What is Ethereum – the “World’s Super Computer”, Ethereum gained traction significantly since the beginning of 2017 and sparked much interest in the cryptocurrency market during 2017.
The price has plunged significantly in 2018 and recently, ICO’s, Initial coin offerings, using the Ethereum blockchain are seen as one of the main catalysts for sending Ether’s price surging last year. Now they’re being blamed for its decline. Full story below.
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This isn’t the first time Buterin has commented on the volatile ups and downs of the market.
There’s no “cure” for bubbles except to let them run their course and pop, unfortunately.
— Vitalik Non-giver of Ether (@VitalikButerin) June 13, 2017
Ethereum is similar to Bitcoin – a public, peer-to-peer network or blockchain with its own digital currency called Ether – Ethereum is intended to be a world computer. The Ethereum blockchain stores different types of data which can be accessed and used by computer programs that are running on the Ethereum blockchain – these programs are called decentralized apps, dApps.
According to the website:
“Ethereum is an open source, decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.
This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.
The project was bootstrapped via an ether presale in August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss non-profit, with contributions from great minds across the globe.”
Ethereum’s third anniversary on Monday, the 30th of July. Ethereum has had an incredible journey impacting multiple sectors during these three years and the untold potential it holds to entirely disrupt numerous industries to come. Read the comments from industry leaders here: Ethereum’s 3rd Anniversary 30 July 2018, Industry leaders reflect on Ethereum past and future impact
So what makes Ethereum different
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.
The hacking of the DAO
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
Build your own cryptocurrency on the Ethereum Network
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 crowd-sale to fund the project. What is an ICO – Click here
Ethereum is embraced by the business community
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 took off in 2017… from a mere $8.00 to a few hundred, even topping $1000 towards the end of 2017. Ethereum is proving to be resilient as Business Support and Application Development Increasing.
Have some fun
CryptoKitties is the world’s first game built on the Ethereum network. Releasing to the public on November 28th, users can collect and breed digital cats called CryptoKitties. The game uses ether (ETH), a digital currency, for all its transactions. CryptoKitties: The World’s First Ethereum Game Launches
See live cryptocurrency prices here:
Live MarketCap information – Click here
Official Ethereum website – Click here
Get your copy of What is Bitcoin
This e-book on Amazon explains what Bitcoin is, it explains that Bitcoin (BTC) is a virtual currency, digital not physical, and independent of banks. Useful links and resources for the newbie and advanced Bitcoiner or cryptocurrency enthusiast.
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