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Recent News. Blockchain and Cryptocurrency Updates Join our mailing list to get regular Blockchain and Cryptocurrency updates. Follow Us. A distributed ledger is decentralised which does away with the risk of a central authority and the single point of failure.

The technology is used to process, validate and authenticate information and data. The information is only stored in a distributed ledger when all parties have reached a consensus that the data transaction or information is valid. The information files that are deployed to a distributed ledger are timestamped and given a unique cryptographic signature. The transactions can be viewed by anyone but not identified, except by their private key description. The main difference between blockchain technology and a traditional distributed ledger system is blockchain creates a chain of blocks with validated information; while distributed ledgers do not produce a chain.

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You can think of blockchain as a type of distributed ledger but remember it is only a subset of it. It functions as a database of information that is spread across multiple sites and accessed by multiple participants but its mechanisation is entirely different. Proof of Work POW is a set of data that is difficult, costly and time-consuming to process but easy for others to verify. Data needs to be verified before it can be deployed to a block in the blockchain.

Ethereum miners must produce a POW to prove the difficulty of the work before the block can be added to the chain. POW is proof the node computer has the skill to process the data transaction or information contained in the block. Miners are willing to use their time and electricity to generate POWs because they make money from it. In the case of Ethereum, miners are paid in Ether. POW is expensive to produce and this is done intentionally to prevent devious miners from attacking the blockchain.

The latter would use a lot of time and electricity to attack the blockchain and bear the cost of his or her malicious intent. Proof of Stake is similar to Proof of Work but the main difference is how the computer reaches the end goal of validating the information and deploying the block to the blockchain. With POS, the information is not mined, it is validated.

The validators require cryptocurrency Ether to compete for a stake in the blockchain system. The validator bets on a block that he or she has the skill to validate. When the block is processed and deployed to the blockchain, the validator earns a transaction fee in proportion to his or her stake in the validation process. Ethereum is likely to transition to POS because it is a more environmentally-savvy option.

POW consumes an excessive amount of electricity. The main resistance in the marketplace to POS is it is not as secure as POW, largely because of the energy saving issue. Ethereum proposes getting around this by forcing validators to pay a security deposit to participate in obtaining a stake in the blockchain.

A miner must solve a difficult mathematical puzzle using their computer processing power. It requires a large amount of time and energy to solve a puzzle. The first miner to solve the puzzle is paid in cryptocurrency Ether for their work, which is verified through the POW. There is no reward for creating a block.

Instead, the block creator earns a transaction fee paid in cryptocurrency Ether. A dApp is like a decentralised app store that is not controlled or owned by a single authority. There is no downtime and a dApp cannot be shut down.

Output at Current Difficulty

There is no way a repressive government can do to a dApp what they can do to Internet or telecommunications when, for example, they cut off their citizens access to communication platforms such as WhatsApp, Twitter, Gmail or email. The most famous example of a dApp is Bitcoin. The aim of Bitcoin is to take the power away from central authorities such as financial institutions and central banks. The Bitcoin dApp exists to facilitate the transfer and management of cyber money using blockchain technology.

The backend code of a dApp runs on a decentralised peer-to-per network. This is different to an app like WhatsApp or Amazon where the backend code runs on a centralised server. There is no censorship on the decentralised platform and once you publish a message to the blockchain, it cannot be erased.

The main characteristics of dApps is they are open source, there is not central point of control, and validators are incentivised by cryptographic tokens that are valued through an algorithm. The core source of code is available to everyone.

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There is vital autonomy and unanimous consensus in dApps and any change made, must be made along the entire length of the blockchain. Therefore, the code must be available open for everyone to check it. The validators are incentivised with cryptographic tokens Ether to perform the task. A consensus mechanism provides proof of value to the decentralised app. Users agree on a consensus protocol through an algorithm that generates valuable crypto tokens. Smart contracts are legal contracts that harness blockchain technology to make them immutable. In other words, they cannot be changed or broken because the peer-to-peer Ethereum network makes it impossible to do so.

In other words, a smart contract has the ultimate authority and no-one can overrule the contract, not even the person who wrote and deployed it. The limitation of smart contracts is there is no room for negotiation. For example, where there may be extenuating circumstances and some leeway is required. As soon as a smart contract appears on the Ethereum network, it cannot be corrected , changed or deleted unless you can convince the entire Ethereum network to make that change and that involves hundreds of thousands of people participating around the globe.

Ethereum functions as a decentralised app store where the dApps are smart contracts. You need cryptocurrency to transact on Ethereum and so Ether was created.


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Ether is used primarily to incentivise people to run the Ethereum P2P protocol on their computers. The cost of the action petrol or gas is paid in Ether. When people talk about the price of Ethereum, they are actually referring to Ether. When Ether was first introduced to the market, it cost about 40 cents to buy one Ether. Today, one Ether is valued in hundreds of dollars. Ether ETH is the second-most valuable blockchain currency after Bitcoin.

Ethereum is a technology platform and not a cryptocurrency. Therefore, you cannot directly compare Ethereum with Bitcoin. The financial token that people trade with on Ethereum is Ether ETH and this cryptocurrency is traded on the global currency market in the same way as Bitcoin. Bitcoin is a distributed peer-to-peer P2P digital currency that can be transferred instantaneously and securely between two parties, no matter where they are in the world. Bitcoin was created to replace fiat currencies, in other words global currencies that we trade with on a day-to-day basis.

Ethereum is a Super-computer that is used to create dApps that produce code known as smart contracts. To incentivise the people that keep the Ethereum super-computer running, a cryptocurrency called Ether was created. Ethereum is mined the same way as Bitcoin.

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Computers around the world compete to solve complex mathematical problems or puzzles. The first computer to solve the mathematical problem is allowed to mine the next block of Ethereum or Bitcoin transactions.

The miners are rewarded for their efforts in Ether or Bitcoin, depending on whether they have mined Ethereum or Bitcoin. Cryptocurrency mining is intensive problem solving that requires a lot of processing power and time.


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Miners participate in a peer-to-peer P2P network and are rewarded in cryptocurrency for providing solutions to complex mathematical problems. All the information in an Ethereum transaction is embedded in a data block. Each block is linked to several other blocks which creates a blockchain. These blocks must be analysed as fast as possible to keep the Ethereum platform running smoothly and effectively.

A miner devotes his or her time, computer processing space and energy to analysing, processing and verifying blocks within the peer-to-peer network. In the case of Ethereum, the miner is rewarded in Ether. Firstly, Ethereum is the technology platform; it is not a currency.

The cryptocurrency of Ethereum is Ether, and the reason Ether exists is to incentivise and motivate nodes to develop and deploy highly secure smart contracts. A developer who wants to deploy a smart contract on the Ethereum platform EVM needs Ether to proceed. Miners who earn Ether for writing smart contracts can sell their Ether to other dApp developers who need it to participate in the P2P network. This is where miners can make a profit or loss on buying or selling Ether.

No more than 18 million Ether is issue every year which is designed to reduce Ether inflation.