Cryptocoins.ph

Ethereum is an open software platform based on blockchain technology made by Vitalik Buterin back in 2013 that enables developers to build and deploy decentralized applications. It is ranked second on the very first cryptocurrency “Bitcoin”.

Cryptocurrency is a medium of exchange, created and stored electronically in the blockchain, using encryption techniques to control the creation of monetary units and to verify the transfer of funds.

In Decentralized Application, software are running without a central server and instead distributed and run by different nodes (Mining Rigs). Without a central server, there will be no downtime, it is tamper-proof and nearly un-hackable.

Users need “Ether” (ETH), the cryptocurrency used by Ethereum to use the services in the network. Its users are the world's leading companies such as JP Morgan Chase, Microsoft, Intel Corporation and about 600 different applications are currently running within.

To get “Ether” you need a Mining Rigs, a term used that refers to computer hardware with a very high speed graphical cards (GPU). This hardware computes and solve mathematical equations and algorithms. In return, the Ethereum network compensates them with Ether.