“Bitcoin brought us the blockchain message, digital scarcity, and decentralized security. Ethereum brings us smart contracts, digital assets, and the possibility of disrupting entire industries. The possibility of using the blockchain for something more than money transfer….”
Coin Name: Ethereum
Birth of project: 2015
Project Status: Strong
Circulating Supply: 97,866,135 ETH
Official website: https://www.ethereum.org/
Official Wallet: https://github.com/ethereum/mist/releases
Introduction to Ethereum (ETH)
Bitcoin brought us the blockchain message, digital scarcity, and decentralized security. Ethereum brings us smart contracts, digital assets, and the possibility of disrupting entire industries. The possibility of using the blockchain for something more than money transfer.
The leap from Bitcoin, let’s call it a calculator, to Ethereum, let’s say a computer, was given by Vitalik Buterin, Ethereum’s creator. This decentralized computer is accessible to anyone in the world, and allows anyone to build applications there.
Smart contracts are conditional transactions, meaning, if I put a coin in a vending machine, I get a cookie. Of course, the complexity level of the conditions can increase a lot. Make some conditions depend on others, according to the goals that want to be achieved and the variables in stake, and the programming of these variables, is the beauty of Ethereum.
Ethereum has the capacity of making an unchangeable contract that anyone can see, and which terms are enforced automatically. The contract has, for example, the capacity to hold funds (tokens) and release them when the conditions are met. No third parties involved.
The creation of Ethereum came from the limitation that the Bitcoin blockchain had for this superior level of complexity in transmitting information. Bitcoin was conceived as a safe decentralized currency, but Vitalik Buterin wanted more.
In 2013 Ethereum was born, being formally introduced to the world in January 2014. Ethereum was moving beyond the currency aspect, from sending money between people, to sending information between programs. Any developer could write a program to run on Ethereum, the operating system that would allow other programs to run.
Ethereum’s blockchain network went live on July 2015, meaning dapps could start being built on it. These complex smart contracts are developed in an independent way of Ethereum, but they do need Ethereum’s blockchain to exist. Currently exist 1127 dapps, which can be seen here: https://www.stateofthedapps.com/
Ethereum is supporting hundreds of dapps and ICOs, digitizing physical assets, and putting together Buterin’s vision. No need to provide personal information, no need for lawyers, just to create a dapp. We have smart contracts for digital rights, for digital currency, for securities, for record keeping, you name it, all the sectors in our society are covered and will possibly be disrupted.
Programmable trust over the Internet is the revolution Ethereum is servicing. Scaling has been an issue for Ethereum, as the dApps require more than simple processes, and development on that sense is being made, namely Raiden, Sidechains and Sharding, so Ethereum is still a work in progress.
This is a brief introduction to Ethereum, but if you want to know more about the coin, what people are saying about it, technical details, jump right in any of the links we present below. They are well worth reading before investing!
Feb 19, 2018: $921.67
Jan 19, 2018: $1,028.82
Dec 19, 2017: $793.90
Nov 19, 2017: $347.40
- How does Ethereum work, anyway?
- Ether Plunges Due To DAO’s Shortcomings
- Ethereum’s Scalability Partially Solved as DappChains Prepares to Launch
- The Synthesis of Raiden and Ethereum
- My cryptocurrency picks for 2018 : part 1 — Ethereum
- Beyond Bitcoin: Why Ethereum Could Change The World
- The DAO, The Hack, The Soft Fork and The Hard Fork
- What is Ethereum Classic
History (old news)