The Idea Behind Ethereum
You have probably already heard that Ethereum is a Blockchain like bitcoin. What you have probably not heard is that it is the third largest cryptocurrency by market cap and that it is more than a virtual coin. Its currency is used for transactions in its platform. Though some call it Ether, it’s also called by its full name-Ethereum.
What Is Ethereum?
The network is an open source platform that use the Blockchain tech to create and run decentralized digital apps (dapps) which enable users to make agreements and conduct transactions directly with each other in buying and selling without the middleman.
Users in the network don’t need banks to transfer money, don’t need lawyers to draw up sales contracts and don’t need crowdfunding internet sites to launch their fundraisings either. These are among the many uses of Ethereum.
Ethereum operates through a global network of computers working together as a supercomputer. The network by itself amasses and runs smart contracts which run exactly as programmed and are free from third-party manipulation, censoring or tampering. The contracts greatly reduce the risk of fraud as opposed to the traditional contract system which is prone to these risks.
Once the conditions included in the contracts are ascertained to have been met, they self-execute, like a vending machine and transfer of payment is made instantaneously.
The difference with the internet is that all the agreements and data pertaining the transaction is stored in Blockchain ledgers and not like the google get report cloud and the Facebook servers where there is a chance that data may become compromised.
What Is Ether?
Ether is the cryptocurrency. It’s used to incentivize programmers to run the Ethereum protocol on the computers. Programmers are remunerated in virtual Ether coins for their contributions and writing of quality applications to the network so that Ethereum remains vigorous. It works just as the miners of bitcoin are rewarded for maintaining Blockchain by cracking computational complications in order for the addition of dealings to the public ledgers.
Ether was launched in July 2014 via an Initial Coin Offering (ICO). Prices then were at 40 cents a coin. On January 10, it reached its height of $1,417 according to Coindesk.
The price has since fallen to $114 amid a crypto selloff that has rocked the digital market and shaved over 70% o crypto prices this year. The shave off was likely caused by negative reports of ICO frauds and theft.
Why Ethereum Was Founded
The platform was founded by a 19-year-old Vitalik Buterin with the intention of using the technology that powered bitcoin to democratize organizations, businesses, and everything and maybe enable users to create their own country with an unchangeable constitution. His aim was to put the power of decision making and economic control into the hands of individuals by taking it away from the central bank’s corporations and power brokers.
Ethereum’s major stumbling block is the entities that lose most when Buterin’s vision is realized. That’s why there has been much vocal criticism of the network.
When he was launching the platform, he released a white paper delineating the ideas behind Ethereum and won the Thiel Fellowship alongside $100,000. His ideas have attracted many, including Gavin Wood and Joseph Lubin who later raised $18 million in a crowded sale.
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