What is Ethereum? ? (Ultimate Beginner’s Guide) – How it Works ? & Why it’s Undervalued ?
This is a simple explanation of what Ethereum is and how it works for beginners interested in cryptocurrency..
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======== TABLE OF CONTENTS ========
00:00 – Introduction
00:56 – What is Ethereum?
05:39 – What is Ether?
07:26 – What is Gas?
10:23 – How the Ethereum Network Works?
11:37 – What are Smart Contracts?
13:20 – What are DApps?
14:21 – What are ERC-20 Tokens?
17:44 – What are ICOβs?
19:37 – What is Ethereum 2.0?
======== VIDEO SUMMARY ========
This is a video guide all about Ethereum.
Specifically, we discuss what Ethereum is, what Ether is, how they work, and what the future holds for this blockchain project.
Vitalik Buterin, is a Russian-Canadian programmer and cryptocurrency researcher who came up with the idea for Ethereum in 2013, which finally went live in 2015.
The most plain and simple explanation of Ethereum can be broken down into two words:
Software platform.
Now, what makes Ethereum different from other software platforms is that it is a blockchain-based software platform.
The most plain and simple explanation of blockchain is that it's records of data stored on a network of computers.
Blockchainβs recording and storage protocols make it such that once new data is verified, it is unmodifiable, itβs distributed across a vast network of computers around the world so itβs hard to destroy, and no one person or entity controls the data or network, creating a transparent environment.
Bitcoin and Ethereum are both use cases of blockchain technology with different purposes.
So how is Ethereumβs blockchain-based software application able to operate if itβs not owned or controlled by a central entity or authority?
Many people commonly use the words βetherβ and βEthereumβ interchangeably, when they actually represent two different things.
Ether is the Ethereum blockchainβs native cryptocurrency.
It operates similarly to bitcoin, in that it is a digital currency that can be transferred to people around the world, used as a form of payment, or act as a store of value.
Ether was designed with the intention of fueling the Ethereum network.
To incentivize people to host and maintain the data on the blockchain, Ether was created as a form of payment to fuel the Ethereum network.
So anyone who wants to build a software application on the Ethereum network has to pay for the computing power and space required using ether.
And the amount of Ether required for network fees is determined by a built-in pricing system known as gas.
Letβs break down the Ethereum network into 3 simple layers so that we can understand how it works in a nutshell conceptually.
Imagine the base layer of Ethereum consists of a vast network of computers called nodes.
Imagine another layer on top of the base hardware layer is a software layer.
And software applications bring us to the final layer of Ethereum: the application layer.
The application layer is where developers can build and launch third-party decentralized applications, or dapps for short.
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Your ability to break down complex concept is amazing. Iβve been in the space for 3 years and I think this explanation of Ethereum is the best for beginners. Even I learn a few more things in a structures way. You have one more subscriber. Thanks for the content
Agreed! I just got started and it could not be clearer with your descriptions.
Have Been following Clint J Morrison from the start, I have learned so much.
Crypto Casey, I wanted to let you know you did a phenomenal job explaining Ethereum. Very detail oriented, Packed with lots of information and explained throroughly. The way you simplify something so complex is needed and appreciated. Thank you for taking the time and energy to explain this??
“Awesome!” Thanks Casey I like your great no-nonsense productions! Your teaching style is very concise, to-the-point, straightforward & easy to understand.. Thank you so much! Keep the great content coming! And I should actually mention you’ve inspired me to buy my first cryptos.. I just got a hardware wallet and I’m going to buy some Bitcoin and Eth ASAP!
I rarely comment on youtube videos. This global crisis made me realize how little power I had over my future overall, so I decided to teach myself about crypto. I love your content! Everything in this video and others are so well thought out and explained. It’s amazing how much more sense it all starts making as you explain blockchain tech and crypto mining. Thank you for what you do, you are changing lives one at the time with your help.
Thank you for the work on your videos that make blockchain systems understandable. I’ve been securely holding bitcoin for a couple years, ever since I watched your videos explaining hard wallets and account security. This is a great breakdown of how the ethereum network operates. I had no idea about Bitgold, that was a great add on to this video. Best Regards!
What a great video! thank you so much for putting in one video hundreds of hours of research that you did and simplified it and organized it for us and for free! So grateful for this! you save us a lot of time, all your hardwork and efforts help us all getting a better life, your contribution to the comunity is insane, thank you a lot
Well structured and comprehensive explanation! Many relatively complexe topics wrapped in a 24 mins video. Great work and thanks!
Wonderful. Thank you for your clear and easily understandable explanations. You have a special gift for teaching this complicated info. Again, Thank you and bless you for helping beginners!?
Thanks so much for doing this, very clear and concise! Also I second other comments mentioning itβs refreshing to seeing an intelligent woman explain this technical subject so well. You rock, please keep it up!
Awesome videos.. thanks for explaining things so clearly and still making it simple.
Casey, your presentation of this information is 7 stars. I cannot thank you enough for laying this out there, breaking it down as thoroughly as you have and giving all of this information away for free. Fan for life. Thank you!
Professional and simplified. Very well done. Thank you for breaking it down so simply. I understand more of Blockchain(block – chain) technology. I love your content, keep up the good work.
While clearly Ethereum-centric, this is actually a very good guide to how blockchain works on the whole. It encompasses the potential and vision of the tech, with simple analogies and examples. Excellent for beginners, but also for folk like me who have been around long enough to have some understanding and biases within the crypto universe. Thanks for sharing bud. Nicely done.
Thank you for providing these incredible videos. They are clear, concise and extremely informative and easy to understand. So, if I have this right, looks like ethereum is a coin, and a network. Right? It also looks like a possible bridge for the business community (huge) to connect, or transition from old currency and financial transactions to the new and more advanced block chain concept. George Gilder’s new book, “Life after Google”, talks about this but how you get from “old” to “new” isn’t clear. Somebody is doing their homework, possibilities abound. Hmmmm……
Thank you so much for your effort and great job to bring us the knowledge on such a complex subject in a clear way.
thanks for the clear explanation of this, really good beginner video. Still many videos from you to go to get a solid base in knowledge. Thanks again for this! Appreciate the amount of work you put into this all.
well done Casey π another great well explained video, you really know how to break this stuff down into bite-sized chunks, keep it up, but please lower the background music. Thank you for your efforts and contribution to the growing of the crypto space.
Thanks for the feedback! I will keep this in mind in future videos.
Professor Casey does it again! Thanks for the great explanation. You are to me, and I am sure to others as well, an invaluable fountain of knowledge. Youβve enlightened me once again ?β¦.Thank you.
she is kind of intense though
Casey, you did a great job in this video. Probably the best out there. Thanks for breaking this stuff down for us in an in-depth and well organized way. I know it’s a lot of hard work.
Need to watch this 5 more times. So many concepts itβs hard to wrap your head around!