Best Bitcoin / Ethereum ( Ether ) Exchange ( BTC / ETC )
Ethereum is a distributed public Blockchain network that focuses on running the programming code of any decentralized application.
Who Created Ethereum
Vitalik Buterin, a programmer and cryptocurrency researcher, initially described the Ethereum concept in a white paper in 2013. Online crowdfund funded this project by August 2014. The network was officially launched and became operational on 30th July 2015.
Vitalik’s primary intention was to build a decentralized application. According to Buterin, the core developers of Bitcoin did not give the applications a robust scripting language. The developers did not agree with his proposals, and that is why he decided to suggest a different platform. However, most of the applications in Ethereum draw a lot from the Bitcoin-like software.
The project was bootstrapped through an Ether pre-sale in August 2014 by investors from all over the world. The developer of this platform is the Ether Foundation, a non-profit organization from Swiss. The project received a lot of attention from many great minds worldwide.
Why Was Ethereum Created
The Ethereum wallet is a doorway to the decentralized operations on the Ethereum blockchain. The platform allows the user to hold and secure different forms of crypto-assets such as Ether (token used for trading) that is built on Ethereum and also write, use and deploy smart contracts.
How Does Ethereum Work
Ethereum is a public, open-source distributed ledger platform that is created on the blockchain and features scripting or the smart contract functionality. The platform has the ability to execute contracts by making use of public nodes and the Ethereum network. Ethereum also offers a value token that is referred to as “Ether” and is transferable between participants and its used to compensate nodes owners for the calculations performed.
The network makes use of an internal pricing mechanism known as Gas to prevent spam on the network and make a proportional allocation of resources to the places where a large number of requests is coming from.
The network’s hard fork occurred on July 20th 2016 and this resulted in two different blockchains. These two blockchains where the foundation for Ethereum and Ethereum Classic, which uses unforked blockchain. It brings together the users in the Ethereum community who refused the fork for a number of reasons.
Ethereum is a decentralized platform with smart contracts. The applications using Ethereum smart contracts are made to prevent interferences from third parties, censorship, or downtime. The Ethereum runs on a custom built blockchain. The platform presents a powerful global infrastructure, supported by the smart contracts that can move value around and also represent the owner of the property.
The platform allows developers to open markets, store debt registries or “promises” in the form of contracts, move funds according to the set instructions that were provided (even if the instruction was given years ago) such as a future or a will contract. All this comes without a counterparty risk or middleman.
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