![]() ![]() Unlike Bitcoin, however, ETH adds smart contract functionality to the blockchain.Īlso unlike Bitcoin and many other cryptocurrency networks, the ETH blockchain can be used for the launch of fungible ERC-20 and non-fungible ERC-721 tokens.Įthereum is also used for crowdfunding via Initial Coin Offerings on different projects, Decentralized Finance (DeFi) applications, including decentralized currency exchanges (DEX), games, gambling, and Decentralized Autonomous Organizations (DAO). What Makes Ethereum Unique?Like Bitcoin, Ethereum is (still, at the time of writing) a proof-of-work (PoW) blockchain that relies on computers on its network, called miners, dedicating their computing power to the security of the network. Whenever a node adds a new block to the chain, transactions in that batch are executed and alter the ETH balances of Ethereum accounts to reflect the new network state. How Does Ethereum Work?Ethereum is a network of computers called nodes that build and find consensus on a growing series of batches of transactions, or a blockchain.Įach transaction batch, or block in the chain, has an identifier of the chain that must be present for the block to be considered valid. In 2016, Ethereum Classic was created by a hard fork, following a theft of funds by an unknown hacker. Other notable founders of Ethereum included Charles Hoskinson, who went on to found Cardano, Anthony Di Iorio, Mihai Alsie, Amir Chetrit, and Joseph Lubin.Įthereum was developed via a series of prototypes through the years 20, and since its initial launch has constantly had protocol upgrades via hard forks. Gavin Wood, who went on to create the Polkadot cryptocurrency and network, authored Ethereum’s technical yellow paper and published it in April 2014. ![]() ![]() Who are the Founders of Ethereum?ETH is the brainchild of Vitalik Buterin, who still works on its development, but he had what is now considered an all-star team working alongside him to get the project off the ground.ĭr. The Ethereum network eventually went live in July 2015, which makes it six and a half years younger than Bitcoin. Its whitepaper, published in November of the same year, outlined a way to build decentralized applications to shift the focus of cryptocurrency away from just money and towards application development.Īfter the project was crowdfunded, its development began in 2014. When Was Ethereum Launched?Ethereum was conceived in 2013 by a programmer called Vitalik Buterin. This includes countless other cryptocurrency coins that use Ethereum’s ERC-20 standard as well as Non-Fungible Tokens, or NFTs, that represent ownership of a digital asset. This spurred the growth of Decentralized Finance (DeFi), where applications provide the services normally offered by financial institutions like banks, exchanges and brokerages.Įthereum’s programmability also allows other digital currencies to be transacted and even live on the ETH blockchain. Thanks to these smart contracts, Ethereum allows the deployment of permanent, immutable decentralized applications onto it, that users can interact with. In turn, they reduce the need for trusted intermediaries, arbitrations, enforcement, and eliminating exceptions, whether malicious or accidental. Smart contracts, first proposed in the early ’90s by prominent cryptographer Nick Szabo, are intended to automatically execute actions when a condition is met via code. The ETH blockchain is programmable via its smart contract functionality. This means that it serves as the backbone of an immense and yet fast-growing world of financial services, games, and other applications, all decentralized. At its core, however, Ethereum is a groundbreaking technology that not only allows users to send cryptocurrency to others without the need for any middleman, but it is also programmable!īitcoin revolutionized the world of financial settlement following its launch in January 2009, and Ethereum builds on Bitcoin’s innovation of peer-to-peer electronic cash to add programmability. What is Ethereum (ETH)?Ethereum is a lot of things to different people. ![]()
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