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Cryptocurrency Ethereum (ETH)

Ethereum(ETH)

  • Ethereum is a blockchain-based platform for developing decentralized apps and smart contracts. Its blockchain does not only validate a set of accounts and balances but of so-called states. This means that Ethereum can not only process transactions but complex contracts and programs.
  • Ethereum provides a great platform for launching the Initial Coin Offerings (ICOs) for other blockchain projects. The majority of the $5.6 billion worth of ICOs in 2017 was launched on Ethereum. 

Why was Ethereum created?

The Ethereum Foundation’s mission is to promote and support the Ethereum platform and base-layer research, development and education to bring decentralized protocols and tools to the world that empower developers to produce next-generation decentralized applications (dapps), and together build a more globally accessible, freer and more trustworthy Internet.

Who created Ethereum?

Vitalik Buterin, July 30, 2015

Which Technology is used?

Ethereum is an open-source platform based on blockchain technology.

How does Ethereum work?

  • Ethereum is a decentralized software platform that enables Smart Contracts and Distributed Applications (DApps) to be built and run without any downtime, fraud, control or interference from a third party. The applications on Ethereum are run on its platform-specific cryptographic token, "ether".
  • The blockchain records scripts or contracts that are run and executed by every participating node, and are activated through payments with the native cryptocurrency "ether". 

What problems does Ethereum solve?

Ethereum is an open-source, blockchain-based, decentralized software platform used for its own cryptocurrency, ether. It enables smart contracts and Distributed Applications (ĐApps) to be built and run without any downtime, fraud, control, or interference from a third party.

Is Ethereum anonymous/safe?

  • Ethereum itself is more secure than you might think, but using a decentralized app or exchange that hasn’t been properly vetted could leave you and your ether compromised. 
  • There will be upgrades all the time and this sometimes moves from a proof of work platform to a more efficient platform. This is a tricky and risky upgrade which will make the developers always busy.

What makes Ethereum special? 

  • It is the most popular platform for building smart contracts, something which is considered the next big thing in the cryptocurrency universe.
  • Ethereum has a transaction speed of a few seconds against the 10 minutes or more of Bitcoin.
  • The reason why Ethereum differs from the other top 10 cryptocurrencies is that you can start building it on Ethereum’s blockchain instead. While using the Ethereum wallet and technology, developers can create their own type of cryptocurrency!
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