What is Ethereum – Explaining the World’s Super Computer

Ethereum is gaining traction and many wish to know what Ethereum is – here is an explanation of the World’s Super Computer.

 

Ethereum is an open source, a decentralized computing platform that runs smart contracts with applications that run as programmed without the possibility of downtime, censorship, fraud or third party interference.

 

Applications or Smart Contracts that run on a blockchain which is a shared global infrastructure moves value and represents the ownership of property – No Middleman or Counterparty risk.  The Ethereum Wallet is used to write, deploy and for smart contracts use as well as to store crypto.

 

Late 2013 a White paper by Vitalik Buterin was revealed.  The Ethereum software project developed early 2014 by Ethereum Switzerland GmbH and The Ethereum Foundation, Swiss non-profit foundation, was set up.

 

And then there was the DAO… aka Decentralized Autonomous Organization which Consisted of Smart Contracts developed on the platform to disperse funds to projects. A Crowdsale to fund the project attracted USD $150 million

 

Unfortunately, the DAO hacked with USD$50 million Ether taken on 17th June 2016 – DAO Hack forced Hard Fork / Soft Fork Decision and divided some of the community.  A decision was made and Ethereum performed a “hard fork” to reappropriate the stolen funds which caused a network split.  A minority group adopted the pre-fork version of the Ethereum blockchain and named it Ethereum Classic – since then, Two more forks took place in the fourth quarter of 2016 due to other attacks

 

Developers are Attracted to Ethereum and the Ethereum Virtual Machine (EVM) which is a sandbox isolated from the network which affords the opportunity to create markets, store registries of debts or promises

 

Developers can even design a cryptocurrency, for example, an ICO aka Initial Coin Offering as well as start a crowdsale to fund the project.

 

Enterprise Ethereum Alliance launched 28 February 2017 – a non-profit donation based system – Here are some companies involved – British oil giant BP; Bank JP Morgan; Software Developer Microsoft; India IT consultancy Wipro and Merck KGaA, Samsung SDS, Toyota, Deloitte, Infosys and National Bank of Canada.  Many other diverse firms across the oil and gas industry, the financial sector, and software development are joining the Alliance.

 

Ethereum growth in value has taken off in 2017 and could further increase. Ethereum is proving to be resilient. Business Support and Application Development Increasing. Value and MarketCap growth over USD$31Billion at the time of recording.

 

Any more questions about Ethereum?  Add your comments below.

 

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