New forms of payments have resulted due to virtual commerce. Virtual currencies have lower interest rates than credit cards. Transactions made with virtual currencies are done exclusively through computers.
Ethereum is a virtual currency that, like any other currency, serves to acquire products and services. It is used as a means of payment in economic transactions made on the Internet and is driven by blockchain technology that allows to transmit value. There is no physical representation in coins to which people are accustomed to.
Ethereum, unlike the other currencies, is a decentralized currency, meaning that it is not regulated by any monetary entity, nor backed by a government, but by an intelligent cryptographic scheme.
Ethereum is created on people’s computers when using a program called “Ethereum Mining”. The support these currencies has is the technological algorithms which, until now and although the risk exist, has not been breached.
This system consists of an alphanumeric sequence readable for people (using keys), which are associated with a virtual wallet, which discounts and receives payments.
The Ethereum user needs to have an electronic wallet installed on his computer or mobile device, which will generate his first Ethereum address and create more when he needs it. In order to make an exchange through Ethereum, each user is assigned a cryptographic key. You can give your address to your friends to get paid or vice versa.
Paying with Ethereum is as easy as sending an email. In the near future these, will be an everyday transaction.
There will be a time were these transactions will be made thought satellites.
There will be a time were people might want to send money between Mars and Earth and these transactions will be made through virtual currencies like Ethereum.
The operations with Ethereum are monitored by miners who verify them and whose codes are permanently stored on the web.
The management of transactions and the issuance of money are carried out collectively by the users in the network. This allows almost instant and low-cost payments to anyone, anywhere in the world, 24 hours a day, 365 days a year. The network acts as a supervisor and verifies that an Ethereum cannot be spent at the same time in two different places. Transactions are carried out with encrypted codes that circulate through the network.
Transactions avoid any intermediary, they are made from person to person, ‘peer to peer’ (P2P), which reduces their costs. There are no limits on transactions or commissions. This system allows you to discount the amount of cryptocurrency to whoever purchases and increase the amount of cryptocurrency in the account of the seller, so it is a ‘transfer’ and, as such, allows the purchase and sale of goods or services.
In addition to being decentralized, not belonging to any state or country and not having intermediaries in transactions, this cryptocurrency cannot be intervened nor the accounts can be frozen. Every transaction is registered, is unmodifiable and accessible to the control of all, preventing the simultaneous transactions. All this from a proper and automatic logic, with no one who, as a notary, has to certify the situation of a good or something similar.
The Ethereum network is based on “blockchain” technology, a kind of shared public accounting. All confirmed transactions are included in the block chain. In this way Ethereum wallets can calculate their spendable balance and new transactions can be verified, ensuring that the payment is being made to the one making the payment. All transactions are public and all participants have a copy of each transaction.
The blockchain is the equivalent of a book with all the transactions made by all participants in the network, a book that is written and distributed to all those who want to have a copy, and which is secured by means of signatures cryptographic and work tests.
Blockchain technology is opening up through the financial system for its myriad applications: operations within a company, international transactions, public administration and many more.
Mercury Cash is at the forefront of this technology and with a clear future vision that the future is already present with the use of virtual currencies, the company will reach people and countries and also it will reach all the planets of the universe.