Explained with a story! Ethereum blockchain | Rajan Sharma | Coins | January 2024

hello! I hope you are doing well. I hope your Monday is exciting and challenging. There is no fun without challenge, and no pure joy without tears.

Welcome back to my series Explaining Through Stories. Today, we will talk about ‘Ethereum’, another popular blockchain technology besides ‘Bitcoin’. There are tons more, and we’ll be discussing them every day, among other interesting topics.

So, shall we go into the world of imagination? Shall we?

Far out in the digital universe, there is a unique planet called Etoria, orbiting the vast expanse of Internet space. Ethoria is special because it is built on the ultra-fast, transparent, book-like Ethereum blockchain, where every action on Earth is recorded for all to see, ensuring fairness and trust among its inhabitants.

Etoria’s main currency is Ether. Think of ether as the energy that powers everything on this planet. Buying goods, using services, entering into contracts, everything requires Ether.

Ethoria has a special method called Proof of Stake (PoS). In this system, Ethoria relies on its own citizens, known as validators, instead of using a lot of energy to record transactions and contracts.

These validators help maintain and update the blockchain, the planet’s great record, while maintaining large chunks of Ether with their commitment to honesty. This method is great because it saves energy and gives many Ethorians the opportunity to participate in the running of the Earth.

One of the most amazing features of Ethoria is smart contracts. It’s like an automatic contract that runs on its own. For example, if there is a transaction between two Ethorians, a farmer and a store owner, a smart contract can automatically transfer the payment when the farmer delivers the produce. Everything happens automatically and is recorded on the blockchain, making transactions very easy and reliable.

Etoria is not just about trade and money. Its inhabitants have found numerous ways to use the Ethereum blockchain and smart contracts. They have created systems for safely borrowing and lending money, ways to prove who owns what, and even games that operate fairly and transparently. All this is due to the reliable and versatile nature of their planet.

I hope this trip to the planet Ethoria will give you a clearer picture of how Ethereum works, with Ether energy, a smart and fair PoS system, and ultra-smart smart contracts that make life there efficient and trustworthy.

Ethoria is a glimpse into a world where technology creates a place of endless possibility and innovation. Continue to explore and marvel at the wonders that technologies like Ethereum are bringing to our universe!

Keep learning. This will build the team that works with you, the product you are building, and the organization that provides you with that platform.

I hope you have a great week.

Love and luck.

~R