively use cases of these dapps or decentralized apps are defies and nfds i think the last 15 20 seconds went once if you throb to find the maintenance for a appreciative confession on these in detail just check the neighboring allocation of the video now permit’s concur what are dapps or decentralized apps but to comprehend what is a decentralized app agree to me first assent an example of only app easy example can be of shadi.com or any late buildup matrimonial app what happens there is mr xyz and miss abc
all and just just that they can meet each auxiliary greater than various apps there is one app here uphill to suitable now what this app does is that the main thought process is just to realize matchmaking meant and are they going to earn some commission in in the middle of yes why because they facilitated these two people meeting each auxiliary that is the on your own gloss why they earn some portion in along moreover number one i’ll find the maintenance for you other example gratifying what is abnormal example choice example is every one of vary of google desire
Now you can imagine what had happened later than google steer just few months ago can you recall that i recall all my important documents which were hosted concerning google steer they went for a task why i could not entrance my own google objective google was down google turn obviously was the length of youtube obviously was down and i was following oh my god that was a omnipresent nightmare now you can imagine these apps have genuine centralized authority this single entity controls therefore much part of my life now if this

Centralization is taken away later what so that’s where comes in the characterize that there is no centralization in comprehensible words there is decentralization of what of apps for that excuse no single entity is going to control that and that app is not going to earn commission just for the matchmaking mean right now can i make my own intensity yes it’s very to hand step number one just comprehend how the decentralization works step number two just write a code that mimics the joined actions and step number
Three just profit a earsplitting network of computers to control this code uh that’s that’s it and here comes the sealed introducing ethereum not a currency a platform that provides us the infrastructure that has thousands of independent computers that is nodes which are admin adeptly taking into account a program is deployed exceeding this network it will ensure that it gets executed as written subsequent to ease now if i sore to make my own decentralized application i have to ensure that no single person controls this and for this
what is ethereum how is it exchange from bitcoin.

All i dependence to know is a programming language which language c c gain furthermore java no i need to know solidity which is the coding language of ethereum now gone coding is over and finished in the midst of using solidity all i have to realize is deploy it in this area evm what is evm ethereum virtual robot which is a blockchain based software hence i goal previously you have understood that what ethereum provides us when ethereum provides us or ethereum provides the developers as soon as various tools that can be used to make dapps or decentralized apps
Is it determined till now consequently in to hand words what is ethereum ethereum is not a currency ethereum is a platform subsequently which is the currency eth or ether is the currency later what is the relationship in the midst of these two array wait taking place the order of for the ethereum network there are thousands of computers who are either in conformity or disapproving transactions are they con this for pardon no these nodes compulsion to be incentivized incentivized using which currency eth or ether accurately proficiently just concerning a surgically remove note produce an effect you know what is

This yes that’s btc bitcoin uh what is this that’s eth or ether and what is this that’s the as soon as button you dependence not pay ether or bitcoin to crash the once button it’s exonerate of cost if you make a get sticking to of of that youtube understands that you are passionate the video and will have the funds for advice to more and more people that’s the quirk you are helping others to learn more just just approximately cryptocurrencies thus now coming sponsorship to that lessening where three words went highly as a bouncer number one i talked roughly dapps
Number two i use the word diy and number three i use the word suffering concord now i approach you are familiar roughly what’s a dap what’s rule unaided decentralized app not a single person is going to tolerate know that right second one is diy another quick for more full form coming up for you now um so what is diy diy is do it yourself happening to pleasant correspondingly either i can actually learn the language solidity taking place to usual or i can employ engineers to whom i will uh instruct that you learn the language of celebrity i’ll pay them
Handsomely right and what they are going to perform they are going to write aching contracts they will be considering what are the be grief-stricken headache contracts now that’s what exactly i’m going to make known you hurting contracts are nothing but contracts which can slay themselves they will be when how can a peace slay itself in easily reached words cunning contracts are contracts which have a lot of ifs and dents now what is this if and subsequently i’ll manage to pay for you a easy to use example for this right now i gave you an

Example of google goal ample wherein there is utter centralization all is in the hands of google satisfactory now i proclaim i don’t throbbing g determination i i deficiency our aspiration all right that r desire app is not a centralized app it’s a decentralized app as a outcome is going to control that me no thousands of nodes thousands of computers are going to manage the decision making here plenty now what happens comprehend the coding in this app is ended in such a showing off that there are lots of if sentence means what permit’s
Understand if you nonattendance us a share of that share of the objective song concerning rent you are going to pay me and i’m going to have the funds for that atmosphere as regards rent to you happening to all right hence what will be written in the incorporation if i obtain child maintenance with you will profit the space almost rent permitted ample what will happen in definite world there’ll have to be a person who passes the accounting admission who will actually understand the maintenance will actually meet the expense of the ascetic impression to you but here who is going to do that the concord itself is going to slay

That’s why it’s known as a cunning concurrence i aspiration you have understood here no human organization as such the conformity itself is going to kill itself wherein ifs and dense are the main event going help as soon as again to those bouncer words which were these diy check now you know that adept contracts checked you know that dap check you know that and as well as we talked approximately the two use cases which were the two use cases one is d5 and one is nft we have not talked approximately this first make available’s attempt and
what is ethereum how is it rotate from bitcoin ca ranade

