Ethereum is the largest open-source platform in the world, created to build and run decentralized applications within the distributed blockchain registry. In addition to this, Ethereum is also a cryptocurrency that can be used and traded like any other cryptocurrency.
It is classified as Crypto 2.0 for good reason, and anyone with an interest in digital currencies cannot pass up the Ethereum ecosystem.
How Ethereum works?
Ethereum uses the computing power of the computers connected to its network, which is why it is often called the “world computer”. The information is stored in each computer on the network, or “node”, and this leads to decentralized technology, that is, not controlled by third parties, as opposed to a traditional database. There is no limit to the number of computers that can connect to the network, and no boundaries within which this can occur.
The history of Ethereum begins with a search for programmers Vitalik Buterin, Mihai Alisie, Anthony Di Iorio and Charles Hoskinson, and becomes reality in 2015, when the platform is launched on the web. The project was funded through the same self-produced cryptocurrency, Ether (ETH). The market capitalization of this currency (also known as “Ethereum”) exceeded USD 70 billion as early as December 2017, transforming it into one of the world’s leading cryptocurrencies.
The Ethereum platform supports the creation of decentralized applications, or “dapps”, which store data, transfer resources, and much more, without being supervised or controlled by third-party authorities. They resist fraud, censorship and periods of inactivity. These applications are managed through the so-called “smart contracts” which are nothing more than computational codes.
Things to know about Ethereum
The essential things to know about Ethereum are, for example, that it is often used to create the initial capital of a new project, since it is particularly valid for creating its own cryptocurrency, later usable to buy or sell the necessary resources or the same project. Other applications already in use on Ethereum include voting systems, crowdfunding in the real estate sector, lotteries, games, social networks, loan and money transfer services and much more. Future prospects suggest a presence in the areas of the Internet of Things, market forecasts, energy business and others.
Ethereum is a still young technology, in constant development and improvement. In the meantime, other platforms such as NEM are advancing in the same field and offer their own solutions to build applications on their blockchain. In March 2017, the Enterprise Ethereum Alliance was established, which creates contacts between Fortune 500 companies (a list of the largest companies in the world), startups, academies, and Ethereum expert technology vendors. The purpose of the Alliance is to offer Ethereum-based solutions useful for any type of business.
This is only a brief summary of what Ethereum is, but the topic is very vast and, for fans, there are already dozens of books that delve into this subject.
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