Introduction to Ethereum
What problem does Ethereum solve?
While Bitcoin is revered as the pioneer of cryptocurrencies that built a legacy of its
own and launched a whole industry of innovation through Blockchain technology, it still remained limited
in its application and practical implementation. Then came Ethereum, which opened the doors of the
locked hurdles, unleashed the true potential of the application of cryptocurrencies and opened the world’s
eyes to what Cryptocurrency is set to achieve.
Ethereum is an open-source, public Blockchain platform
that is decentralized and gives room for independent companies to build their own decentralized applications
and cryptocurrency tokens on its platform. Those cryptocurrencies are then known as ERC-20 tokens. Ethereum
builds smart contracts and stores information on a network of international nodes. A cryptocurrency known
as Ether is used to pay network nodes in order to process transactions (Chinchilla, 2019).
Ethereum: Vitalik Buterin explains Ethereum
What is Ethereum
What does the cryptocurrency Ethereum actually do?
Ethereum technology is well-developed and has been reported to have made quite an impression as it is already widely used around the world. More and more decentralized apps are being built on the network platform with each passing day. The language used for the coding and programming of many DApps (decentralized applications) is Solidity and the creators have the option to implement smart contracts on their apps.The language Solidity is developed particularly to improve the smart contracts from a security point of view (Solidity, 2018).
Who is behind Ethereum
What team is working to make Ethereum successful?
Ethereum was founded by Vitalik Buterin, who has made his mark in the cryptocurrency and Blockchain community as an enthusiast and a promoter. He is very well-respected within the crypto-community and has promoted the understanding and overall knowledge of cryptocurrencies through his undying efforts of contributing to different blog posts and forums. He also founded the Bitcoin Magazine in May 2012 in order to enhance awareness of the general public towards the use of cryptocurrencies and Blockchain technology (Snyder, 2017).
The team consists of well-chosen figures who are experts in their own field and which complement each other also. The CEO of the company is Vitalik Buterin.