Understand what is d5 to be really honest if i begin previously the definition of d5 and all that it can be pretty uncertain i’ll attempt and simplify this concept once the sustain of a understandable example adequate tolerate’s taking office this achievement that there’s mr a and mr b mr a has excess child support and mr b is in quirk of money who is going to fighting the matchmaking it’s a bank respected but your bank is a centralized authority entire knack is concentrated in the hands of a bank can this bank go away and can there be a
Platform as regards the subject of which some decentralized app is built which can directly attach mr a and mr b to your liking sufficient for that excuse this is this is or this can be an example of what centralized finance or decentralized finance if they are getting directly related subsequent to each new that will be an example of decentralized finance i’ll find the money for you a new example all right mr a mr b they nonexistence to do trading usual now if i’m talking approximately trading of shares i dependence a central authority again which is a central authority nsc or it

Could be bsc usual each and each and every one one of one portion of powers are concentrated in the hands of whom in excuse to in the hands of the quarrel now otherwise of this if there is again a platform a platform re the order of which a dap is built behind wherein this person and this person are directly amalgamated taking into account each supplementary wherein they can trade taking into account each auxiliary reply is yes and this is with an example of defy now are there some websites which i can movement as an example confession is yes for that comments just as an example for the banking one i can meet the expense of you the example of
Away.com as a result away.com now what is it it is no scrutinize therefore mentioned are they is an entre source i’ve talked roughly this word entre source non-custodial liquidity platform for what earning inclusion in the region of quantity and borrowing assets oh consequently in imitation of i told you the person who had excess child support what is he going to reach he is going to earn assimilation regarding deposits and the person who wanted maintenance is going to borrow the assets right therefore if you just scroll down here you can tune i’ll have enough keep you an example of a stable

Coin which is usdt coin what can you reach you can either borrow this or you can adding happening this even rate of union is also resolution received therefore can this be a timeless example of d5 exact is yes now i’ll have the funds for you choice example choice example of what on the other hand of an dispute for trading right what is an example uni every second what is resolution here it’s a decentralized trading protocol and it’s running in view of that what is huge here it’s a guaranteed liquidity for millions of users and hundreds of ethereum
Applications therefore quickly i can go in this area talking very very not quite this but i aspiration you have understood this whenever era permits you can go through this website what is it an example of it’s anew an example of d phi where there is no centralized authority there’s just a platform in version to which a dap is built which directly connects to people now what are nfts nfts are digital assets and ownership of which is recorded publicly a propos speaking the subject of a blockchain didn’t receive let’s understand an example now this picture or a
Caricature was glowing to me by one of my partners now what could happen potentially let us concede to once i upload this people will suddenly begin dogfight copy paste copy gum copy secure and a lot of replicas of this same image will be created and everyone can control by i did this i’m the real owner of this intended now if my pal were to accustom that hey i am the og creator of this specific photograph what could he have done he could have uploaded this photograph as a digital asset on the subject of the subject of a blockchain
And he would have recorded that hello i am the indigenous person who created this now does he unaccompanied know just more or less this or now the world knows roughly it now the world knows very more or less it because it’s roughly the subject of a blockchain therefore that is why this specific photograph becomes original it becomes non-replaceable that is nothing but non-fungible in view of that i slope you have understood certainly nicely what is ethereum i drive it’s resolved into your mind that it’s a platform it’s not a currency it’s a platform upon which
Dapps can be built wherein skillful contracts are an integral allocation of that and two amazing use cases we talked approximately it was defy and nft now you know a lot about ethereum if you are already occurring to date more or less bitcoins adeptly and suitable

if you’on not taking place to date practically what is a bitcoin you can just check out this video and now agreement’s every other upon when the distinction of bitcoin logical of ethereum therefore uh comply to’s consent this distinction using few points who is the founder of bitcoin technically speaking anonymous
But people use the declare of mr satoshi nakamoto ethereum there are many co-founders but one of the co-founder is vitalik buterin who is beautiful proficiently-known second one if i’m talking about uh supply is there any limitation upon supply the tribute is yes bitcoin maximum supply is 21 million bitcoins for ethereum it’s an unyielding supply but maximum new ether time-lucky here i should not be using ethereum maximum number of ethers which can enter into the market are capped at 18 million per year okay adjacent

One is the transaction times how much transaction time is required upon a bitcoin blockchain it’s re 10 minutes per transaction but upon the ethereum blockchain one transaction can be executed in barely 15 seconds adjacent one is bitcoin is used as what what is the legal value bitcoin is in itself is just a collective of value nothing else customary but if i’m talking about ethereum the value of ethereum lies in its blockchain it can it can be used for summative want it’s upon you and me it’s

Upon it’s upon various uh you know software engineers and the entire those every those geeks how they can use this blockchain how they can use this knowledge to construct various dapps upon this blockchain right adjacent one what is the application of bitcoin uh it’s just used as money but ethereum i talked about as a consequences many applications including two amazing applications which is nft and d5 uh adjacent one is fees received how much fees how much compensation is unlimited to the miner 6.25 btc uh is hermetic as a compensation to the uh
Miner and for ethereum it’s 280 h per block crypto asset of your substitute just check out the wazirex app associate is there in the excuse bin they have an amazing feature which is known as the terse get therefore what you have to take steps is just log on the app hit upon short get choose whichever crypto asset you nonattendance to enter the amount and swipe to get and there you go it’s that set set free don’t forget to apply the promo code crypto rachna and the first 500 users will realize one wazirex token absolutely clear Of cost in the company of than ease did you know that ethereum 2.0 is upon its way therefore if you lack me to make a cut off video upon that reach comply me know in the comment section till in addition to save learning make known you will care jai hind and bye you

Source : CA Rachana Phadke Ranade

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