What is Ethereum

What is Ethereum ? The main creator of Ethereum theory is a Russian genius called Vitalick Botesty. He published a white paper of Ethereum in 2013 and In January 2014 it was officially started the development of the Ethereum platform.

Ethereum is a global, decentralized platform for money and new kinds of applications. On Ethereum, you can write code that controls the money, and build applications accessible anywhere in the world. In fact, Bitcoin is only one of several hundred applications that use blockchain technology today. Until relatively recently, building blockchain applications has required a complex background in coding, cryptography, mathematics as well as significant resources but times have changed.

Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications. Like Bitcoin, Ethereum is a distributed public blockchain network. Although there are some significant technical differences between the two. The most important distinction to note is that Bitcoin and Ethereum differ substantially in purpose and capability .in the Ethereum, instead of mining for Bitcoin, miners work to earn Ether, a type of crypto token that fuels the network.

There is a second type of token that is used to pay miners fees for including transactions in their block, it is called gas, and every smart contract execution requires a certain amount of gas to be sent along with it to entice miners to put it in the blockchain. Many people will come to Ethereum with some prior experience of cryptocurrencies, specifically Bitcoin. Ethereum shares many common elements with other open Blockchain: a peer-to-peer network connecting participants, a Byzantine fault-tolerant consensus algorithm for synchronization of state updates (a proof-of-work blockchain), and the use of cryptographic primitives such as digital signatures and hashes, and digital currency (Ether).

Yet in many ways, both the purpose and construction of Ethereum are strikingly different from those of the open Blockchains that preceded it, including Bitcoin. Ethereum’s purpose is not primarily to be a digital currency payment network. While the digital currency ether is both integral to and necessary for the operation of Ethereum, ether is intended as a utility currency to pay for use of the Ethereum platform as the world computer. Briefly, Ethereum is a free platform based on Blockchain technology that enables developers to implement their decentralized applications.

 

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